Staying at Home Comes with a Cost
August 30, 2010 – 3:01 pmAs a stay-at-home parent, I constantly strive to do the right thing for my family. Unfortunately, most often this means putting my career and professional goals on hold while I raise my sons. I’ve always known that staying at home would be a huge sacrifice. Yet I thought that by staying home I was saving my family money given the rising cost of childcare. However, I came across an illuminating article that suggests that staying at home takes as much of a toll on your wallet as it does on your psyche!
According to the Women and the Economy 2010 report by the Joint Economic Committee of Congress, married couples with a working wife experienced a 1.12% raise in their income between the years of 1983 and 2008. That’s 1.12% above the rate of inflation. Families with one working and one stay-at-home spouse actually experienced a decrease in growth - an average of 0.22% per year. “Families need a working wife in order to see their incomes grow.” The statistics in the report show that in 1983 wives’ income accounted for 29% of the total household income. This number increased to 36% by 2008.
However, these numbers don’t exactly tell the whole story. Though families with two working parents earn more, in most cases they are spending more for childcare. For working and middle class families the childcare expenses really add up. According to the report, child care for an infant costs a two-parent family living at the poverty line nearly 50% of their annual income. So while wives of these families may increase their household’s earnings, going back to work and placing the children in daycare may not improve their financial situation.
So is it more financially sound to work or to stay at home with your kids? The report doesn’t exactly make that clear. However, what is clear is that both decisions come with a cost.
To read the entire Women and Economy report, click here.
Andrea Hart is a freelance writer, a student, a teacher, a wife and a mother to two rambunctious boys. She currently resides in Southeastern PA.
2 Responses to “Staying at Home Comes with a Cost”
Hello there,
This is my first time visiting this blog. I saw the excerpt in an email. There is a cost, whether you stay at home and raise your kids or go to work.
I am not a father, so I don’t get to see all that’s involved in raising children. From what I’ve heard, it is a challenge and it’s why I think it is good for the church community step in and help. The reason I say this is my mind is somewhat on an article I wrote about fellowship, not being a “Hi” and “Bye” type deal.
My mother worked, along with my dad and this was in the 60s & 70s. It was a sacrifice; however as she could not sit down and actually enjoy herself. It was Go to work, in the midst of the night. Come home and rest for a bit, see the kids off to school and sleep. Get up and go to little league and run off to work.
She would say “I did what I had to do. Dad brought enough for the bills; however my mom wanted extra money so we could enjoy the house.”
I do appreciate what she had to do. Funny thing is, I don’t think she fully realize what was missed. She worked ever since I was born in ‘64.
You are already a blessing to your kids as you get to enjoy them and in the long run, they’ll come to appreciate it.
By Barry on Aug 31, 2010
Wow, thats a really clever way of thkining about it!
By Leaidan on May 6, 2011