Jul 2014

Back to Work: should I stay or should I go?

Lisa Reynolds has kindy agreed to write for the Baby Care Co. blog, and here gives her tips on the financial considerations of going back to work/staying at home after having a baby. She is a freelance writer and proud mother, who used to work in finance before taking a step back to spend more time with her family."

Back to Work: should I stay or should I go?
Returning to work or deciding to work from home is a huge decision for a lot of parents. Not only do you need to consider your career and personal life, you also need to consider the financial implications. If you do return to work, does your salary outweigh the cost of childcare? If you want to work from home, will you be earning enough to live comfortably and will this be an extension of your previous career or a brand new venture? Consider the pros and cons extensively before making a decision.
Striking a balance
Firstly, you need to work out if you’ll be
able to balance your life at home with your family with your career without neglecting one or the other. If you’re prepared to work late, you may have to be prepared to miss a few bedtimes here and there. A way to get around this is to work evenings from home so you don’t miss out on spending time with your little one.
Consider childcare
Childcare isn’t cheap if it’s full time. However,
if you’re earning more at work than the overall cost, it’s worth returning if this is what you want to do. If not, see what the possibilities are from home.
Financial help
If you are finding it difficult to manage financially, you are probably entitled to help. Child benefit and
child tax credit are available to most and can cover the smaller costs which come with having a baby.
Another way to manage your finances is to set a budget. This budget may include childcare if you’re going back to work or
weighing up your expenses if you were to stay at home. Try working this out, if you can, before the baby arrives in order to minimise stress and potential debt.