Keeping Current

Ideas from Lucas Casarez, Certified Financail Planner ™

Sometimes the most surprising and positive changes are the result of challenges and problems. 

In the recent story Do The Math, we explained that when a working parent walks away from a career, even for just a few years, the cost is often greater than the lost income during that time. If you are a working parent who is concerned about the cost of childcare and/or considering a multi-year exit from the job market, you may want to consider the following thoughts and ideas.

• As more employers offer flexible scheduling, transitioning to part-time (or another alternative schedule) could help you stay active and current in your field of choice so that when you're ready to return to full-time work, you don't have to be retrained. And you may be able to realize some valuable pay increases along the way
• Freelancing is also a great option. While you lose employer benefits, you could gain flexibility and freedom while having more control over your work loads which can usually accomodate your unique scheduling needs.
• When one parent exits the work force to focus on the family full-time, issues sometimes arise when a couple hasn't discussed when that parent will return to the workforce. To avoid misunderstandings, couples need communicate clearly and check in with each other often. It's surprisingly easy for couples to get out of sync when they assume the other is thinking the same thing they think; especially when it comes to this issue.
• If the cost of childcare seems unbearable, you could try to find ways to increase your pay. Ask for a raise, consider looking for a new position, or investigate promotion opportunities within your existing company. Or consider creative daycare options like offering to watch friends' children on the weekends if they'll watch yours during the week or ask enthusiastic grandparents or other relatives to watch your children one or more weekdays. 
• Check to see if you are you eligible for the Child and Dependent Care Tax Credit and/or investigate a Dependent Care FSA (Flexible Spending Account).
• Ask some parents with older children how they managed it. They may be able to share more creative ideas and insights with you.

Sometimes the most surprising and positive changes are the result of challenges and problems. If you feel stuck, don't keep your frustrations to yourself. Asking for advice may lead you to a better solution than you could have imagined on your own.

Lucas Casarez is a father, husband, Certified Financial Planner ™, and the Owner of Level Up Financial Planning. He helps clients tackle critical decisions like the one discussed in this article to balance the intersections of financial decisions and the life you want to live. ​

Related story: 

• Do The Math