Hi everyone,
Just wondering whether I should I go back to work full time or part time with two children ? I would like to have a good work life balance but don't know how to work out financially which is the better way to go ? Are there any calculators that can help ? I can't seem to see how to work it out...:shakehead:
It all depends on the salary range you are looking at and how much you pay for child care. I know when I did the calculations my take home would be the same whether I did 5 days a week or 3 because of the childcare rebate having a maximum threshold. This is based on earning too much for to get the Child Care Benefit or only very minimal CCB.
I haven't found a decent calculator to be honest that takes everything into consideration, but you can do most of it using the family assistance ones for calculating CCB and CCR and just vary the figures you put in. So first do for scenario 1 - then scenario 2 etc - and note them down and compare differences. This doesn't take into account tax implications though.
I am considering full-time but only because I can't seem to find part-time - it doesn't give me anything financially.
Ok thanks. I thought as much... I have to add in cost of petrol and train tickets too per fortnight too.... aaargh why does childcare have to cost so much !!! Although I'd love not to have to work full time so I can stay home and be with my babies.....Thanks again....x
I get my CCR at the end of each quarter rather than having it paid direct to my childcare. I look at it as a little bonus that I can use to spend on things that I've been missing out on....actually, usually it just goes towards gas/electricity/phone bills.
The best calculator is the one in your head.
A I put down my wage.
B Subtract childcare
C Subtract petrol/car wear & tear or public transport
D Subtract work clothes (my line of work demands smart business attire be worn)
So... A - B - C - D = E
If E is a positive work is a good option. If E is negative or $0 I would reconsider.
If you are out in front after that then, work is obviously a viable option.
If you are entitled to FTB (which we aren't) add it to your partners' income. Compare the bottom line and work out which is best for you.
Although we spend an obscene amount of money each fortnight on childcare we are still much better off than if I stayed home. Working part-time was just paying for childcare so it wasn't an option.
Hope this makes sense....
When I was deciding I set-up a spreadsheet to handle the various scenarios (current, pt, ft)
I then went on the Family Assitance calculator and put in the differing income amounts, along with child care days. I then put the figures from there into my spreadsheet.
As already said, each scenario I had differing amounts for petrol and other expenses that would change depending on my work situation.
One thing to look at, it is easier to work full-time when they are solely in childcare, as it has the work friendly hours. School age is more difficult depending on where you live and access to after school care.