by David B Hitchcock

Created on: June 20, 2009

The high cost of being 2-income parents

Years ago when our parents were raising families things were different - they could afford to have one parent working and the other stay at home. Today, everything costs so much that it's nearly impossible to have a stay at home parent. Or is it?

The benefits of 2-income parents

In a family where both parents work, there are a few benefits. Both parents are validated that they are contributing to the family through earning salaries. Both parents are providing for the children's futures, and likely are able to afford a nice house in a safe and friendly neighborhood. And the parents can buy their children nice things such as toys and nice clothes.

The money down sides of 2-income parents

There are always down sides, and 2-income parents have many. Normally with 2 people working, 2 cars are needed which means two sets of insurance, more gas, and more maintenance. 2 working parents need twice as many clothes for work, no matter if they are a mechanics coveralls or a business woman's power suit - it all costs money. With nobody at home to cook meals, the whole family will end up eating at restaurants more or at least eating take out more often which is very expensive. With nobody at home to watch the children, you will have to pay for daycare or a nanny. 2-incomes may put your family into a higher tax bracket where you end up giving the government a bigger percentage of your overall income than you would in a 1-income family. With all these drains on your income, that second income can quickly disappear. Sometimes just the childcare alone can cost more than the second income!

The other down sides of 2-income parents

Everything in life is a trade off. This is apparent when you try to have lots of money and the time to spend it. Nearly everyone can either have lots of money or the time to enjoy it, but rarely do you get both at the same time. The same is true for 2-income parents. They are sacrificing time at home for time at work. Time at home includes teaching the children right from wrong, being there to set an example for behavior, and quality time. Down the road a few years, the bond formed by spending that time together will help a family whether many storms and problems. Without that bond, it will be much harder on everyone. A parent staying home can also clean the house, wash clothes, cook tasty nutritious meals, look after the yard, and shop wisely. These are all things that 2-income parents either pay someone else to do, or it doesn't get done.

At the end of the day does it pay?

When you add up all the extra expenses that 2-income parents have, it's rare that they have more money than a 1-income family. They may have a bigger house, but it's rare that the parents can enjoy it. Even if they are making more money, and saving more money there won't be much time to enjoy it until retirement. And during that time, the children won't be seeing the parents around at all. Is that something you are willing to sacrifice?

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