Q is for “Should I Quit My Job to raise the children”?

Mother and baby in dining room with laptop smiling

Are you thinking about quitting you job to devote more time at home to raise your kids? This is a question many women struggle with when children come along. After all, taking care of children and a full-time career can be overwhelming. But quitting your job should not be done impulsively; there are many questions to ask yourself before you can enact this life changing plan.

  • Are you willing to give up the career you’ve put time and energy into? Leaving your field now may put you at square one upon reentry in the future.  You will miss out on years of benefits, raises and promotions. You will no longer be financially independent.
  • Examine the possibility of staying in your job part-time, as this keeps your foot in the door for the future.
  • How much vital income are you giving up and what are the consequences for your family? Weigh the pros and cons.
  • A major concern is that much income goes to child care; however, your budget is the tightest when your children are under 5. The cost of childcare drops dramatically once your children are in school so that’s a temporary expense.
  • It’s also important to look at the worst case scenario. If your partner were laid off, would your income be vital to the family? This includes examining health insurance and other family benefits that the partner may be carrying.
  • Ask yourself important questions like, “Would I want to be a stay at home mom, can we scale back to get through those daycare years, are my feelings of being overwhelmed prompting my decision?”

There are no easy answers and every situation will be different for each family. Being a stay at home parent is a 24/7 task and requires a commitment and a life change. While this can be a wonderful and loving experiencing, it comes with many emotional and financial consequences. This is a family and financial decision that should not be made impulsively or without healthy advice. Contact your financial advisor for sound financial advice which will help alleviate some stress making you more available to deal with the emotional aspect.

Answers from AZ

About Ann Zuraw

Ann Zuraw, the voice behind "Chicks, Chat and Change", is a Certified Financial Planner (CFP®), Chartered Financial Analyst (CFA®), and Certified Divorce Financial Analyst (CDFA™).If you have comments on this post contact Ann Zuraw

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