I want my wife to stay at home....

I'd beg to differ. I tried a mock scenerio, first I put that I and my spouse made $20 an hour, or $41,600, that we have a home and pay tax on the home. Then did the same but removed the spouse income and increased my dependants and the tax liability went from $7,351 per year to $0. I would say that an extra $612 per month might really help.

Try it here... http://www.irs.gov/individuals/page/0,,id=14806,00.html

It's not doubling the income, but is the easiest way to come up with $612 extra per month. I have two kids and did the same with my wife, asked if we could afford for her to be a stay at home mom.

 

I can tell you from experience that with twins your wife wont be able to work from home if she is there by herself with the babies. My wife started staying at home with our first child almost 5 years ago and then we had another child 2 1/2 years later and she is still staying at home. The benefits for the kids are great, I can attest to that. But you have to realize that staying at home with kids is also a full time job and trust me when I say that she will remind you if you forget. It was reall ahrd for us financially when she first started staying out, but got easier over time as you adjust your way of living and where you spend the money. It will always be hard though. I make 2 car payments (her 07 corolla and my 10 Tacoma) and a house payment to boot. Along with all teh other expenses it does get tough at time, but we were smart in that we started putting in savings any extra we had and then when there is a rough week or month, we have that to fall back on.

Hope it works out for you, my wife took our first child to daycare for one week and she almost flipped every time she went and picked him up so that option was never going to work for us.

 

I traded in my 08 taco for an 04. I couldnt be happier. I cut my payment by over $200 a month. I dont if this is an option for you but its worth thinkin about.

 

First, what's your job currently? Any other job skills you have (didn't read the thread, sorry). You still active duty?

Waiting tables is decent money. Fast food joints always use cashiers. Places like Best Buy hire lots of temps. I don't know how soon you're up for promotion, but start working on your FitRep to get promoted below zone, if posisble.

Enjoy 2nd hand clothes stores, hand me downs, etc. If you're still AD, talk to the MWR office for ideas, connections in town, etc.

How about your wife works part time if needed? It'll be tough the first year or two...

Oh yeah, breast feed if she can. That'll save a f*ing ton of money.

 

Hey JT, I don't have time today to read all the replies and write all I want to write, but my wife had twins and she stayed home with them until they went to school. (they are 10 now)The determination you have will make it happen. Don't worry, and it will be the best move you ever made! I'll give you more input if I can free up a little tomorrow.

 

you don't get that difference monthly, that's not how the calculator works, although you will see it at the end

 

lots of good points in here, but i like the idea above somwhere.

combine the reason she is home with a job. offer a competitively priced daycare for a couple kids if it wouldn't be too much work, but keep it within the laws. you dont need any fines at this time.

but keep in mind i dont have any experience with parenting or kids...

 

I get a deal on 'daycare' and pay $135 a week for 2 children, they are 4 and 7. I know that newborns cost more, I think it'd be double for one, not sure about 2.

 

If you change you withholdings, you would see it in each paycheck.

 

lol, not that much....

 

About not wanting to get rid of the car.... You don't necessarily have to get rid of it, just downgrade for her. With the little driving she'll be doing, she doesn't need a brand new car you're making payments on. Sell it and get a little older, higher mileage car to just get her around town. My best friend did this and it seems to have worked alright for them.

I was thinking this too. She could get a part-time and work a few evenings a week. I know a couple people who do this.

 

Change your W-4 form at work as soon as the children are born. Here is a link you can use to print one out. http://www.irs.gov/pub/irs-pdf/fw4.pdf
By submitting this form you should have an 8 on line H unless you make over $90,000.00 a year.
Enter “1” for yourself if no one else can claim you as a dependent 1
Enter “1” You are married, have only one job, and your spouse does not work 1
Enter “1” for your spouse 1
Enter number of dependents (other than your spouse or yourself) 2
Enter “1” if you have at least $1,800 of [SIZE=1]child or dependent care expenses 1[/SIZE]
[FONT=HelveticaNeue-Roman][SIZE=1][FONT=HelveticaNeue-Roman][SIZE=1][B][FONT=HelveticaNeue-Bold][SIZE=1][FONT=HelveticaNeue-Bold][SIZE=1]Child Tax Credit[/SIZE][/FONT][/SIZE][/FONT][/B][FONT=HelveticaNeue-Bold][SIZE=1]
[LEFT][/LEFT][/SIZE][LEFT][/left][/FONT][LEFT]If your total income will be between $61,000 and $84,000
($90,000 and $119,000 if married), enter “1” for each eligible[/LEFT]
child [B][U]2[/U][/B]
[B]LINE H 8 [/B]

[B]By listing 8 on your w-4, they will not withhold any federal income taxes. Don't be alramed by this, you will still get back money on your next (2011) tax return because of the child care expenses and child tax credits. [/B]
[/SIZE][/FONT][/SIZE][/FONT]

 

I worked here when I was a stay at home dad .. it worked out well! You work WHEN you want, as much as you want... 4 hours Min a week and 40 hours max. Hit me up if you have any questions... Good Luck

 

I think you guys are truly blessed by getting to have twins and I hope everything works out for you guys. I to would want my wife to stay home and take care of the kids. But after you get off work, its dads turn!!! I'm sure it will be a challenge for you guys since you are first-time parents but things like this tend to work out. Good luck to you four!!!!

 

Would your wife be interested in getting a part time job so she gets out of the house and gets a break.