Giving up work

E

elainem

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Thinking still of giving up work. Just looking for some opinions. Single mum, two children 5 an 6. Working 9 - 3, Mon to Friday. Enjoy job most of the time, but had been bullied there during the summer, but currently things are o.k. However, job is very hectic (HSE), take work home quite a bit of the time. Also studying for MSc Fmily Therapy at night. Feel exhausted a lot of the time. If I gave up work would have rental income from three properties (no motgages) and maintenance, totalling together E,3400 per month. Also,good level of savings in the bank. Crrently earnings from work (E2,200) a month are eaten up by Au Pair E500 per month. Taxi for children to get to afterschool activities (as I don't finish early enough for some activities) E120.00 per month. Afterschool for one child (one hour) (due to finishing times) E75.00 per month. Cleaner, twice a month E70.00. Sometimes the ironing also goes out to be done, as I just can't get to it. Clothes for work (don't wear a uniform) around E100.00 per month (worked it out).

Looking for opinions on what someone would advise re. giving up work in above situaiton. Thanks.
 
Basically you'd be down about €1,000 per month if you gave up the job.

Can you do without that cash? Would your quality of life improve? Well, there's no doubt that it would.

Have you an option to take a career break? You could see how you'd get on and still have the safety net of going back to the job.

You'd have to save approx €250 a week but look at the quality time you'd have with your kids and the chance to go for a walk, study, take up part-time work. The options are endless.

Why not do a cost analysis over a two month period if still unsure .. go through your bank account etc.


My gut feeling is that you'd gain more in your life than you'd lose financially.
 
Is it worth your while waiting for a couple of months to see what HSE redundancy packages might be offered? If you were in line to take one, might make the decision easier!

I suppose the big thing to watch out for is vacant time in your rental properties.
 
Hi! Paddybloggit and gipimann, thanks for your repleis. Yes, definitley think the quality time with my kids would be great. If I calculate it, I probably would not even loose E250 per week by giving up work, as working means I pay tax on my rental income at 40%. Really think it is costing me to work. At home currently on study leave (unpaid) and loving it, do not miss work at all, really enjoying time with my kids, enjoying slopping around in jeans rather than work suits.

Gipimann, yes, I am a little bit worried about not being able to rent properties. I am currently trying to let one property, and have dropped the price - so fingers crossed!
 
Have you considered selling one of the properties and living off the capital while you do your training? While this would generally not be a great idea, in your own particular circumstances, it might get you through a tight period.
 
Thanks, Complainer, for your reply. Don't think I want to sell property in this downturn - probably wouldn't be able to sell it anyway. Have some cash in high interest account - circa E180,000 - think I migt use this, or interest on this with rental income. Realise though that properties are also not easy to rent at the moment. Thanks again for your comments.
 
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