Working moms still put in hours of work a day on necessities of the home, a job for which she is not paid.
It is said that you cannot put a price on a mother’s love.
You can, however, put together a fee structure for all the things a mother does as part of her daily motherly duties.
Thanks to Insure.com’s annual approximation of the cost of services provided by a mother, we know that it would cost a family $62,985 to pay for the services a stay-at-home mom performs annually. Thanks to inflation, the cost of Mom’s services has gone up from $59,862 a year ago.
The 2014 Mother’s Day Salary Index by Insure.com estimates the annual value of a mother’s work as:
Child care $21,736.
Shopping, yard work, activity planning, finances $15,019.
Cooking and cleaning $12,230.
Homework assistance $7,290.
Insure-com then added a fee of $1,036 for detective work, assuming mothers spend part of their time trying to figure out what the kids are up to.
Insure.com used figures from the Bureau of Labor Statistics to come up with its cost of replacing Mom. It also notes that a man doing the same work would make about 8 percent more than a woman.
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What is not included is the cost of a mother’s time when she volunteers at school, or if she is involved as a coach for a sports team. It also does not figure in the loss of income that would come from Social Security benefits or employee contributions to a retirement plan if the mother was outside of the house working.
The website dailyfinance.com found another estimation of a mother’s worth from Salary.com, which estimated a stay-at-home mom was worth $118,905 and working moms were worth $70,107, not taking into account the money the mother makes at her away-from-home job.
Salary.com used data culled from moms themselves, who were asked how much time they spend a week on any one task, then the website used its own staff compensation experts to determine the cost of replacing a stay-at-home mother. More than 15,000 moms participated in the survey.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.