Being a parent is one of the most important roles that a person can have. And since the 1970s, it has become more commonplace for both adults in the family to have jobs and balance a career along with a family.
However, with inflation on the rise and the threat of the COVID-19 pandemic still looming, many people are wondering if it’s still worth it or not for both parents to continue working. In this post, we’ll look at three main questions potential stay-at-home parents should ask themselves.
How Will This Affect Us Financially?
First things first: money. Obviously, going from a two-income household to one is going to put a strain on the budget. Or is it?
Depending on your wage and hours worked, you might be earning just enough money to pay for daycare and break even. In fact, one study found that among low-income households, childcare services made up as much as 35 percent of their household budget. For people in this situation, choosing to stay at home and take care of the children themselves would provide a significant boost to their household budget.
Of course, most professional jobs offer a lot more than just a salary, and these things also need to be considered. These are benefits like health insurance (medical, dental, vision), 401k matching, and life insurance.
Some stay-at-home parents often think they don’t need life insurance because they don’t earn income. However, the care you provide for your children might need to be replaced by a paid caregiver if something happened to you. While term life insurance can be more affordable, many parents find the additional benefits of whole life insurance to be worth the higher premiums.
What Will the Impact Be on My Well-Being?
Jobs represent many different things to a range of people. For some, it’s a passion or challenge that they can’t wait to get out of bed for every morning. But for others, it may not be as rewarding.
For instance, does your current job:
- Cause you a lot of stress?
- Make you feel underappreciated?
- Force you to be around hostile coworkers or managers?
If so, then perhaps becoming a stay-at-home parent could be exactly the right opportunity you need to take a break and recharge your batteries.
This is even true if the arrangement will only be temporary. You could use this as a time to break away from a job or career you don’t like, learn something new, and find a new employer after a few years.
What Will the Benefits to My Family Be?
We saved the most important factor for last: How will this decision impact your children?
Being a stay-at-home parent allows you the freedom to be as involved with your children’s lives as you wish. This could mean volunteering at their school, attending every sporting event, and taking them to activities like dance lessons.
Working and having a career can be rewarding, but so can being a parent. Talk it over as a couple and do what’s best for each other and your family. As a stay-at-home parent, you can be more involved in guiding your children’s development, and it’s easier to be there for milestones like first words or first steps.