Earning Extra Income – 2 Incomes Needed?

Earning extra income is irresistibly attractive to many American families. To some, it is more than attractive; it is and absolute MUST. More than one or two paychecks must be coming in if the family is to meet its essential expenses. To other families, extra money earned is only a way to get extra things for the family, pay for schooling, money for a vacation or paying off debt instead of going for a consolidation loan.

Lure Of Extra Income… Is It Reality?

The lure of extra income is probably the chief reason why so many couples have two incomes after marriage. It is not, however, the only reason. Many young spouses are reluctant to leave their jobs. Some have been working for years and have risen to positions of responsibility. Some enjoy their work and find the contact with other people stimulating. Some doubt that after the hubbub of the business world they will be satisfied with sitting around an apartment or home all day, waiting for the breadwinner to come home and report about what’s going on in the great world outside. And some, who are particularly well trained for professional work, or who are gifted in the arts, feel it a shameful waste to give it all up in exchange for staying at home.

It has become quite accepted for a spouse to work and support their partner while they complete their education, and even to support both of them during this period. At times, if a young man has a job, the wife often works during at least the first year or two of marriage, so that together they can build up a comfortable reserve of money – perhaps enough for a down payment on a home. Unfortunately, with no financial controls it often times it is a nice mountain of debt accumulated instead of saved money.

Whether it is a good idea for two spouses to work depends on the particular person, on the attitude of the other partner, and most of all, on whether incomes helps the family achieve the values it is striving for. It’s more than a matter of money.

Let’s look at it first, however, from the point of view of money. If the main reason both spouses in your family continues to work is to bring in an extra paycheck, be sure you have a realistic idea of just how much extra money you are getting. How does it affect your total family income tax? How much do you have to pay for household help to take one partners place? What does it cost in terms of extra clothes? an extra car? lunches? visits to the beauty salon? day care for the kids? and other incidentals? If it turns out you do little better than break even on the deal, you should re-examine the situation.

Many couples would still prefer to spend their days in the working world, even though there was little net financial gain to the family. This is often a matter of individual taste, individual talent, individual temperament. A discontented partner certainly makes a smaller contribution to family happiness than a physically tired but emotionally satisfied working spouse.