Worried About Being a Single-Income Family In This Economic Downturn?

It's a discussion that many expectant parents have at some point or another. If you really budgeted and cut back on your expenses, could you survive as a single-income family (Click here) so that Mom or Dad could stay at home with the new baby for a few years? At first glance, it often seems feasible. There won't be as much gas used because the stay-at-home parent in the family won't be commuting to work any longer, you can subtract the cost of lunches out every day and dry cleaning bills for work attire will be cut in half. If a couple is really on top of things, they can put enough money aside in their savings to provide a cushion for the first year or so after the baby arrives. And sure, you'll see various ads for 'jobs for mothers' targeting this demographic, but how many of them are really legitimate?

This arrangement often works out well for families. But sometimes, it does not. Unforeseen circumstances may happen. The sole breadwinner of the family could unexpectedly lose his or her job, or the credit card bills may start piling up just to make ends meet each month. In the book, "The Two Income Trap: Why Middle Class Mothers and Fathers Are Going Broke (Click here to purchase)" authors Elizabeth Warren and Amelia Warren Tyagi explore the economic circumstances behind why so many middle-class parents who file for bankruptcy also have children. They typically aren't people who spend frivolously and lay down the credit cards for extravagant purchases -- rather they are just paying for groceries, the mortgage and car payments. Often, when a couple purchases a home, they have two incomes to help support the mortgage payment, but that can change when they start a family. All it takes is one missed house payment to set the wheels of financial crisis in motion.

So where's the happy medium? So many couples long for the chance for one parent to be at home full-time with their children while they are young, yet they fear the loss of that extra paycheck. Today more than ever, there are expenses that add up quickly, such as private school tuition, new uniforms for the soccer team or music lessons. At the same time, large, reputable companies are laying off employees daily and the price of gas continues to skyrocket. Inevitably, something has to give and these caregivers often seek flexibility in part-time work from home jobs, where they can earn money and not have to give up most of their paycheck for childcare.

If you are a family where both parents are working full-time, do you think you could survive on one income during this economic downturn? And if you're a single income family and are now looking for part-time work through an executive recruiting firm such as Mom Corps, what brought you to this point?