So you want to be a stay at home mom (or dad) but you just don’t know how you could ever afford it. Have you ever looked at how much it is costing you to work? That’s right it costs you money to work everyday. Especially if you have kids. Here is the break down I used when I looked at whether or not it was worth returning to work.
The first place I started was by filling out this chart by Today’s Parents. It saved me doing all the math myself. If you know approximately what you spend on gas a month I would fill that in where it says monthly pass cost. As going by mileage might not give you an accurate amount. Make sure you also include any tools or clothing in the last line for other costs. For example if you need to buy a new pair of shoes every year for work you need to include that as a cost of working.
This calculator will give you a good idea of what your actual take home paycheck is. Perhaps that number will give you the answer you need, but it doesn’t count everything. If you are still on the fence you can also factor in the other “costs” of you working while your children are young. This includes but not limited to:
Take out meals (no time to cook)
Summer babysitter for older children
More convenience foods (due to lack of time to cook from scratch)
Time missed watching your child grow (they only grow up once, you can’t get that time back)
Services you pay for that if given the time you could complete yourself – House cleaner, pet groomer, tutor, etc.
No time to price match and coupon to save on groceries
These things can all be considered when factoring in what you miss out on by going to work. It’s about time and money!
Have you ever looked at the costs you have due to working? Where you surprised by the amounts?
This post has been posted during the Blogging from A to Z April Challenge. It’s letter…..