FinMango and Modern Husbands have teamed up to launch a new tool for dual-career couples to map their financial future.
My wife and I were faced with deciding how to manage the cost of childcare with our careers early in our marriage. We slipped into the decision by weighing only the short-term financial implications, making the default decision to weigh her income with the cost of childcare.
We lacked the tool to analyze the long-term financial implications of the choice.
What we now know that we didn't know at the time was that for each year she left the workforce, she would lose hundreds of thousands—we would lose hundreds of thousands in lifetime compensation.
The world has changed over the past twenty years. Today, women make around the same or much more than their husbands in 40% of households. The cost of childcare has exploded, and the stakes are higher.
To be crystal clear, non-financially related factors play a role in deciding how to move forward after the birth of a child. Some women leave the workforce for a few years based on such factors, and some men do the same.
Moreover, some decide to change careers so that at least one spouse has a flexible job to be the lead caregiver at home. The factors that play into this decision are personal and clearly have advantages!
Our goal is to ensure couples have a tool to use to make a fully informed decision, particularly as young families grapple with the high cost of childcare. That is why we invested so much into the development of our family financial planning calculator and the Ultimate Guide to Family Financial Planning.
Access the Ultimate Guide to Family Financial Planning
We also created the Ultimate Guide to Family Financial Planning as a companion to the family financial planning calculator.
Access the Family Financial Planning Calculator
Our new easy-to-use calculator helps couples project their financial journeys over 15 years -- factoring in income changes, career breaks, childcare costs, healthcare, basic living expenses, taxes, and retirement savings.
Whether you're thinking about a career switch, budgeting for the kids, or just trying to navigate a new chapter of life, this tool is here to help you make confident, informed decisions.
Now is the time to begin discussing your family journey using our family financial planning calculator.
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