When deciding whether to work full-time or part-time, careful budget analysis is of the utmost importance. One way to perform a rigorous financial analysis for your family is to save all your receipts for a month or even a quarter, since some payments are not monthly. Then sit down with your check book, your bank statement, and your partner if you have one, and literally add up your expenses. Once you’ve counted what goes out, you know what needs to come in, at least before any cost-cutting measures are considered.

The best way to understand employment income is to meet formally with your prospective or current employer. Most hospitals and clinical practices have an individual who is responsible for executive or physician payroll. A meeting with this person, preferably before you even take a job, is essential. You may discover hidden payouts or better yet, money savers like a dependent care account or a health care flex account.   A payroll expert can help you to understand exactly what your paycheck will look like after both required and optional deductions.