Recently, since we are expecting our second child, I have contemplated more and more the prospect of only doing my military AF Reserves job and quitting my full-time job. With this of course, there would be a lot of changes in lifestyle both for me and for my husband. If I could go part-time, I think that would permit me the best of both worlds, but alas, that decision is up to someone in a higher pay grade than me. In either case, as a family makes a decision like this, it has to be prepared to address the obvious: What tax changes do we need to make? Should we change exemptions to ensure we get the maximum money take-home? What other cuts need to be made? Do we really need full pledged cable TV or can we get by with basic? What about cell phone plans? Can they be downgraded or eliminated? What type of budget do we live on now and what can be cut?
As you approach making this type of decision, you should do a test run for 2 months. You should pretend that one person is not making any money, or if one person is on maternity leave, then you can have one person make nothing and all bills should be paid by one person with the take-home pay being changed to reflect what you would make if only one person were working. It is important to let one person pick up the lion share of the bills and then see how you fare at the end of the month. If after 2 months, you determine that this would not work, then there are other options to consider and of course, more areas to cut. In any case, it is not an easy decision and should not be made within a few days or even weeks but with proper planning and foresight.
