3 Fast, Cheap, and Effective Hacks for Stay-at-Home Parents to Save Money

Approximately 26% of mothers and 7% of fathers are a stay-at-home-parent (SAHP), according to the Pew Research Center. One of the biggest adjustments that comes with this change is learning how to pay bills on one salary rather than two. Here are some of the easiest, fastest ways to save money (and potentially, your household budget) as a stay-at-home parent.

Hack No. 1: Come up with a hard number

If the SAHP has quit a job to be home with the children, figure out how much lower your household income actually is. To begin, add together the following amounts:

• How much you're saving by not paying for child care
• How much less you're spending on transportation costs (including public transportation or gasoline and car maintenance)
• How much less you're now spending on attire than you were when the SAHP worked outside the home
• How much less you're spending on meals away from home
• How much you're saving by not paying for coffee away from home, midday snacks at the office, lunch out with co-workers, happy hours, and other small expenses that often accompany working outside the home

Once you've come up with a total, subtract that amount from the SAHP's previous take-home pay. Let's say the SAHP's previous net income was $5,000 a month, but by staying home, you're saving $3,500 monthly. That means you're dealing with a $1,500 difference.

If thanks to the working parent's income, you won't miss the $1,500, that's great! However, if you need part (or all) of it to make ends meet, you know exactly how much your savings goal should be.

Hack No. 2: Jettison tax refunds

If you're still receiving a tax refund each year, it probably feels pretty nice. But unless you have plenty of cash hitting your checking account each month, you could put those refund dollars to work year-round.

The average annual tax refund so far this year, as of IRS data from April 5, is $3,011. If that's about what you receive, that means you're giving the federal government an interest-free loan of $3,011. Rather than allow the government to use that money, why not keep it in your pocket?

When it comes to tax time, the ideal situation involves owing no money and receiving a very small refund (if you receive one at all). Let's say you have an extra $3,000 deposited into your bank account throughout the year rather than going into government coffers. That would automatically give you an additional $250 monthly to spend as needed.

If you would rather see the money in your paychecks than a once-a-year refund, talk to your employer about changing your annual withholdings.

Hack No. 3: Grab low-hanging, money-saving fruit

For SAHP households, the lowest-hanging pieces of fruit are mobile apps. Here are six great examples:

• Price comparison apps: As the name suggests, price comparison apps help you compare prices on the items you need to buy. They work in one of two ways: You either type in the product name to learn which stores sell it and how much it costs, or you scan an item's UPC code while you're in the store to learn whether you're getting the best price.
• Coupon apps: Each coupon app works slightly differently. Some provide digital coupons or coupon codes. Others give you a cash back reward for the products you buy daily. Still others provide points that can be redeemed.
• Cash back apps: Cash back apps work by paying you a small amount of cash back for every eligible purchase you make.
• Gas savings apps: These allow you to see which gas stations around you have the best prices on fuel. It's a great way to prevent driving around for the lowest price.
• Grocery-specific apps: An app that tells you where the best prices are on grocery items is hard to beat. Given that food swallows up such a large portion of a household's monthly income, it's a great way to end up with more money to invest at the end of the month.
• Budgeting apps: The grand dame of all apps is a strong budgeting app. After all, living without a realistic budget is like trying to drive cross country with a map.

If the amount of money you save isn't quite enough to close the gap, or you're simply looking for a little extra to put away for a rainy day, you may want to consider a part-time gig from home that you'll enjoy. Here are a few ideas:

• Provide before and after-school child care for others
• Become a tutor (online or in your home)
• Sell handmade items online
• Manage social media accounts for busy small businesses

Personal finances are important, but if having a parent at home is important to your family, it's worth pursuing. The rewards may not be financial, but there's nothing like the emotional reward of doing what's right for you and the people you love.