by Sara
After I had my first child, I wanted to quit my job. I couldn’t imagine leaving my three-month-old baby with a stranger. Work just seemed so unimportant at the time. But I did go back to work after maternity leave and I am so glad I did. I wish I knew then, what I knew now — that working is fulfilling, motivating and has helped me to be a better mom. Like me, so many new moms struggle with this life decision, to work, or not to work. Choosing to go back to work is a very personal, emotional and for many, a financial decision — and this new study illustrates the stress that it puts on moms.
NerdWallet, the leading personal finance advisory site, polled pregnant women and moms with teenage children, and asked them both similar questions related to financial fears surrounding motherhood. The findings were eye-opening:
- 48.9% of expectant moms struggle with the decision of whether to go back to work as soon as possible or stay home with their child.
- In retrospect, 27.2% of moms of teenagers wished that they had stayed at home as long as they could with their child, while only 6.2% of respondents wished that they had gone back to work as soon as possible.
- Both groups of mothers agreed on one financial issue: the choice to go back to work for additional income is the number one reason they fight with their spouse.
“Couples face a Catch-22 choice to pay for daycare now or pay for college later,” said Farnoosh Torabi, a correspondent at NerdWallet. “The financial pressures at each end of a parent’s journey to raise their children are growing.”
Clearly, finances are among the top “stressers” when having children. The difficult decison to stay at home competes with the desire to continue a career and ease the economic fallout of having a child.
Here is an infographic that NerdWallet created to illustrate the rising cost of college for the next 18 years and how much money parents need to save in a 529 account if they’d like to contribute to their child’s education.
This should give every Working Mom a little sense of pride, and piece of mind, knowing we did it and are doing it all — we went back to work, are raising our kids, and contributing to their education. Go Train Moms!