Paying for child care is no small investment. For good quality care you might have to pay a pretty penny. I know I had to. At one point, while my husband and I were getting out of debt our child care bill reached $1200! That is insane! But if you enjoy working outside the home or for the time being you need to make the extra money then the monetary sacrifice may be worth it.

You must evaluate the return on that child care investment to make sure the benefits out weight the cost. For instance, if you have 5 children and most of them require after school care or full-time child care your decision might be easy. It isn’t going to happen! But what if you do make a little extra above your child care expenses? Is that little bit of extra enough? Let’s see…

Have you considered the following additional expenses that go along with working outside the home?
1. professional wardrobe or uniform
2. dry cleaning
3. additional gas
4. lunches at work
5. taxes
6. additional grooming to look the part
7. housekeeping
8. professional organization fees, licenses, etc.

The decision is not always cut and dry; “Girl, you need to go to work!” If you estimate the monthly cost associated with the above items, you may find that working outside the home is causing more financial stress than is necessary.

The Motley Fool website has lots of calculators for you to determine the costs of making certain decisions like working outside the home, purchasing a home, or paying off debt. Check out the should my spouse work too? calculator.

If you don’t want to work outside the home, you may not have to. Calculate the cost, and present your case. Many times an at-home mom can benefit the home financially. Let’s look at the other side of the coin.

A home economist (mommy) has the unique opportunity to produce financial benefit to the home without even making an extra dime.

Are you willing to…
1. cook at home for most meals?
2. clean the home regularly?
3. do laundry and iron everything?
4. manage the finances?
5. paint your own nails?
6. do your own hair?
7. clip coupons?
8. work out at home or take walks?
9. carpool the kids to and from school?
10. home school your kids?

If you said yes to most of those items, you are adding value that needs to be considered. Mothering is not an easy job but it is rewarding. Take note of all you do and pat yourself on the back. If you work outside the home be proud of your accomplishments and the example you are setting for little girls who desire the same lifestyle. If you stay home with your kids, be proud of the sacrifices you have made to excel at the most important job in the world.

Ericka Young - Your Personal Finance Diva
Owner, Tailor Made Budgets
www.Tailor-MadeBudgets.com

Ericka has provided personal finance coaching to individuals and businesses for nearly four years through Tailor Made Budgets. She is a certified financial counselor through Dave Ramsey’s Lampo Group and is now helping her clients give their dreams a place to flourish every day! As an associate of Glinda Bridgforth (who has appeared on Oprah and Larry King Live) she has had the opportunity to coach people all over the country.

Do you have any burning questions for Ericka regarding getting your personal finances in order for the new year? Please, email your questions or comments to info@goodlifediva.com. Your questions will be answered in an upcoming Good Life Diva newsletter.