Making Finances Simple. Changing Lives.
Can you afford to keep one parent home? We all know that having kids is not a decision you make because you want to improve your finances! By no means do kids add to your "bottom line" financially. In this article we give you several financial and non-financial considerations to ponder when making this major life choice.....
Knowing all the factors involved will help you decide whether both spouses should work, or you have one parent stay at home.
Calculating Your True Pay Rate
It’s important to know the numbers when it comes to both spouses working when you have a child. Consider the following costs of having that second spouse work:
Other Job Considerations
Jobs can provide things other than just a paycheck every two weeks. Consider the following:
Other Family/Life Considerations
You have to ultimately decide what’s most important to you. Is it more money, more retirement....or less stress, more free time, etc.?
**And if you do decide to have only one spouse work, remember to keep more in reserve savings. This will help smooth things out if that one income earner loses his/her job.
If you’d like a tax projection on the financial pros/cons of having only one spouse work, contact us...we’re here to help!!