My due date is around middle of May next year and I'm seriously toying with the idea of taking a prolonged maternity leave, as in to take the rest of the year off and just tend to the baby.
Obviously, this leads to a lot of financial issues, first and foremost being, can we survive on a single income? My hubby freelances as a website developer and runs an advertising network. Just like most freelancers, his income teeters between feast and famine. When the projects are bountiful and the payment orders come on time, then we're awash in cash. But on the flipside, delayed payments are also common in his line of work, so when I make our budget, I rely mostly on my income and treat his income as windfall, characterizing it as fun money or something to add to our emergency fund.
It's not difficult to see why I'm hesitant to let go of my stable and regular paying job. However, the thought of spending time with my child seems to make it all worth it.
The way I see it, if I can build up 6 months worth of expenses in our emergency fund, keep my current writing jobs, accept some legal consultation gigs and rework our monthly fun fund to actually pay for bills and their ilk, then this half a year maternity leave might just work, without us having to sell our kidneys in order to pay our mortgage.
In the next few posts I will try to be ruthless in analyzing our spending patterns and see where we can save, because with my prolonged maternity leave, every peso saved will really help.
Wish us luck!