Sunday, June 10, 2012

Military Monday - Single vs. Double Income Homes

There are many factors that determine whether or not a family chooses to live off a single income or a double income.  For some there is an option, where a single income provides plenty for the family to live off.  Where others may have no option but to pick up a second job.  So when there is more flexibility in what you do, how do you choose?  You should be asking yourself several questions to decide whether or not your family can handle the change to either a single or double income home.  Some of the questions include:

Do you have children?  Are they of the age where they can go to school or child care facility?   

Would the second job pay enough to cover the expenses of child care?

Could you compensate staying home from work with having a tighter budget?

Will it cause more ease or frustration within the family to stay home or work?

How comfortably could you live in either situation?

Would you be doing work that you enjoy or would you come home every day frustrated and upset?

What types of arrangements would you have to make in order to pick up a job (transportation, someone to walk the dog, childcare, chore sharing, etc.)?

Would other family members be able to help pick up the slack of housework since you won't be home all day to do it yourself?

Are there any foreseeable circumstances in the future that may require you to quit your job? (caring for a parent,  PCS, child that requires constant medical care, etc.)

These are the questions that you need to ask yourself and your family when considering becoming a double income family.  If you are comfortable with the answers to these questions then you should be comfortable with your decision to stay home or go to work.

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