Years ago it was rare that both parents worked outside of the home. However, in this day when the arrival of a new little one happens it is often questionable to ask what is best for the new family. Each family has different situations and sometimes it does make more sense for one member to stay at home with the new arrival.
What are the additional costs that a two income lifestyle has? There will be the additional expenses of fuel. It is likely that two cars will be needed to commute to work. This has been estimated to cost about .50 per mile which includes fuel and maintenance.There may also be some additional costs including parking and other miscellaneous fees.None of these can be deducted from your taxes either.Sometimes clothing may be a expense for an employee. If a job requires a employee to wear a uniform then a ongoing clothing expense will be involved. With nobody home to cook any dinner there may be an increase in eating out for lunch and dinner too.
The largest expense for a couple that both work is child care. Alot of parents do not want to put their child in child care so they will use the after school programs that are available to them. The ones that do use a child care provider do get a slight tax break on their taxes they pay. In order to do this the child must be younger then 12 years old.
Having a second income can mean more taxes that are owed. The addition of this income can put a family into a higher tax bracket.Keep all of these into mind when considering if both parents working outside of the home is the answer for your family. There is always the option of one of the couple working from home. Many companies are out there that will consider hiring a person to work from their home.