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Women’s Money Week gathers leaders in personal finance each March to talk about money matters that affect women. It’s about taking control of your money and shaping your financial future.
My baby is grown, but many of my friends still have young children. Last week my friend Kiki and I took her little one, Sophie, to IKEA. Kiki works part time and sends Sophie to a supportive church-based preschool. Sophie is very social and loves being there; at three she’s happy to leave mom and dad and play with friends. That afternoon she begged to stay in the IKEA playroom with the other kids.
When our daughter was born, I returned to work full time after six months. After about two and a half years of juggling a nanny, dad, and then preschool, I decided I wanted to stay home. Our daughter adjusted well, and I spent roughly six years as a full-time stay-at-home mom. Eventually I was ready to work again—part time.
When I left full-time work, my husband and I moved from expensive San Diego to the more affordable Midwest. That choice won’t work for everyone, but it was ideal for us. A lower cost of living let us save, invest, and enjoy a good lifestyle on less than two full-time incomes.
Kiki and I found arrangements that worked: part-time work for the moms, preschool or dad-provided care, and flexibility from the dads. If you’re thinking about making part-time work successful, here are some thoughts and tips.
Tip: Let your values guide the decision. For us, part-time work fit the active parenting stage.
The downsides of part-time work aren’t always as big as you might expect. Not working full time cuts costs for work clothes, commuting, and childcare. A friend in San Jose shares one car with her husband—living with one car instead of two is a huge financial win.
I stayed focused on lifestyle choices and accepted that living on less meant scrutinizing every purchase. My mindset was the key to living well on a smaller income. I wanted time with my daughter more than I wanted more stuff, so certain expenses were off limits. With more time than money, I learned to spend creatively.
We bought a small house and purposely paid much less than the bank said we could afford. We decided where we wanted our money to go—and it wasn’t toward a big mortgage.
I’m a do-it-yourself person, so I handled home repairs, decorating, and cooking. Small repairs are easy to learn online. Sewing decorative pillows from remnant fabric is affordable and fun. Cooking at home is cheaper than eating out. I’m still learning gardening, but many people save by growing some of their own food.
We didn’t feel deprived because we had what mattered to us: more family time. Saving money became a game with the goal of building the life we wanted.
Decide your family’s priorities first. That makes saving and spending choices easier. If new TV shows aren’t important, cut cable and use a $7 streaming service. If you eat out weekly, try early-bird specials or places where kids eat free.
Tip: Figure out where you can cut costs and substitute cheaper options for expensive habits.
The main benefit of part-time work is more time with children, time for housework, chores, and fun. Some children are less social and do better when they spend more time with a parent.
The primary downside is less income. Without careful planning, you may struggle to save for the future on reduced pay. Skipping retirement contributions now can harm your long-term financial security.
Giving up two full-time incomes for one-and-a-half (or less) is a big decision and takes adjustment. There’s no universal answer to “Should I work part time?” and no guarantee you won’t have regrets. Let go of perfectionism—no scenario is perfect—so choose what’s best for your family.
If you’re considering part-time work, spend ten minutes on a time-tested strategy: list priorities, estimate the income gap, and plan where to cut or reallocate spending. Remember, few decisions are irreversible. If part-time work doesn’t suit you, you can always return to full-time employment.
Have you worked part time? Would you like to?
