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Can You Afford To Stay Home?
A few years ago, after the birth of our second child, my husband and I were trying to decide whether or not it would be possible for me to stay home.At first we thought that since we were just about breaking even, there was no way we could ever make it happen. But when we decided to actually put pen to paper and calculate our bottom line with and without my salary, we were quite surprised.
What we found was that it was actually costing us to have both of us working.
While that may not be the case for everyone, you may find that the second salary brings in much, much less than you think it does.
According to Jan MacGregor, a financial consultant and former analyst, “There are people out there who are expecting to be able to meet their bills better (after they re-enter the work force) and never realize they are either working for a loss or for something like $4,000 a year (after expenses).”
Here is a link to MacGregor’s cost of living chart that uses a second salary of $40,000 as an example: Cost Of Living Chart
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