A Penny Saved

This post is the ninth in a series of 10 that covers each point of the MSN Money top 10 mistakes and hopefully will elaborate and add a little new parent thinking to the equation.

Money Mistake 10:

Oversimplifying the work vs. Stay-at-home question

At a glance, the question of whether one spouse should quit work to care for your new baby seems clear cut: If the spouse earns only enough to cover child care costs, staying at home probably makes sense.

Believe me, that question is anything but clear cut. My wife and I have discussed this many, many times over the last 6 months and each and everytime, we come to the same conclusion. We can’t afford either… At this point, we believe that it will still be more beneficial for both of us to continue to work since the child care costs here are not as bad as they could be. A close look at the child-care costs and your salaries that takes into account the loss of benefits and such is necessary.

Part 9: Saving in a child’s name

Part 1: Skimping on Life insurance

Technorati Tags: parent, money, mistakes, stay-at-home