Two Incomes, Is It Worth It?

Think the wife working is helping the family get by?

Have you really done the math?

This is a totally secular source but just see what your extra income will really net your family.

Are two wage earners really better than one?

Below is the example given on the site:

Enter your information here
Your annual income and taxes

Annual income from one wage earner~~~~~~~~~~~~~~~~~~~~$45,000
Annual income from two wage earners~~~~~~~~~~~~~~~~~~~$65,000
How many hours per week would the second wage earner work?~~20 hours
Average tax rate with just one wage earner~~~~~~~~~~~~~~~~~10.0%
Average tax rate with two wage earners~~~~~~~~~~~~~~~~~~~15.0%

Additional monthly work-related expenses

Child care~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$300
Clothing~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$50
Dry cleaning~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$50
Commuting costs~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$150
Unreimbursed work expenses~~~~~~~~~~~~~~~~~~~~~~~~~~~~$50

Increased monthly lifestyle expenses

Having two wage earners often means spending more on dining out or hiring additional services such as housecleaners. How much would these costs increase for you?

Entertainment~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$50
Dining out~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$200
Additional services~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$100

Results
Another salary would change your annual household income by ~~~~$3,350
Additional dollars earned per hour~~~~~~~~~~~~~~~~~~~~~~~~~$3.35
Additional income from second wage earner~~~~~~~~~~~~~~~~~$20,000
Additional tax incurred~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$5,250
Additional related expenses~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$11,400
Net additional household income~~~~~~~~~~~~~~~~~~~~~~~~~~$3,350

Click this link and enter your family financial numbers. Try to get it as accurate as possible.

The following links from the same site may also be helpful in shaving expenses.

Parents, ward off ‘childhood affluenza’

Does Johnny really need a cell phone?

Please remember though that this is a secular source for information. Be sure to check all advice out according to Scripture.

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Now honestly evaluate your family’s income.

How little is the wife really working for? $3.35 an hour isn’t worth it is it?

Do you really know what the extra expenses are for your family when the wife works?

Spend a month recording everything that is spent. Right down to the coffee or colas at work and the kids MacDonald’s Happy Meals.

Beside each expense mark whether it is work related or if it could possibly be eliminated with the wife home each day.


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