Statistics say that the number of two parent-working families has tripled in the last 20 years. Families need dual-income for having the necessities of life like a home, good education, medicine, transport, and obviously food. There has also been a stupendous growth of mothers getting back to work after a child’s birth.
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[ctt template=”4″ link=”wfkdf” via=”yes” ]A dual-income family is likely to prosper more than a single-income family due to greater financial resources. But a dual-income family has a few cons as well like time management issues and additional expenses. Find out which is the best for your family with tips in this article.[/ctt]
According to statista.com, there will be 856,238 day cares in the country. Parents are busy earning money. This leads to the question, are dual-income families better than single-income families? Let’s find out.
Dual-income families vs a single-income families
A dual-income family is likely to prosper more than a single-income family due to greater financial resources. More money should mean greater buying power. Besides, dual-income families with kids can use the second paycheck for paying off debts, building nest-egg, sending kids to good colleges (remember, tuition fees are quite expensive nowadays) and investments. But a dual-income family has a few cons as well like time management issues and additional expenses. To control this additional expenses they should take steps to stop overspending.
Advantages of dual-income families with kids
Dual-income families with kids enjoy lots of benefits. Here are a few of them.
1. They can take risks: I think it’s a great benefit. Working parents can take financial risks. If one spouse is not getting proper performance appraisal at office, he can quit job and look for a new one. He can sit at home and wait until a good job offer knocks at his door. The other spouse is working and her income can fulfill the financial needs of the family.
If one spouse gets laid off or fired, there’s other income to pay school tuition fees, put food on the table, pay mortgage, insurance premium, etc.
A single-income family doesn’t have this liberty.
2. They can share responsibilities: The stay-at-home spouse is expected to do all the household chores. At times, it becomes both boring and taxing. When both the partners are working, they can share household responsibilities. So nobody would have any grudge against each other. Like one partner can do the cooking and the other one can help kids finish off their homework everyday. Both the parents can clean the house every weekend.
3. They can lead a better lifestyle: A dual-income family can lead a better lifestyle since both the parents are earning money. They can buy a big apartment, send kids to top-notch schools, visit popular tourist spots, and eat superior quality food without any hassle. Education is expensive nowadays. When both the parents are working, they can afford to give the best education to their kids. Being talented is not enough nowadays. You need money for completing higher studies. My best friend wouldn’t have been able to have three degrees if both her parents didn’t work.
4. They can help each other: The chances of divorce in a dual-income family is less since parents share a good bond with each other. Both of them are working and busy. Nobody is dependent on each other. Nobody is bored since the other partner is out of home for work. Rather, they can discuss their work-related issues and reduce each other’s stress level. They can have excellent communication on both work and personal life to create a perfect work-life balance.
Cons – Dual-income families
Despite all the amazing pros of a dual-income family, there are a few cons when both spouses work.
1. Problems in striking a balance: The biggest disadvantage is maintaining a balance between personal and professional life. Both parents have a tight work schedule and they are serious about their career. So the ultimate question is, who will make the sacrifice and to what extent? Who will do the grocery shopping? Who will look after the studies of kids? Who will play with kids?
2. Less flexibility for relocation: If one parent gets promoted and has to relocate, he/she needs to convince the other working spouse to leave his/her current job.
If the other working spouse is willing to sacrifice his/her job, then there won’t be any problem between two of them. However, if the other spouse doesn’t want to leave a stable job, then it can lead to bitterness, betrayal, irritation, frustration, fights, ego clashes, tension, and even a breakup.
One can’t blame the other working spouse for not making the sacrifice. After all, there are many things at stake. For instance, what if the other spouse doesn’t get a new job after relocation? What if the new job is not as good as the current job?
It’s the child who gets affected most in this tussle. The child has to leave his/her current school and get admitted to a new school. Often, it becomes tough for a child to adjust with the new environment. Besides, there are lots of other hassles parents have to deal with. For instance, they have to cover school admission formalities, which means additional expenses.
3. Bring stress to home from work: Since both the spouses are working, they usually have less time for the kids. I have seen many parents who barely have time to engage in meaningful conversations with each other. They work at the office, come back to home, cook meals, clean the dishes, take a shower, and do the other household chores that need to be done in a day. The same routine repeats itself the next day. In total, parents have only an hour every day for enjoying together as a family. Other fun activities have to wait until the weekend. Kids suffer the most. They don’t get enough time to spend with their parents.
Parents have to shell a significant amount for good child care since they are working. Depending on the income of parents and child care expenses, their take home income may not be that much. If one parent earns $50,000 and and has to pay $3000 to daycare for taking care of his 2 kids, then he is spending at least $36,000 per year, which is quite a big amount. Parents can get only $6000 tax deduction for 2 children or dependents.
Obviously, there are both pros and cons of a dual-income family with kids from a financial viewpoint. Some may say that dual-income families have more money. So they have a greater financial power than single-income families. Likewise, others may point out that dual-income families have more expenses like child care and tax. So yea, the debate goes on.
Did I miss out advantages and disadvantages of a dual-income family? What is the biggest strength of a dual-income household according to you? Feel free to share your viewpoint.
This article was contributed by Stacy B Miller of http://www.kissyourmoney.com/ Her passion is writing articles and her profession is getting paid for that. You can find her opinion on financial planning, debt management, investments, etc. in her various articles such as How To Stop Overspending.
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