The Update

Single Or Dual Income: Making The Decision

Any way you look at it, it’s not easy for parents in the child-raising years to make the decision of whether to be a single- or dual-income family.

Single Income

On the one hand, a single income means one parent can stay home and raise the kids, which is truly a limited-time opportunity. Cutting back on expenses is often not as difficult as people think. Once you factor in the high cost of childcare and the extras that are purchased to help alleviate the stressful lifestyle of a two-career family, the financial sacrifice is surprisingly low. For many people, that sacrifice pales in comparison to the benefits of having a stay-at-home parent. There is no dilemma as far as they are concerned. Yet, it’s a very personal decision and one that can’t be imposed indiscriminately on all families. Some people want to do more than just get by. Choosing to swing it on one income means that you may have to forsake individual and family dreams – the kind of home you’d like to retire to, the kind of schools you’d like your children to attend, the kind of financial security you’d like to feel.

Is that selfish? Perhaps. But you could argue that happy parents enjoying their jobs, displaying a strong work ethic and creating a feeling of financial security send an equally valid message to a child. Parents don’t love their children any less just because they like their careers.

Middle-of-the-Road Solutions

There are middle-of-the-road solutions, too. One parent can work from home, work part time or take the night shift while the kids are little. At some point in their working lives, most parents struggle with career vs. family. That’s true for the one working 40 hours a week at a wonderful job who can’t be there to see the kids get home from school. It’s also true for the one who loves being with the kids at home but thinks wistfully of the challenging career he or she gave up. Ultimately, the path we all pursue is a matter of personal choice.

Free Financial Coaching

If you and your partner would like some help with finances, Setup a 1-on-1 coaching session with RGCU. Our Certified Financial Coaches can help the two of you create a budget, understand your credit, and talk about future financial goals.