Day 3 Will You Keep Working?Step 1Step 2Step 3
The Cost of Children vs. Income Equation
Now that you have a general idea of how much the different types of childcare will cost you, we can help you figure out whether or not you can afford to go back to work part-time, or forgo returning altogether.
Enter the numbers for a potential part-time scenario and your current budget, padded with some extra money for baby expenses. The calculator will figure out the budget for the part-time scenario you entered, and also automatically calculate full-time and stay-at-home possibilities for you. It will weigh your changed income against your new baby expenses and then show you how that potential new budget will shake out. Play around with a couple of different work situations to see what looks ideal to you, and find out whether a part-time situation or staying at home is feasible.
CAN I AFFORD TO WORK LESS?
For example, 60% if you’d like to work three of five days, 80% if you’d like to work four of five days, etc.
|TYPE OF CHILDCARE||AVERAGE COST FOR FULL-TIME CARE|
|Daycare Center||$380 to $1565/month (average $975)|
|Home Daycare||$300 to $1,000/month (average $650)|
|Nanny||$2,170 to $3,030/month|
|Relative Care||Typically free, but you could opt to pay minimum wage in your state|
If you’re not sure what to input here, enter $220 if you plan to breastfeed and $450 if you plan to use formula. On Day 7, we’ll come up with a more precise figure.
If you work part-time, you’ll
have a monthly surplus of:
For comparison, check out these other work scenarios:
If you work full-time, you’ll have a monthly surplus of:
If you stay home, you’ll have a monthly surplus of:
* These numbers are rough estimates. To get an accurate figure, use the Budgeting Tool in the My Money Center.
HAVE YOU DECIDED WHAT YOU’LL DO REGARDING WORK AND CHILDCARE?