Want to be a Stay at Home Mom? Work Cost You More Than You Think

In today’s crazy world many moms are considering leaving the workforce to stay home with their children. We all make the decision for different reasons, but many of us get there the same way. We have to weigh our options against our lifestyle. Can we afford it, or does our lifestyle prevent us from affording it. Sometimes a decision like this can force us to re-align our priorities or sacrifice some of the comforts we have become accustomed to. But, before you get to deep, have you considered how much it cost you to actually go to work? What you find out could be stunning. Get out a piece of paper and prepare to do some math. You may be closer to staying home with your children than you think.

There are several factors to consider, but I consider the following the “biggies”. Day care is a huge expense, in some cases as much as $12,000 a year for one child. Add it up, what are you spending each week? What about your clothing? Not only are you spending money on your business attire, but you are spending money on dry cleaning, pantyhose, shoes, nails, make-up etc.

Food can add up quick. If you are anything like I was, it was all about going out to lunch each day. I needed the mental break to get away from the office and a nice lunch did the trick, but it also hit me in the pocket book daily. How much are you spending on lunch each day? What about the gourmet coffees and the late afternoon vending machine pick me ups? How often are you picking up dinner on the way home or going out to dinner because you are to tired to fix anything after a long day at work? Now add all of those up, what is your weekly cost?

Gas is a huge weekly cost, what do you spend? With all the driving, you are just adding miles to your vehicle which causes the value of your car to decrease. This will increase the frequency of your oil changes and tire maintenance. What do you spend on vehicle insurance? Many times the more you drive, the more your insurance will cost. Some insurance companies give a discount for driving less, some will even provide policies based on the number of miles you drive each day.

What tax bracket are you in? You may pay more tax from your additional income because it forces you into a higher tax bracket. Additionally, you could be missing certain tax breaks from your single income household status.

You need to add all of those expenses up and subtract them from your income. Now how much are you making? Go a step further and divide the amount left over by the 2,080 work hours in a year. How much is your hourly rate? Is it worth your time to even go to work? This exercise can be eye opening, it certainly was for me! It provided me the catalyst I needed to leave the workforce.

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