Should Both Parents Work? Should One Stay
Home?
By Gordon Bellows
In today's economy, there are more
and more families with both parents working. This article offers
a few things to think about and how to determine what may be best.
There is no right or wrong decision; each family has to evaluate
their situation and then decide what is best for them as individuals
and as a family.
There are many things to consider:
•
Do both parents really want to work?
• If one stays home, which one should it be?
• What is future earning potential in current position?
• Which job offers the best benefits and medical insurance?
• Is there opportunity for advancement?
• What are the job-related expenses (clothing, transportation)?
• How much of the income goes for child day care?
• What are the ages of the children in the family?
• How long is the daily commute to work?
• If only one works, what happens if they're suddenly laid off?
• Should one or both parents have some type of home business?
Start with a list of all things
that need to be considered for your specific situation, coming
up with different scenarios, and then list the pros and cons of
each scenario. (By the way, the number of stay-at-home dads is
on the increase, so don't hesitate to consider that as one of
your options.)
Income vs. expenses
For many families, having both parents working is almost an economic
necessity. But you may want to review the income versus the expenses
to really see how much you come out ahead.
I know of two families that did
just that. They took a close look at the expenses tied directly
to the second income.
Both families had similar situations:
Each family had two children under the age of 10, and the mother
returned to the workforce after their youngest child was out of
diapers. Both women earned the same annual income and had very
similar expenses. Mindy was a customer service supervisor for
a marketing firm, and Cedara was a caseworker for a social services
agency.
They looked at all expenses directly
related to their jobs:
Transportation -- gasoline and car upkeep or bus/subway
Child care – day care or after-school care
Clothing -- several outfits worn only for work
Dry cleaning -- some work clothes required special care
Food -- morning coffee, lunch, tips, afternoon snack, etc.
Beauty salon -- hair/nails were done more often because of job
Miscellaneous -- gift for boss, flowers for sick co-worker,
etc.
Both women knew about the major
expenses, but they were shocked at how the little things added
up week after week -- the morning coffee, the afternoon snack,
a dollar here, a dollar there.
They could see their take-home
pay (the amount of their check after taxes and any other deductions);
however, they really needed to find out what was left of the take-home
pay after all of the job-related expenses were added up.
After careful review, Mindy and
Cedara both discovered that after taxes and all job-related expenses,
what they had left as a net result was less than one-third of
their salary! That means somebody with a salary of $15 per hour
would realize a net result of less than $5 per hour.
That shocker really got their attention.
Mindy and Cedara had some decisions to make.
Bottom-line decisions
Mindy knew there was little opportunity for advancement in her
position as a customer service supervisor. She was often required
to work evenings, which she wasn't comfortable with. She felt
the net result pay was not enough for the long hours she put in.
Mindy decided to stay at home.
She would now have the time to shop the sales and make home-cooked
meals instead of buying the more expensive heat-and-eat meals.
With some careful planning, she could make the household budget
stretch enough to do just fine.
Cedara liked working in social
services and felt she was making a difference in the lives of
many clients. She wanted to continue working. She took a close
look at her expenses and saw ways to cut back and get a better
net result. It was just a matter of being aware of where the dollars
go and spending more wisely.
Each woman made her decision based
on what seemed to be best for her and her family in the long term.
Eliminate double standards
The portrayal of the family as seen on some old TV shows like
“Leave It To Beaver” and “Father Knows Best,”
where the husband/father puts on a suit and goes off to work while
the wife/mother stays at home, is only one of many scenarios.
I would like to see double standards eliminated -- but unfortunately,
I don't think it will happen anytime soon.
One example that comes to mind
is that it was okay for women to do heavy labor during World War
II (think of “Rosie the Riveter”), but when men returned
from the war, women were expected to go back to being housewives
and file clerks. Who says women can't do labor or drive a truck
or that a man shouldn't be at home raising children? Sorry, but
prejudice and narrow-mindedness are a couple of my hot buttons.
Again, it should be emphasized
that there is no right or wrong decision. It comes down to doing
what is best for you as an individual and for the family as a
whole. Taking the right action is not always easy but usually
well worth it in the long term.
© Gordon Bellows
Gordon Bellows is
a home business advisor. Success Tips, a handy how-to guide, is
free, loaded with tips that get great results. See what works,
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