How Much Money Can Women Save by Staying Home?
Look at the Household Budget toFind out What a Job is Really Earning
May 19, 2009
After paying for child care, income taxes, work apparel, lunches out, and other job related expenses, a family may find a large part of the household budget is eaten away each month by the cost of work. Here are a few areas to check when deciding whether work actually pays.
Child Care Expenses in the Household Budget
Daycare is likely to be one of the largest bites from a working mom’s check. The cost only balloons with each additional kid in the equation.
Taxes in the Household Budget
Another sizable chunk taken from a paycheck goes to pay taxes. And, since joint incomes are taxed more heavily than a single income, a stay-at-home parent will see a little more of her spouse’s paycheck each month.
Clothing Expenses in the Household Budget
Since most jobs require employees to dress according to office standards, a portion of the paycheck inevitably goes to fund all those snazzy work clothes that are never worn anywhere else. If these clothes need to be dry cleaned, factor those costs into the monthly deductions as well. Stay-at-home moms don’t have to look frumpy to be frugal. But they’ll find casual pants and a trendy top is about the fanciest attire they’ll need for play dates around town.
Lunch and Dinner Expenses in the Household Budget
Odds are, most working moms eat out each day. Add up the cost of over 20 restaurant lunches and they’ve spent a considerable chunk of change. In addition, they are likely to come home tired and in no mood to cook. Staying at home isn’t going to make cooking dinner much more appealing, but moms who have made a conscious effort to trim the budget will have the time to save eating out for the special occasions.
Gas Expenses in the Household Budget
If working moms have a particularly grueling commute, they can factor in the cost of gas to their monthly expenses as well. They’ll want to keep in mind though, that as a stay-at-home mom they won’t technically stay at home all day long. They’ll need to budget for a little gas each day to give themselves and their kids a change of scenery.
It’s entirely probable that more than half of a working mom’s income is eaten away by work related expenses. She may even be able to score some work from home to make up the amount left over. Before making any snap decisions, families should take an honest look at their incomes from every angle. If a woman’s job is important to her, there may be more to consider than dollar amounts, but a mom who wants to stay home with her kids might just find working is no longer worth her while.
In addition to the facts and figures, women interested in exploring the possibility of becoming a stay-at-home mom will want to be sure they understand the emotional and financial adjustments likely to accompany their transition. They can also check out extra ways to trim the budget.
