Maybe you are a stay-at-home mom that has been thinking about going back to work to make a few extra dollars. You may have estimated the amount of money that you would could make and maybe you have been tempted by increasing your income. But have you stopped to consider all the money that you won’t be pocketing? Before you do take the jump to go back to work, you need to consider the extra expenses working will cost you. Calculate just how much going back to work will cost you, and you can make a better decision about whether it’s a good idea. Here are some additional costs you’ll want to consider:
1. Childcare. The most obvious additional expense is of course childcare. The more children you have, the greater the expense. Childcare costs alone might rival a working mother’s take-home pay.
2. Travel. Commuting to work costs not only money for gas, but also additional car maintenance, parking or toll fees, or even cab fare.
3. Eating out and fast food. When both parents work outside the home a family nearly always eats out more. It is often too time-consuming to eat home-cooked meals each night. In addition, working moms generally spend more on groceries, buying convenience foods for eating at home.
4. Looking the part. It depends on your job environment, but generally you will be spending more money on looking nice for work. This includes business attire, dry cleaning, hair care, and accessories you would not otherwise spend money on.
5. Your own breakfast and lunch. Do you expect to stop at a coffee shop every morning before work? Do you think you will eat out for lunch more often? What about snacking out of a candy machine? Ask yourself realistically how much you expect you will make these types of purchases if you go back to work.
6. No time for bargains. Once you are working it might be harder to shop around and look for good deals on anything from groceries, to clothes or household items.
These considerations are not to keep you from going back to work if that is what you really want to do. Instead, use them to make an informed decision. If going back to work really won’t add much money after all, it’s best to know that before you get started.