What Is That Second Income Really Worth?

From time to time, I consider taking on full time employment outside the home. Maybe it's been one of those weeks where the kids are out of sorts, I'm stuck in the house too much, or the bills seem to bulge uncomfortably in all the wrong places. I envision dressing up in a business suit (or at least business casual), sitting at a desk in an office, and talking to adults about something other than poop and drool. And sometimes, it sounds nice.

Whatever the reason for my considering full time employment, thinking it through has always made me change my mind. Although many families feel that they need two incomes to pay their bills, many books and articles have argued against this perception. This article will provide a checklist for calculating the expenses involved in that second income. Fill in the numbers for yourself, and see how much your second income really is or would be worth.

Second Income Expenses, per month:

Child care $250-$1200, depending on number and ages of children Clothing $50-300, depending on taste and dress code Lunches $100 and up, including lunches out and school lunches for kids Eating out $100 and up per month, even if you just eat fast food 1-2 times a week Entertainment $100 a month and up (after all, you've worked hard all week, right?)

Don't forget to add in things like extra sick visits to the pediatrician (day cares harbor many viruses), housekeeping and other chores you might decide to hire out to make your life easier, higher food bills because you need to buy more convenience foods to get dinner on the table, and the higher tax bracket that will result in hundreds, if not thousands or additional dollars paid to the government by your family.

We can safely estimate the average cost of a second job at about $1200 a month, or $7.50 an hour. So subtract $7.50 an hour from your wages. How much is left? When most two-earner families take an honest look at the expenses caused by the second income, they find that the net second income after expenses amounts to about $1 an hour, on average. Some even find that they save money by eliminating the second income and the expenses that go with it. Having a second income may actually be costing your family money!

I don't know about you, but I am not willing to go through the additional stress working puts on myself and my family for a dollar an hour. When I did work, I was usually exhausted by the time I got to work. Rising at dawn, I had to dress, eat breakfast, then dress and feed my daughter, pack lunches, get all of our things together, drive to the day care, say goodbye, then drive to work. And that was before I started my work day. Then after work, I had to get all the housework done, do food shopping, and run errands. To me, this isn't worth a net of $10 an hour; to do this for $1 an hour and a little adult conversation is ludicrous to me!

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