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Home » Moms: 'I can't afford to work'

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Moms: 'I can't afford to work'

Source: cnn.com Author: Jessica Dickler READ FULL ARTICLE AT cnn.com

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NEW YORK (CNNMoney) -- After factoring in the rising cost of child care, the daily commute and other work-related expenses, a growing number of mothers are figuring out that having a job just doesn't pay.
"It comes down to a cost analysis and I have several clients that have taken the route of quitting," said Anna Behnam, a financial advisor at Ameriprise Financial in Rockville, Md. "Factor in taxes, transportation costs, clothing and lunch -- what is the true net that you bring home after salary?"

For most working parents, child care is by far the greatest expense. In 2010, the cost of putting two children in child care exceeded median annual rent payments in every state, according to a report by Child Care Aware of America.Over the past few years, the debate over which lifestyle is more financially feasible -- working and paying for child care versus staying at home -- has come up more often among Behnam's clients than ever before.
Child care costs are killing us!
The recent run up in gas prices has only drained paychecks further, shaving 8.7% off of the average worker's annual income, according to the Oil Price Information Service. And then there are the rest of the expenses that add up for workers, including clothing and dining out during the day, which are also on the rise.
Andrea Hayken, 34, made about $45,000 a year as a third grade teacher in the Fairfax, Va. county public school system. But licensed daycare for her now four-year-old son would have cost $2,000 a month, eating up nearly half of her before-tax income.
Since her husband, an attorney, earned more money than she did, it made more sense for Hayken to be the one to stay home. 

"When all was said and done, there just wasn't enough money to make [working] worth it," she said.
Hayken, who now also has a two-year-old...

Full article: Moms: 'I can't afford to work'

More About: Job Search Women Work

Apr 20 2012 submitted by Susan Copper

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