3 Financial Planning Challenges of Being a Part-Time Working Mom

Mar 4 • Career Planning, Financial Planning • 1384 Views • No Comments on 3 Financial Planning Challenges of Being a Part-Time Working Mom

Recently, I wrote a post with the top three benefits of being a mom who works part-time.  It’s important to note there are significant challenges to making this transition.  If you’re thinking of making a similar change, keep in mind the following issues:

  1. Constant Shifting – I go into the office every other day, so it’s a constant change from mom/homemaker to employee. Right when I get into the groove of one, it’s time to switch to the other.  It can be exhausting, physically and mentally to juggle the two so often.  If you work from home, that can relieve some of this stress
  2. Reduction of financial capital – With a reduction in paycheck comes an overall reduction in our family’s financial wealth. This creates a delay with some of our financial goals – savings for car/new home, retirement, college funding, etc.  If you pay for daycare, the gap widens.  We’ve had to make adjustments in other areas to offset the lower total income.
  3. Office Culture – Being part-time, I’m now an hourly employee without paid holidays and I’m only physically in the office two days per week. Those days are pretty jam-packed with tasks and leave little time to build relationships with my co-workers.  I often miss out on company events and just general socializing.

When considering such a major career transition, it’s important to weigh the pros and cons and take into consideration the impact such a change would have on your total wealth – both financial and human capital.  For more information, visit our website at makinglifecount.com or contact Ashley Kopmeyer – akopmeyer@makinglifecount.com, (913) 345-1881.

Photo credit: lisaclarke / Foter / CC BY-ND

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