How much money do you bring home after paying for childcare? I was offered a job that pays $20 an hour. Childcare out here is really high, though. I will be paying about $2250 a month on that, for one infant, one toddler, and a first grader. So, I will bring home $250-300 after paying for all of that. I would like to work, just because I spent so much time and money on my degree, but that does not seem worth it to me. What is your situation?

There are two financial considerations you need to take into account.

#1 - The financial benefit of working: You will be earning a LITTLE extra money but the cost of daycare is also tax deductible up to certain limits. Consult a tax adviser if this deduction will result in more money in your net check than you first calculated. Working can also give you a chance to contribute more to your retirement funds than you can as a non-working spouse. Also, in some case, your employer may also provide your family with better medical / dental insurance than you're receiving now. Plus, some families are going to being two income households because the primary breadwinner's job is not very secure and they want to (a) save up money and (b) have another source of income in reserve in case of income loss. Lastly, getting on track with a job now could mean you work up to a point where you can become the primary breadwinner and allow your spouse to go down a career path with a less stable salary or go back to college, etc.

#2 - The financial pitfalls of working: You may not realize the cash benefits you calculated even with the added deductions. My experience with working is that I tend to get tired and overwhelmed easily. I'm seriously considering hiring a housekeeper just to clean the house because now that I'm working my weekends are very precious (to me and my family). When it comes to DD's school, since I can't volunteer in her classroom anymore, I tend to fund her activities in order to make my contribution. I drive a heck of a lot more - not just the commute to and from work, but the detour to the daycare, too. Plus, I tend to go somewhere at lunch - not just to eat out (oops, another expense) but just to get away from the office. You don't think I go to the park, do you? No, I tend to go shopping or run errands. It is amazing how much money I can spend when I know I have 5 days every week to get things done. Dinner tends to be less prepared at home and more grabbed on the fly. I tend to justify little treats for myself - like nicer clothes - because I'm working. I'm bringing in money. Don't I deserve it? I end up spending like Congress - raising income by 10% then raising spending by 20.

Your degree is NOT going to waste. Your degree is making you a better mother. As your children grow, that degree will come in very handy. Remember, you are your children's first educator. You are their guide and mentor. You are very important to them. You're a contributing member of society just by being a good mommy.

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When I was looking to return to work I actually was looking for a "real" job. One that paid more and used a bit more of my education and experience. I even looked into daycare. Turned out my "real" job wasn't worth the time that I would have to pay for having someone watch my children. I ended up taking a part time job at a grocery store. It paid a lot less but the hours are flexible and my husband is able to watch our children. I don't have to pay him for daycare.

That $20/hr job may not be much now, but who knows, you may need it more than you think if something should happen to your husbands job. And with potential raises/promotions, that $20 can snowball into something else entirely. Another thing to consider is the cost of not working....I took a few years off and to get back into the labor force after being home for a while, I felt like I had to c-r-a-w-l my way back up the pay/work ladder, starting all over competing with the younger generation. I got a degree because I love what I do. I'm an accountant, and love my job. I'm glad I took some time off to be with the kids, but there is a huge hidden cost associated with women trying to re-enter the professional workforce. And I really don't mean to insult anyone here, but it seems to me a lot of people who work part time in stores tend to have less flexibility than I do...many part time workers (physically) work harder and in some cases work longer hours and make way less. I have great benefits here, I leave early a lot for appointments, get to come in late when needed, take half days for plays and conferences, take sick days when the kids are sick..When I worked part time I did not have those luxuries.
I work fulltime, and I've been pretty good about not falling for those typical fulltime traps (buying lunch, coffee and dinner on the way home). I don't buy more clothes than I need, and I clean my house at night when the kids are sleeping.
I do wholeheartedly agree that being a good mom makes you a very valuable contributing member of society...we need more good moms out there to raise great kids. I disagree on the degree comment...it is a waste if you're not using it.

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Another thing to consider is the ability to stay fresh in your industry and build work expereince as well as pay into SS for retirement.

Yes, it can be a trade off, but there are numerous things to consider than just the straight take home pay.

Thank you for all the comments!!

I thought this would be an easy decision! I earned my BA in English before I had children. I worked in the field for a couple of years, got married, had kids, and have stayed at home since child #2 was born. That was in 2007. I was so scared of being unemployable after staying at home for so long that I started working on my Master's Degree. Well, I have one more class until that is done. I do not want a gap in my resume between working and school, so that is why I would like a job. However, I do some freelance editing, writing, transcribing, etc., so at least that is something!!

I did not accept the job. It was with a very small company that did not offer any type of retirement plan. Right now, I contribute to a Roth IRA, and through DH's work, too. We don't need health benefits. It wasn't a position I was dying to have, blah blah blah. You get the point? I think I use my degree more now doing freelance than I would have at the other job. I just need to do more of it so that I can have something credible for my resume! And, my children are 6, 2, and 1. I want to stay with them for a while. So, we'll see what happens!!

Thanks again!