2. Make use of coupons wisely

Coupons and sales are great tools for saving money, but only if you're able to use them wisely. It's tempting to use a coupon that seems like a great deal, even if it's for an extravagance you wouldn't otherwise buy. But using a coupon or sale as an excuse to splurge isn't the way to reduce expenses.

Instead, restrict yourself to items that you would buy anyway, or to items that will substitute for other things you would buy. For instance, even if you don't usually buy steak, but you find it on sale for cheaper than the chicken you usually get, this is probably a smart purchase, and a welcome way to add variety to home meals.

3. Do some part-time work

If you've worked out your budget and squeezed as much out as you can, and you still can't find a way to live on just one income, there are other alternatives. You might be able to bring in a supplemental income without having to sacrifice all of the rewards of being a stay-at-home mom.

For instance, you might be able to find part-time work that works around your kids' schedules. Especially after your children are old enough to be in school, a part-time job with hours that fall within the school day could be ideal. Another advantage to part-time work is that it's a great way to transition back into the full-time workforce if you need to later on down the line.