Money

One issue that isn’t often mentioned in the work/family debate is the matter of finances. I’ve read many articles and discussions about whether or not parents (particularly moms) should work and most lack any acknowledgement of the financial impact of staying-at-home. However, many parents don’t get to choose if they work or stay home, they must work in order to provide for their families.

Financial need can create a significant barrier to finding a family friendly work arrangement. If you need to work to provide the basics for your family, or to live the kind of lifestyle you desire, the amount of money you need to make is an important consideration in your pursuit of family friendly work.

Obviously cutting back your work hours has the most significant financial implication. Further, while you can still progress in your career while working part-time, your progress will likely slow, as will your income growth.

One tactic to find a more family friendly work arrangement is to reconsider your financial priorities. Often, I hear parents say they can’t cut back their hours because they can’t take a cut in pay. I think that part of finding a family friendly work arrangement is taking a close look at your spending.

Often just small cuts in your spending can lead to big savings. It is what David Bach calls the Latte Factor (as in spending on small things such as coffee adds up quickly, read about it here). So as you consider your work arrangement and your priorities, you must also consider your spending and your finances.