Dave Says: With young kids and small income, should mom go back to work?

Dear Dave,

We have two preschool kids, and I’m a stay-at-home mom. My husband brings home about $2,500 a month, and our mortgage payment is $1,000 a month. Recently, we’ve had to tap into our savings in order to pay the bills. Should I go back to work? There are a couple of reputable daycare centers near us, but I’m just not sure if this is the right thing to do.

Tammy

Dear Tammy,

Being a full-time mom is a wonderful thing. And honestly, I can’t blame you for wanting to stay home with your children when they’re so young.

The biggest problem I see is that 40 percent of your husband’s paycheck is going toward your mortgage. That’s way too much! A house payment should never be more than 25 percent of your take-home pay.

I know trying to live on the $1,500 that’s left is hard, especially with two babies in the house. But it doesn’t sound like a lot of fat can be trimmed right now. One of you might consider taking on part-time job nights or weekends for a while, or he could look into enhancing his education. Either one of these would help get your income up. Selling the house is an option, too. But I’m not a fan of that one except in the most extreme circumstances.

Right now, I’m viewing this as a math problem with three components. The components are income, house payment, and lifestyle. You and your husband need to sit down and have a serious heart-to-heart talk about things. There will have to be some sacrifices in order to make things better, but only the two of you together can determine exactly what’s best for your family.

God bless you all.

—Dave

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