I am a mom, but my first baby is not born yet! So I can't speak from experience but I would like to share some things that influence our decision on me staying home once the baby is born. I am 24 years old, I graduated with my BS in Interior Design and currently work at an Architectural firm. The pay is not the best, but reasonable considering it is not a job in downtown (where I know I would be getting paid more, but my job would never be as flexible and commute would be a nightmare). I know I am very lucky to have my job, the boss is very family oriented, when I shared the news of my pregnancy and asked if I can work less hours and change my schedule, he agreed. Right now I work two days at the office and 3 days from home (remote desktop) for a total of 32 hours a week. It has been a tremendous help to me because I am underweight and I am trying to gain in order to deliver a healthy baby, being home enables me to cook and eat more often.
I realize that staying at home with children is the hardest job I will ever undertake, especially because we want to home school in the future. But my husband and I have discussed it and seems pretty obvious to us that we want to raise our own children, no matter how tight it gets financially. From the experience with my sister who just gave birth to her third baby boy, I also do not want to leave the child with relatives (i.e. my mother). Don't take me wrong, my mom is great, she stayed at home with me when I was a child and I cannot thank her enough, it was the best time of my life! She influenced me in so many ways, from my love for art/architecture, to music, and math skills. But that was MY mother, I want my children to have a chance at the same. My sister has been leaving her children with my mother very often, several times a week - even though she is a SAHM, and I see the confusion the children face when the people that raise them cannot agree on how to raise them, what to allow them or not, or how to punish them. Needless to say, the kids are all over the board when it comes to behavior and social skills. I really believe it is the job of the parents to raise their kids. I think in general the problem with children today is that they are raised by society, not by parents, and society today is governed by media, kids don't see the difference between TV and reality any longer (just listen to what they talk about). Most children and parents don't even know each other, especially at middle school level and up, because the parents are busy providing. But like many people have already mentioned in this forum, the children would much rather have their parents with them than an abundance of toys and vacations at the Caribbean. They can't always say it, but they really need your guidance, support, and time. It is really hard to give that to them if you have a full time job. Of course, in this economy not everyone can afford to SAH, frankly neither can I - but we have different values and we realize how important our future children are to us. In my opinion, not to impose on anyone, but I think the best balance is being a SAHM yet having a part time job where you can work from home, at least when the children are older at school age.
When you make your decision, also consider the money you would spend on daycare and driving there, subtract it from what you would earn, and I think the rest will speak for itself.
Excuse me for being not so frank with my long posting!