The high cost of child care for a 28-year-old mom's teacher salary makes it difficult for her to quit her job to stay home with her kids.

Numerous families across the U.S., including Amanda, 28, and Carlos, 36, are facing the challenge of affording child care.

Amanda wants to quit her full-time job to focus on raising their daughters before they start school, while Carlos supports her decision but believes her income is crucial to their financial stability.

The couple, who resides outside the New York metropolitan area with their two daughters, earns around $180,000 annually. They shared this information with self-made millionaire and money expert Ramit Sethi on a recent episode of his "I Will Teach You to be Rich" podcast.

Carlos, with a government job, aims to retire soon after reaching the 20-year mark and receiving his pension. Amanda, a teacher, returned to work after taking a break to raise her daughters.

Amanda covers child care while Carlos pays for other costs, like rent. She pays $1,881 a month for day care, which is more than half of her take-home pay, meaning she earns a net income of about $44,870 a year, or about $3,739 a month.

After discussing the finances with Sethi on the podcast, they determined that Amanda could quit her job without financial strain.

If Amanda stayed home, the couple could save on child-care costs, cut out a car payment and fuel costs, and cook their meals instead of using a meal prep service, resulting in a total cost reduction of $0.

While daily expenses are important when deciding whether a parent should leave work to care for their children, there are other factors to consider as well.

The burden often falls on women

If the annual cost of child care is comparable to the salary of the lower-earning parent, it may seem logical for them to stay home. According to a KPMG analysis, the cost of external child care has risen by approximately 263% from 1990 to 2024.

In many opposite-sex couples, the mother is the parent who stays at home, as men traditionally earn more than women. For some women, this is not a choice but an expectation that the stay-at-home parent will be the mother.

Despite a steady increase in the number of stay-at-home fathers, mothers continue to make up the majority (82%) of stay-at-home parents, as per Pew Research.

"Emily Green, head of wealth management for Ellevest, stated in an email to CNBC Make It that she has observed many women leaving their jobs due to insufficient salaries to cover the expenses of childcare. In some families, this financial situation forces a career break."

Although a family may choose between paying for child care or having one parent stay home, there are additional expenses to take into account.

Women in households with more financial flexibility are less likely to consider the long-term consequences of leaving their jobs, according to Green.

Costs of leaving the workforce

Green discussed the potential long-term financial consequences for individuals and their families if they take a break from the workforce.

1. Steady salary increases

If you stop working, you will miss out on the annual raises that salaried employees typically receive, even if it's only a modest increase of 2% to 3% each year.

"Women who take a break from the workforce for 5 or 10 years may not receive the benefit of steady salary increases upon returning to the job market, according to Green."

Taking a career break can negatively affect a worker's salary progression, but it is particularly challenging for women, who experience a wider gender pay gap when they become parents. In 2023, mothers earned 31% less than fathers, as per a Bankrate analysis of the Census Bureau's Current Population Survey data.

2. Resume gaps

Career breaks are increasingly viewed as acceptable, but companies still consider resume gaps as a warning sign when hiring, according to Green.

""Even if you have a wealth of education and experience, the corporate world may view employment gaps as a negative factor, making it challenging to secure the job you deserve," she stated."

A study found that mothers who don't take extended leave are less likely to get promoted after having children, while childless women are eight times more likely to be promoted. This disparity does not occur among men.

3. Trade-offs on long-term goals

Consider the sacrifices you may have to make when deciding whether to pay for child care or have one parent stay home, advises Green.

By staying home, you may be giving up your potential for career advancement or reducing your capacity to accumulate wealth due to the expense of child care.

"To comprehend the sacrifices you may need to make in the short, medium, and long-term, you must analyze the numbers," she stated. "What trade-offs are you willing to make?"

The right choice for your family

Apart from financial considerations, there are numerous other aspects, such as emotional and health-related factors, that may influence your choice regarding childcare.

Many parents, like Amanda, desire to spend quality time with their children while observing their growth. On the other hand, many individuals choose not to reduce their careers and instead seek a balance between parenthood and professional commitments.

In a 2023 survey, 66% of U.S. parents with children under 18 are living paycheck to paycheck, and 23% of those parents are struggling to keep up with their bills.

Green advises that you prioritize what's best for your family, even if it differs from others' schedules, priorities, or routines.

Listen to Amanda and Carlos discuss their options in full detail on their podcast episode.

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