The Case For Women Making Their Own Money: Married or Single

One of the things that always strikes me over the course of my discussions with women is how comfortable some women are with leaving the work force voluntarily which some of us know as off-ramping.

…“Off-ramping” is when someone decides to take a ”time-out” from work, often for the purpose of childcare. -GoGirlFinance

Today’s off-ramping may be unintentional and I am not addressing women who are simply out of work due to the recession. I am addressing women who choose to leave the work place for the above-mentioned reasons: to have and care for children.

Research shows that women face a myriad of difficulties when deciding to return to the workforce after an extended absence. The new term for this is ComeBack Moms who are stay at home moms transitioning back into the workplace.

(Click here for the full press release):

73% of women trying to return to the workforce after a voluntary timeout for childcare or other reasons have trouble finding a job.
Those who do return lose 16% of their earning power and over a quarter report a decrease in their management responsibilities and 22% had to step down to a lower job title.
A full 69% of women say they wouldn’t have off-ramped if their companies had offered flexible work options such as reduced-hour schedules, job sharing, part-time career tracks or short unpaid sabbaticals.
Although 89% of off-ramped women want to resume their careers, only 40% successfully return to full-time work.

Got your attention? Ok. Get a job. Start a business. Life happens. Husbands leave. The Mancession is alive and well and it is unfair both to you and your partner to think that it is OK to be at home in the spirit of taking care of the children. I agree that being home with the kids is great and does wonders for their attachment and your ability and need to see them learn and grow into their lives. But can your wallet survive it should your husband or partner leave the picture? This is the reality that many women are facing right now.

If you do decide to stay at home then by all means prepare for it and be smart about your strategy to return to the workforce should the need arise:

Create a fund that you can survive on in worst case scenarios ie husband loses the job or is no longer in the picture and you need to go back to work.
Secure part time work to keep your resume fresh and relevant
Stay up to date with any certifications or licensures
Go back to school
Start that business you’ve always wanted to!

Let’s discuss this, I think it’s important for women to maintain a good sense of checks and balances in their relationships when it comes to money. What are your thoughts?

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About the Author

GingerGirls Just Wanna Have Funds is a personal finance website dedicated to educating and empowering women in the area of personal finance. Our articles center on money management: making it, saving it and growing it which supports our theme: Breaking Financial Ceilings One Stiletto At A Time. We have been featured in Business Insider (contributor), Lifehacker, Consumerist, MSNBC, Essence, Wall Street Journal, Good Morning America and MSN Project Engage Web Series. I believe in a future where women can have financial freedom and choose the life they want to live by taking control of their finances. You only need to want it hard enough while letting go of limiting beliefs around money. Join me as I share tips that will help you light up your financial life and take control.View all posts by Ginger →

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Women have to off-ramp as the companies do not permit them to work in flexible hours.
http://beauty-bossclinic.com Klara

it isn't too hard at all to leave the normal workforce. since my son was born, i have been working from home. i'm doing my own on-line business, and i went back to school. actually i didn't "go-back" to school, i decided to choose the e-learning course of the local university. and it works really well, i can do all the things at home, and i can stay with my family. i think it's the best way, i feel lucky to get into this.
http://www.moneymastered.com Andrea @$Mastered

When I was newly married and my son was young, there were times I kicked myself for going to school full time and (later) working full time. I felt like I was missing out on so much going on at home, like I was a horrible mother, etc. etc.

Then I ended up divorced. And now my income is the only thing I have to keep me and my son afloat. For that reason, I'm glad I stuck it out and kept working even when I didn't want to. Now it doesn't hurt as much to go to work every day because I was already used to it.
http://www.bestfinance-blog.com Curtis20Blanca

Some time ago, I really needed to buy a house for my organization but I did not earn enough money and could not buy anything. Thank goodness my brother adviced to try to get the credit loans at trustworthy creditors. Thence, I acted that and was satisfied with my college loan.
http://www.preparingforyou.blogspot.com PreparingForYou

I think that just like most decisions, leaving the workforce requires careful thought and planning. My departure from the workforce has occurred due to a combination of voluntary and involuntary factors. While I love and trust my husband, there is still some fear that I am dependent on on him for income. For now, my solution is to keep approximately a year's income in a savings account in my name only (this was money I had saved prior to marriage) . I am also open to going back to work (at whatever level I can) if we ever need extra income in the future.

P.S. I just found your blog and think it has a really good message. It's so important for women to be educated on financial matters.