Think about how long you’ll need the additional income to support you and your family. If you have children, that might be when your youngest child graduates high school or college, or longer.

Consider things like outstanding mortgage, private student loans, credit card balances and car loans.

Consider how much it will cost for childcare services in your area and how long you’ll need them. If you’re a stay-at-home parent, you’ll likely need to pay for childcare services if you are no longer around to watch your children. Keep in mind that childcare needs will change as your children get older. While young children may need full-time childcare, it may no longer be needed as they get older and can stay home on their own while you’re at work.

If you don’t already have one, it’s a good idea to set aside at least three to six months’ worth of expenses in your emergency fund.

Do not include any life insurance policies you may have through work, since these policies will likely be eliminated when your job changes.