28-year-old mom's teacher salary largely goes toward child care—the real costs of quitting to stay home with your kids
In addition to reducing their child-care costs to $0, the couple estimates they could cut out an entire car payment, along with some fuel costs, if Amanda was able to stay home. Plus, they'd save on food because she would be able to cook rather than use the meal prep service they currently pay for.Beryl makes landfall as Category 4 hurricane on Caribbean island of Carriacou in Grenada
While the share of stay-at-home parents who are fathers has been on the rise over the last few decades, mothers remain the majority of stay-at-home parents, "In households where there's a little more financial wiggle room, women often don't think about what they may give up in the long term — say in 5-10 years — by leaving their jobs now," Green said.Green shared three examples of how taking a break from the workforce can have long-term effects on an individual's — and their family's — financial future.Salaried workers can generally expect to see their income rise over time, even if it's a modest 2% to 3% each year.
You might be sacrificing career growth by staying home, or you may be sacrificing some of your ability to build wealth by paying for child care.
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Source: CNBC - 🏆 12. / 72 Read more »