Should You Work Outside of the Home?

Working Outside the Home

Income & 401(k)
Premiums & Expenses
State & Federal Taxes
Social Security
Net Earnings
Itemized Current Monthly Expenses
Total Current Monthly Expenses

Itemized Monthly Income

Total Monthly Salary and Benefits

Itemized Monthly Work-Related Expenses
Total Monthly Work-Related Expenses

Making the decision to return to work after staying at home with children, or leaving the workforce to stay at home is sometimes a difficult decision for parents. The financial aspects of that decision will be based on the elimination of expenses incurred while staying at home, examples of which are life and health insurance premiums that may be replaced by employer-provided plans. When looking at the benefits of working, income should be considered right along side of the ability to build a retirement fund through 401(k) contributions, the cost of health and life insurance and the expenses associated with being part of the work force.