Does it pay for the spouse to work?
I found a great calculator to help you decide if it would really help
your finances if you become a two wage earner family.
It's a real eye opener. I was considering working part-time, but
according to this calculator I would only bring in an extra $70 a month
after expenses and taxes! There are some other interesting calculators
too to help you with your money.
http://www.calcbuilder.com/cgi-bin/calc ... i/Netscape
Date: Mon Feb 10, 2003 10:31 am
Subject: Does it pay for the spouse to work?
I have worked this one out as well. Putting us into a higher tax bracket
wouldn't make it profitable for me to go have a separate income.........Narelle
<who is partner in Bruce's business>
What's a Budget?
My mom is an accountant and she sees a lot of people who work their butts off to be dual income families and if they would actually LOOK at the numbers, they are bringing home less than $200 a month (if that). She had a client who the wife had a part time job and told her that they would have MORE money if she quit!
These are things that people don't think of:
cost of clothes to do the job and dry cleaning (if needed)
coffees, etc while at work
gas to get to work
lower tax bracket if they make less
The client quit her job, got to stay at home with her kids (which she wanted anyway) and they made more money the next year because of it.
The calculator is a great resource!
What's a Budget?
Yeah I stay home and we did look at what it would be with all the cost of working for me to work out side the house and it would hurt more than help. I could work now anyway my one kid has some special needs. No one will work with him like I do and we couldn't afford for him to be neglectd! The truth is most folks don't relize how much it does cost to have 2 incomes when you have kids!
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