Couplesand work

Brittany Klein

Couples and Work:Just Trying to Make Ends Meet

This section is about:1. Basic Budgets

2. Dual-Earner Couples and Family Well Being

3. Work Hours and Family Life

4. Opting Out: Stay-at-home moms

5. Leaving the Workforce: Stay-at-home dads

Budgets... you need one too.

Basic budgets- the amount of money families need to manage at the most basic level.

What would your budget include?housing, food, transportation, childcare, clothing, personal care items, school materials, and taxes.

Sample Spending Plan(Not on the test... just for your own

knowledge)

Things to notice:

Types of expenses

Emergency Fund

Expenses will vary by location

Spending Plan- Expected Income and Expenses- Monthly (Based on 35,312 salary)

Flexible Expenses Projected Actual Difference Income Projected Actual Difference

Food HR Paycheck 2951 0 2,951

Groceries 280 0 280 Interest- PNC 0 0 0

Dining Out 80 0 80 Interest- Chase 1 0 1

360 0 360 Stocks 50 0 50

Personal Care Other 0 0 0

Medical Co-pays 50 0 50 Total Monthly 3002 0 3,002

Clothing- Business Attire

50 0 50

Clothing-Casual/Misc Attire

50 0 50 Periodic Expenses

Projected Actual Difference

Laundry/Dry Clean 10 0 10 Holidays 100 100

Other 0 0 0 Monthly Payment

8.33333333333333

0

160 0 160 Hair cuts 250 250

Transportation Monthly Payment

20.8333333333333

0

Bus Fare- Local 20 0 20 Birthdays 180 180

Train 40 0 40 Monthly Payment

15 0

Taxi 10 0 10 Christmas Gifts 200 200

Subway 50 0 50 Monthly Payment

16.6666666666667

0

Other 0 0 0 Total Monthly 60.8333333333333

0 60.8333333333333

120 0 120

Entertainment Fixed Expenses

Projected Actual Difference

Movies/Theatre 20 0 20 Rent 800 0 800

Sports/Concerts 20 0 20 Electricity 90 0 90

Alcohol 30 0 30 Gas/Oil 50 0 30

Free Shopping 40 0 40 Water/Sewer/Trash

30 0 30

Other 0 0 0 Telephone 40 0 40

110 0 110 Cable/Internet 80 0 80

Pets Savings

Food 0 0 0 Investments 50 0 50

Medications 0 0 0 Emergency Fund 50 0 50

0 0 0 Pay Yourself First

200 0 200

Gifts/Donations Total Monthly 1390 0 1370

Miscellaneous 0 0 0

Total Monthly 1500 0 1,500

Spending Plan- Expected Income and Expenses- Monthly (Based on 35,312 salary)Flexible Expenses Projected Actual Difference Income Projected Actual Difference

Food HR Paycheck 2951 0 2,951Groceries 280 0 280 Interest- PNC 0 0 0Dining Out 80 0 80 Interest- Chase 1 0 1

360 0 360 Stocks 50 0 50Personal Care Other 0 0 0

Medical Co-pays 50 0 50 Total Monthly 3002 0 3,002Clothing- Business Attire

50 0 50

Clothing-Casual/Misc Attire

50 0 50 Periodic Expenses

Projected Actual Difference

Laundry/Dry Clean 10 0 10 Holidays 100 100Other 0 0 0 Monthly

Payment8.33333333333333

0

160 0 160 Hair cuts 250 250Transportation Monthly

Payment20.8333333333333

0

Bus Fare- Local 20 0 20 Birthdays 180 180Train 40 0 40 Monthly

Payment15 0

Taxi 10 0 10 Christmas Gifts 200 200Subway 50 0 50 Monthly

Payment16.6666666666667

0

Other 0 0 0 Total Monthly 60.8333333333333

0 60.8333333333333

120 0 120Entertainment Fixed

ExpensesProjected Actual Difference

Movies/Theatre 20 0 20 Rent 800 0 800Sports/Concerts 20 0 20 Electricity 90 0 90Alcohol 30 0 30 Gas/Oil 50 0 30Free Shopping 40 0 40 Water/Sewer/

Trash30 0 30

Other 0 0 0 Telephone 40 0 40110 0 110 Cable/Internet 80 0 80

Pets SavingsFood 0 0 0 Investments 50 0 50Medications 0 0 0 Emergency

Fund50 0 50

0 0 0 Pay Yourself First

200 0 200

Gifts/Donations Total Monthly 1390 0 1370Miscellaneous 0 0 0Total Monthly 1500 0 1,500

A Few Happy Statistics about

WorkingThe average U.S. employee works 1,978 hours each year

About 3/4’s of all employees say they have little or no control over their work schedules.

Two-income families spend about 16% of their income on childcare.

Where do you fall?

Dual Earner Couples and Family Well Being

A few vocabulary words:

job status- a type or kind of job that offers some kind of prestige in an organization or community

Dual Earner Couples and Family Well BeingJob complexity- jobs are both challenging and stimulating

Job autonomy- employees are allowed a high degree of independence and self direction

Family well-being:

psychological health

high levels of self esteem

good physical health

low behavior/conduct problems

good social support

high marital quality & stability

good parent-child relationships

Dual Earner Couples and Family Well Being

Work Hours and Family Life: Shift Work

Shift work- working nonstandard hours such as 6:00AM-2:00PM.

How common is it?57% of dual earner couples (over 15 million) have at least one spouse who works these kinds of hours.

Work Hours and Family Life: Advantages

of Shift Work

Working fewer days each week

Having more family time

Getting more time to be away from a job

Work Hours and Family Life: Disadvantages of Shift

Work

More time with family, but less quality

Why?

Potential mismatch of hours

Marital conflict

Work Hours and Family Life: The Demands

of OvertimeOvertime- typically defined as a person working beyond his/her normal 40 hour work week schedule.

Work Hours and Family Life:

Coping with Unemployment

Blacks had the highest unemployment.

Asians had the lowest unemployment.

Work Hours and Family Life:

Coping with Unemployment

Being married and having children

Only for women. Reverse effect for men.

Why?

Opting Out: Stay-At-Home Moms

household work: staying at home in order to nurture one’s children

opportunity cost method- attempts value housework by asking “What would a person be paid in wage labor for one hour of household work?

market alternative cost method- estimates values of household labor by looking at what it would cost to pay someone else

What do you think?

Leaving the Workforce: Stay-at-

Home DadsStay-at-home-dad-have remained out of the labor force for at least one year primarily so they can care for their children.

Three circumstances that contribute to the increasing numbers:

1. Economic Considerations

2. Divorce

3. Some are gay men

Review: were you listening?

If paid, stay-at-home-moms would work approximately 50 hours a week and earn around _______ annually.

a. $46,000b. $64,000c. $88,000

d. $134,000

Answer: D