The stay-at-home calculator

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The stay-at-home calculator

If you're like a lot of parents, your morning starts with a dash from home to daycare, then to your job, then back to daycare and finally home again for an equally hectic evening. Some thrive in this kind of a routine while others dream of quitting work, bidding adieu to the babysitter and staying home to care for their children. Stop dreaming and start number-crunching. Use our calculator to see if your household can afford for you to stay home with the kids.

Calculations are made as you fill in values. If a field does not apply to you, enter 0(zero). When you fill in the last field in the section, click anywhere on the page to view the math.

STEP 1. Enter your income

A)Estimated net income

1) Enter your net income per pay cheque	$
2) How many pay periods do you get per year?
This is your annual net earnings	$

STEP 2. Enter the number of days and weeks you work per year

3) How many weeks do you work per year(i.e. 52 weeks minus your holiday time)?
4) How many days do you work per week?
5) How many statutory holidays are you entitled to per year(most provinces have 10)?
This is the total number of days you work per year

STEP 3. Enter your child care costs

6) Indicate your child care costs(choose one method of payment only)
i)Daily amount :	$
ii)Weekly amount:	$
iii)Monthly amount:	$
This is how much you pay for child care per year	$
7) If you declare daycare costs on your tax return, select your province's marginal tax rate from the Canadian Tax Table*.	%
*Note: The marginal tax rate is an approximate rate combining your federal and provincial income taxes.
This is your child care tax credit	$
Total annual child care cost	$

STEP 4. Commuting costs

Complete the sections below that reflect your mode of transportation to work. If you take public transit exclusively, fill out Section A. If you drive exclusively, fill out Section B. If you use a combination, fill out both sections.

A)Commute by public transit

8) Daily return fare(if you use a monthly pass, leave this field blank)	$
This is your total number of working days
9) Cost of a monthly pass(if you buy daily fares, leave this field blank)	$
This is your total annual transit cost	$

B)Commute by Car

10) Kilometers to and from work(based on daily return trip)	km

11) Parking costs per day	$
This is your total number of working days
This is your total annual cost of car commute	$
This is your total commuting cost (Calculated at a rate of $0.146/km, based on a mid-size vehicle with a fuel efficiency of 10 km per litre, paying $0.869/L for gasoline. For commutes greater than 16 km per day, an additional $135 per 1,000 km is added per year for depreciation cost to the vehicle.)	$

STEP 5. Other costs

12) Daily work lunches and snacks	$
This is your total number of working days
This is your total annual lunch and snack cost	$
13) Annual clothing cost* *Note: This cost should include dry cleaning	$

Final totals

Net expenses:

This is your total child care costs	$
This is your total commuting costs	$
This is your total lunch cost	$
This is your total clothing cost	$

This is your total job-related expenses	$
This is your total contribution to the household	$

Your total job-related expenses refers to the money you actually spend in order to work, including child care, commuting, lunches and clothing(an eye-opener, isn't it!). Your contribution to the household refers to the money left after taxes and those work-related expenses.

So, can you afford to leave behind your job? Add up the rest of your household expenses(ie. groceries, mortgage, etc.)and decide whether your family can manage without your contribution. Can you reduce your household spending by the amount you bring in(for example, would you live without that car if you no longer need it to drive to work)? For some budget-minded families, that money might be paying the mortgage. For others, it might furnish goodies such as a second car or an annual vacation. Once you figure out if you can reduce spending, decide if you're willing to. This calculator is just the first step.