When you or your spouse stops working, your family loses a paycheck -- but also eliminates all the costs associated with earning it. When you compare income and outgo, you may be surprised at how little that second salary really adds to your family's bottom line.
| Income: | |
| Annual earnings | ______ |
| Value of benefits that you'd have to replace, such as company contributions to your 401(k) and health insurance | ______ |
| Total A | ______ |
| Expenses: | |
| Federal, state and local taxes (check a recent pay stub) | ______ |
| Social Security contributions (check your W-2) | ______ |
| Commuting costs | ______ |
| Child care | ______ |
| Work wardrobe (including dry cleaning) | ______ |
| Lunches out | ______ |
| Restaurants/takeout food (because you're too tired to cook) | ______ |
| Miscellaneous work expenses (trade journals, professional association dues, office supplies) | ______ |
| Guilt purchases (items you buy to make up for the time you can't spend with your kids) | ______ |
| Total B | ______ |
| Net Value: | |
| Subtract Total B from Total A | |
| True worth of second income | ______ |