WHEN PARENTS SIT DOWN AND WORK OUT THE DIFFERENCE BETWEEN WHAT THEY PAY IN COSTS TO WORK AND WHAT THEY EARN THEY ARE REALISING THAT ...
New York. April, 2012 - A growing number of mothers are saying that having a job just doesn't pay - after factoring in the rising cost of childcare, the daily commute and other work-related expenses.
"It comes down to a cost analysis and I have several clients who have taken the route of quitting," Anna Behnam, a financial advisor in Maryland says. "Factor in taxes, transportation costs, clothing and lunch - what is the true net that you bring home after salary?"
Over the past few years, the debate over which lifestyle is more financially feasible -working and paying for childcare versus staying at home - has come up more often among Behnam's clients than ever before.
For most working parents, childcare is by far the greatest expense. In 2010, the cost of putting two children in childcare exceeded median annual rent payments in every state, according to a report by Child Care Aware of America.
Childcare costs are killing us, mothers say.
The recent increase in petrol prices has only drained pay cheques further, shaving 8.7 percent off the average worker's annual income, according to the Oil Price Information Service. And then there are other expenses that add up for workers, including clothing and dining out during the day, which are also on the rise.