Our monthly expenses run $25k with two small kids – can my partner’s income plus a part-time job cover us if I stay home?

When I had my kids, one of the toughest decisions I had to make was whether to put my career on pause for a few years or try to power through working while raising very young children. It was not an easy choice to arrive at, but I ultimately opted to keep working and do my best to juggle everything. I felt that decision was the best one both financially and mentally.

In this Reddit post, though, we have a parent who’s leaning the opposite way. They’ve just been let go from their job and have severance to cover them for a period of time. They’ve been working toward early retirement and are wondering if they should just end their career sooner than planned and stay home with their kids, who are two and four years old.

Of course, part of the problem is that the poster lives in an area with high costs, so their monthly spend is $25,000. However, part of that is childcare, so that number will drop if they decide to opt out of the workforce.

But it’s still a tough decision. And the poster should recognize that even if they can afford to stop working, it may not be the best choice.

Once you leave, it’s hard to get back in

I have a number of friends who opted out of the workforce when their kids were young so they could be home with them. And given the cost of childcare, that was a choice that made sense for a lot of them.

Here’s the problem, though. These friends of mine later tried to get back into the workforce and had a tough time doing so after an extended break. And that’s my concern for the poster.

The poster is only in their late 30s. They might think they’re okay with dropping out of the workforce only to find that they regret that decision later.

Right now, the poster’s children are very young — too young to go to school. But eventually, there will come a point when they’ll grow up, spend their days at school, and be more independent in general.

The poster may, at that point, feel that they want to work not necessarily for the money, but for a sense of purpose. And they may find that it’s harder than expected, since employers aren’t always so welcoming to people with lengthy career breaks.

Part-time work could be a good compromise

The poster here has a tough decision to make, but it doesn’t have to be an all or nothing one. One thing the poster could look at doing is working part-time. They could start a consulting business or explore different gig opportunities.

This allows them to keep their skills fresh. It also helps them avoid that dreaded resume gap.

I would also suggest that the poster consult with a financial advisor just to make sure they’re not overlooking anything from a money-related perspective. A financial advisor might show them what a difference a part-time income could make, which might motivate them to try to stay in the workforce in some shape or form.