Holly, a SAHM from Indiana, has been an at-home parent for nine years. She has four children (ages 7, 9, 18 and 22) plus three grandsons, and is well-versed in managing a one-income budget.

"We are considered a middle class family with an annual income of $34,000," Holly says. "We have one auto payment and a house payment. Those are the only payments we have going out a month besides our utilities."

She counsels prospective at-home parents to "make sure all your bills are paid off before you quit your job. We had everything paid off except our house but eventually got a van because of our family size."

She and her husband finished paying for their van before buying him something different, so they would only have one car payment at a time.

"We shopped around for his vehicle and feel like we made a frugal purchase."

Holly applies this same money-saving mindset as she gathers other things her family needs. "Food items are usually on sale and I cut coupons faithfully every week. Ninety-eight percent of our clothing is from garage sales or Good Will. We Christmas shop at garage sales and clearance aisles. You can get like-new items for pennies on the dollar. So far no one has complained at all about our purchases. It is also a good way to spoil our grandchildren."

Although it's important to take advantage of cost-cutting options available to families, communicating with your spouse is the key to frugal living. "I can't stress enough that you need to take time with your husband every day to talk to him," Holly says. "Let him know what a great husband he is and how proud you are of him for supporting his family."

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