We just got the daycare quote and it's 2k a month. My wife makes about 3500 a month so we'd basically be breaking even with her staying home. Part of me thinks that's the way to go but part of me worries about her career and also I'm scared of being the only income. Any of you guys going through this decision? What did you do?
I went back and forth on this with my ex for years. The daycare costs in our area were insane too. If your wife wants to stay home, that's one thing. But don't let money be the only reason if she'd rather be working.
That's a tough decision man. The financial side is just one part of it though. Think about what you both want, not just the numbers.
With two kids the daycare math nearly broke us too. If your wife wants to stay home, that's worth something even if the paychecks look the same.
We looked at the same math with two kids and honestly, one income isn't terrible if you can swing it. Really depends on what your family needs most right now.
This is the thing nobody wants to admit out loud. Daycare is insanely expensive and sometimes the numbers just don't make sense anymore. But it's such a personal decision about what matters to your family.
I feel this so hard. We had a similar situation and went the stay-at-home route. It's great but it's also a whole different pressure now being the sole income. Just make sure you both actually want this arrangement.
Have you factored in how long the daycare costs though? Once they start school it drops a ton. Also if your wife stays home, she's out of the job market which has other costs down the line.
That math doesn't work long term. 2k daycare against 3.5k income leaves you barely breaking even and that's before taxes. You'd actually be losing money. Have you guys looked at in-home options or sharing a nanny?
2k a month is criminal. We looked at in-home daycare as an alternative instead of going the full time stay at home route. A bit cheaper and my kids still got that social interaction. Just throwing that out there as a middle ground.
One thing nobody tells you is that one parent staying home changes your whole dynamic as a couple. Not necessarily bad but it's different. Make sure you're on the same page about what that actually looks like day to day.
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That math doesn't work for a lot of families. If she's barely netting anything after daycare, it might actually make sense for her to step back, at least for a year or two. But make sure you're factoring in health insurance and benefits too.