How much does it COST you to work?

[barkley]

curious because i know several families where both parents were employed but because of the current economy one parent has lost their job. they initialy thought it would be their financial ruin, but then when they started financialy eliminating the expenses they had strictly because they worked outside the home (gas, toll, parking, daycare, increased car insurance due to long commutes, professional supplies/attire, non reimbursed meals while off-site from the office...) and looking at what their taxes would drop to-they are realizing now that they SPENT a whole lot more to work than they realized. in some cases they are considering making the stay at home change permanant (esp. for those who realized that after their expenses they were working for far less than minimum wage).

so have you ever crunched the numbers?

 

[pirateofthecarolinas]

That's exactly why I gave up teaching to stay at home with my children 14 years ago.

 

[ntsammy5]

My youngest is 28 so I don't worry about it any more, but the thing we really lost out on with a SAHM was the retirement savings/pensions. If it had been break even it still would have been worth it.

 

[Uncle Remus]

curious because i know several families where both parents were employed but because of the current economy one parent has lost their job. they initialy thought it would be their financial ruin, but then when they started financialy eliminating the expenses they had strictly because they worked outside the home (gas, toll, parking, daycare, increased car insurance due to long commutes, professional supplies/attire, non reimbursed meals while off-site from the office...) and looking at what their taxes would drop to-they are realizing now that they SPENT a whole lot more to work than they realized. in some cases they are considering making the stay at home change permanant (esp. for those who realized that after their expenses they were working for far less than minimum wage).

so have you ever crunched the numbers?

Too damn much, that's why I gave it up.

I used to farm fruits 'n nuts, the costs just got too much between the water, fertilization and labor, I just decided to chunk it.
It's nice to not have to maintain all that equipment and I love my "free" time now.

 

[GeorgiaPeach8]

Well, I have completely crunched the numbers but daycare for my twins is $189 a week. Very cheap for our region. They go to daycare in a rural community where I teach. When we were in the bigger city daycare for two kids would have been $318.

I've always wanted either me or my DH to work 2nd or 3rd shift so we could do away with some daycare--for a number of reasons.

 

[clgwli]

We are now a one income household so yes we have done the numbers and found it works. I had to give up a lot of extras and travel but in the end the difference wasn't too bad.

 

[Janet Hill]

My youngest is 28 so I don't worry about it any more, but the thing we really lost out on with a SAHM was the retirement savings/pensions. If it had been break even it still would have been worth it.

So agree with this. This week is my last week, before I'm laid off and these are my thoughts. We can make it on just my husband's salary, but I sure will miss the $40,000/year going directly to 401k and pension.

 

[Piecey]

This is why I'll probably be quitting for good after my maternity leave is up. If I go back, it will be only long enough for them to find and train someone else... and thats IF I can find someplace to put the baby that I trust. (Quitting my current job for good, I still plan to get my degree and work when the kiddo is older!)

I go through a tank of gas every week... driving 35 miles to and 35 miles from work. The car I drive is also the only vehicle we have that can transport the whole family after the baby and I worry about all the miles and wear and tear I am doing to it.
I also snack a lot.. I've discovered nothing I take to eat sounds good and usually turns my stomach (since I got pregnant anyway) so I end up going out to get food for lunch. My gallbladder is bad, so fast food is out unless I want a salad.. and I end up ordering something healthier from more expensive restaurants.
I also feel like I'm starving every few hours, but have gotten in the habit of taking fruit cups/pudding cups/applesauce cups/Jello cups for these moments and thats helped cut down on $$ spent, but it still adds up.

Also, I've figured out that it's gotten more expensive because with my lack of energy I come home and clean or cook but don't have enough energy to do both and then sit down and work on schoolwork, too.
My working is causing more stress on our marriage than a little less money would.

 

[Camicar]

It really doesn't cost me much to work. I eat the same lunches I'd eat at home and my commute is only 3 miles each way. I don't buy a lot of clothes because due to my impoverished childhood, I am a master of mixing and matching.


But I can tell you this -- I was a SAHM for a short time, then gave up my career for familial obligations and worked part time in non-high-paying professional jobs. When you compare what my pension savings look like compared to my dh's.... it makes me very very nervous because I have HALF of what he does and we started out at the same rate of pension savings. ANd let me tell you, the notion that once your kids are older that you can get back into or start a new career -- big fat lie. Age discrimination is alive and well. So, I am stuck in a lower-paying JOB, not a higher-paying career with less money and little to no personal satisfaction.

If my dh and I ever divorced, I'd never be able to stop working because my pension would NEVER support me. It kinda makes me sick that I'll probably be unable to afford to travel in retirement because of it. unless I start socking away extra money right now and a lot of it, too which means I sacrifice a lot of fun stuff in my good years. I did the 'right' thing, but I'll be paying for that for the rest of my life.

 

[december]

It makes more sense for me to work. I make more than dh (in salary), but a house and utilities come with his job (parks director). My school is only 3 miles from home, so no long commute. I can eat in the cafeteria for $2.75 a day-or take my lunch. There is no going out to eat-I have 20 min to eat and 15 kids to watch during lunch. Daycare is going to cost me around $100 a week for this baby. And when I did our taxes, I put dh's info in first. We were only going to get back a few thousand before my income was added, so no big savings there. The other kids go to and come home from school with me. And although teachers in MS get lousy pay, the retirement benefits are some of the best in the country. I'd love to stay home, since this is definitely our last child, but there is no way it is going to happen.

 

[disney junky]

There is an interesting book, and it's not all that new, called Your Money or Your Life which addresses this issue head on. It actually offers a way to show you how much you actually make versus what you spend to do your job, how so many people stay in jobs they hate because they think that they can't affford to downsize. Good reading.

 

[ntsammy5]

There is an interesting book, and it's not all that new, called Your Money or Your Life

Thanks. I think I'll look for this. For retirement though

 

[Nancy]

I never paid for daycare because when I worked when they were little I worked nights so they were with dad. At that point we had my extra income and the kids had mom home during the day.

My 2 oldest are in college, the youngest is 16. She would be getting her 10.00 a week for lunches no matter what. I drive maybe 10 minutes to work and 10 minutes home, no parking fees, I can wear jeans most days because we do paid dress down days. Right now that costs me 15.00 or 20.00 each month they do it. Otherwise it's business casual so I don't spend a lot on clothes at all. I take my lunches everyday so it is the same amount I would eat if I was home. So I guess my biggest expense is paying to dress down.

 

[Pigeon]

Not that much, maybe $350/month, and that's for afterschool care. I don't spend more on clothing or on food and a very nominal amount on gas. It would make no sense at all for me to be a SAHM, particularly once you add on the costs for me being institutionalized after the first two weeks.

In addition to the take home pay situtation, you also have to look at things like insurance benefits, retirement, and the damage (if applicable) to one's career from being out of the workforce.

 

[xoprincessmomxo]

After my second DD, now 2, was born, I realized we'd actually be making less $$$ if I was working full time with the cost of daycare for 2 girls than if I just worked a few hours a week when my DH was home to watch them. It's great, my extra $$$ is just a little extra and my girls don't have to go to daycare.

 

[Christine]

My biggest expense nowadays is my commuting costs. I commute 30 miles each way so when gas was $4 gallon--YIKES!! My kids no longer need daycare.

Even when they were in daycare, I made a hefty salary and despite all I was spending in just getting to work, I was still coming out ahead.

And as another person stated earlier, it's not just about your net pay--there is retiremet to think of. I had to take that into account when contemplating quitting. I was going to lose a lot of retirement savings by not working.

 

[Planogirl]

I have no daycare, no parking fees and reasonably fuel efficient cars. I don't make much but I pay for the benefits and that's what I'm mostly working for. Savings wouldn't be worth it at my company - they're not all that great.

 

[powellrj]

My kids don't need daycare anymore, I'm in sales so I get a car allowance and a gas card. The only thing I see that costs me more is that I have to drive a newer car than I would if I didn't work. I wear business casual which I would need anyway if I was at home.

Meals are an expense, but I love eating lunch out everyday, so I would really miss it if I didn't work! I think eating out is more of a hobby than a work expense!

 

[C.Ann]

Aside from the retirement aspect, I have always thought about this when mom's would say, "I wish I could stay home, but I just can't afford to.." Many of them "could" afford to, but never crunched the numbers to find out..

 

[Cindy B]

There is an interesting book, and it's not all that new, called Your Money or Your Life which addresses this issue head on. It actually offers a way to show you how much you actually make versus what you spend to do your job, how so many people stay in jobs they hate because they think that they can't affford to downsize. Good reading.

I've read that book.. It's a pretty good book.