Whether it’s the man or the woman that stays home with the kids during their early months or years, it’s always a good practice to see whether or not it is worth it for that spouse to go back to work after having kids.
This article from Free Money Finance reveals a comment of one of his readers that shows how they ran the numbers, and it really wasn’t worth it for the spouse to go back to work.
Things to Consider:
- Will you have to pay child care if both parents are at work? If the grandparents or other family members are willing to watch them during the day, it may be worth it to go back to work. If not, child day care is VERY expensive.
- How much will you make? If your spouse left a high-paying career, then it probably is worth it for them to go back to work, but if they are just looking for extra work with hourly pay, then you need to closely consider the opportunity and economic costs of getting a job.
- Do you want your kids in day care every day? Sometimes it’s hard knowing that you both see your kids for only a few hours during the day. Evaluate how you will take advantage of that limited time during the week if you are both working.
My wife and I will probably both end up working while we raise our kids, but that is because we’ll both be pursuing careers that we love. Just like I said “don’t buy a house just to buy a house”. Well, don’t go to work, just to go to work! Make sure that your brining in enough income after factoring in the cost of day care, gas, and less home cooked meals.