One Income CalculatorLeave Work? Go to Work?
This worksheet can help you calculate the net income you receive for your work and how much you actually add to the family income after all work-related expenses have been deducted from your gross income.
*Fields will change as you input data
Total Contribution of Working Outside the Home
If your family needs more income and you want to join the paid workforce, the Net Monthly Total shown above indicates how much additional income a job at this pay level will actually provide. You may choose to take a job at this pay level, seek higher-paying work, seek work you can do from home, or find ways to cut family expenses so it will not be necessary for you to work outside your home.
If you want to leave the workplace but your family cannot make ends meet without your Net Monthly Income shown above, do not be discouraged. Consider one or more of the options listed below.
Suggestions for People Who Want to Leave the Workplace but Would Face a Significant Family Income Shortfall If They Did.
- Begin living on a budget that is based solely on one spouse’s income. You can use our free tools for budgeting to help plan this transition.
- Consider part-time rather than full-time work.
- Reduce monthly expenses by using savings or retirement funds to pay off consumer debt.
- Work with CredAbility (formerly CCCS) to set up a debt reduction plan. The Atlanta office will work with people anywhere in the country by phone. You may call them toll-free at (888) 771-4673.
- Sell your home, a vehicle, or other assets. Use profits to establish an emergency savings reserve and/or to pay off debt, thus reducing monthly expenses.
- Come up with creative recreational and gift ideas to help reduce monthly expenses.
- Investigate ways to earn income from home.