One income families
One Income Beats Two
by Joanne Watson
A Decision to Stay Home
A Six Month Stay-at-Home Mom Plan
Confessions of a One Income Family
Two income families aren't getting what they want, and it's costing them more. In a poll by Survey USA, 73% of moms surveyed said being a two income family doesn't allow enough time with the kids, and 87% said they would prefer to be home if they could afford it.
Yet, if one income isn't enough to pay the bills, many women will go to work when they would rather be home. However, a better solution is to help your husband make more money.
Take this example. Sam makes $40,000. Sam and Donna's family expenses are $50,000. In order to cover the $10,000 shortfall, Donna would have to earn $25,000 out of which she would have to pay for childcare for two children, purchase an office wardrobe, and possibly buy a second car and insurance. And don't forget the expense of office lunches and more meals out or convenience foods due to busy schedules.
Even if Donna's income were higher, the same expenses would have to be deducted. And, the higher combined incomes might put Sam and Donna in a new, higher tax bracket, which would mean Sam would take home less than what he was taking home before Donna went to work.
Instead, Donna and Sam could just work together to boost Sam's income by $10,000 for the same net result, but with Donna able to stay home. This is something that isn't that hard to do when armed with the right information. In fact, couples working together have an advantage. Helping your husband may not sound "politically correct," but working as a team to increase one income may be the ticket to having a lower-stress, family-friendly lifestyle. And you will still be able to pay the bills. The joys and rewards of being home with your kids makes one income beat two, hands down.
Here are five Team Work techniques you can use to help your husband make more money:
1) Build His Confidence - and you may build his income!
Sit down with your husband, and write a list of the five accomplishments of which he is most proud. Add his skills and experience to the list. Next write down some of his best qualities. Is he patient and easy going? Is he methodical and persistent? Is he dependable? Creative?
With a fresh look at some of your husband's attributes, you and he will come to appreciate his value in the workplace even more, making it that much easier for him to go after that new job, raise or promotion. Tell your husband that you know he is worth more, and his employer is lucky to have him. Believing in him will help him believe in himself.
2) Husband and Wife Networking.
Sometimes it's not what you know, but who the two of you know. A great many jobs are created and filled before they are ever advertised. In a position of trust, an employer will often prefer someone they know to a stranger, even if that person isn't the most qualified person they could find for the job.
As a mother, you are in a position to meet quite a few people from all different walks of life. One of them may be able to help introduce your husband to the person who will hire him.
Think about who you meet in your daily travels. Does the wife of someone who works at your husband's dream company go to the same PTA meetings you do? Do you see them at the market? Are your boys in the same scout troop? Even if your contacts don't lead to a job opportunity for your husband, you will develop a larger circle of friends and acquaintances that will enrich your life and theirs just by knowing each other.
If you are currently working outside the home, while working out how to be a stay-at-home mom, keep in mind that your business contacts may be a good addition to your network that may lead to a new opportunity for your husband.
3) Marketing Your Husband
Your husband may be a great manager, accountant, electrician or supervisor, but that doesn't necessarily make him good at marketing himself. Take a look at your husband's resume. Does it do the best job of presenting him that it could? If not, have it redone.
You can study up on how to create an effective resume and do it yourself, or hire a professional to do it for you.
There are many professional resume writers. Check out resume.com or look in your local phone book. Be sure to ask for samples of their work before deciding which one to use.
4) Is Your Husband Underpaid?
Do you know if your husband is being paid fairly for his work? You can help your husband find out what the going rate really is by checking out salary surveys for him.
A salary survey is usually a chart that lists out different jobs in a particular field and shows what the average pay is for that job. There are modifying factors to watch out for such as company size and part of the country that was surveyed. Some surveys specify these things, but others do not, and you will have to make adjustments accordingly. Some good places to find salary surveys are salary.com and the reference desk of your local library.
If your husband is underpaid, make a copy of the salary survey highlighting the pay range for him to use in negotiations for a raise.
5) Practice Makes Perfect.
You can help your husband to be confident and prepared when he asks for a raise, or interviews for a new job.
Practice with your husband asking for the raise, and drill the possible responses and his come-backs, until he is comfortable and confident about the task.
If he will be interviewing for a new job, you can help him practice answering interview questions until he feels confident and relaxed answering any questions that come up. By practicing with him until he is cool, calm and collected, you will increase his odds of success.
There are many Team Work techniques wives can use to help their husbands to make more money. By working together, doing the research for their particular situation, and acting on the necessary steps, any couple can raise their income, and accomplish their stay-at-home mom goals. Using a Team Work approach can make all the difference!
How to Help Your Husband Make More Money, So You Can Be a Stay-at-Home Mom by Joanne Watson is available at Amazon.com and bookstores nationwide.
We're still paying off last Christmas and worry how we'll afford the holidays this year without charging it again! Tell us: Yes, we could use help getting out of the debt trap we're in! or No, debt is not a problem for us but I'm always looking for ways to trim my family's expenses further!