Working Mother - would like to consider giving up work?

A

Ana14

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Age: 36
Spouse’s/Partner's age: 40

Annual gross income from employment or profession: 56k
Annual gross income of spouse: 35k

Type of employment: e.g. Civil Servant, self-employed
Me in private industry and hubby self employed.

In general are you:
(a) spending more than you earn, or
(b) saving?
Saving a small amount every month - would like to think about putting this into a regular saver account or something to make most of it.

Rough estimate of value of home: new build approx 550k
Amount outstanding on your mortgage: 130k
What interest rate are you paying? tracker

Other borrowings – car loans/personal loans etc
1. car loan - 10k

Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card? €600

Savings and investments:
2k Credit Union
20k in Post Bank

Do you have a pension scheme?
Yes

Do you own any investment or other property?
No

Ages of children:
3 and 5

Life insurance:
Yes

What specific question do you have or what issues are of concern to you?
Me as the main earner would like to give up work to be with the kids. This would get rid of our monthly childcare costs and I could also work p/t for my husband in his business for a small wage. This is the kind of situation I would like to discuss with a personal financial advisor - but all of them seem to be interested in pensions and investments. Any thoughts on whether you think this would be possible with our current mortgage? thanks........
 
It's difficult to say without knowing what you are paying in childcare every month.

In addition, is there any risk of your husband's business going bust or what would happen if he was incapacitated.? Would your employer consider a career break at least if the worst came to the worst, you'd have the option of going back to work. Likewise, given your kids age, I assume one of them will be starting school soon, would reduced hours/personalised hours in your current employment an option worth considering?
 
thanks for reply. Have already gone down the route of reducing hours but still working a lot of extra hours for nothing, very stressed, affecting home life and need another plan. Because of that childcare not as bad as for others - €750 month. However, VHI also paid by employer which costs over €2000 a year. Husband in a fairly stable industry for self employed - but has got a lot quieter and there is a struggle to get people to part with money - but he is managing. Of course, there is always a risk with self employment regardless of how well your plans are laid.....
 
would you consider an aupair - the ages of your children are reasonable and the costs would be lower? i would be slow to opt out of the working world incase of something happening to spouses role at present.
 
Would you pay off the car loan with the money in the post office and also clear credit card. Then with the exception of child care costs try living off your husbands wages for say 6 months saving all of yours as an emergency fund but also seeing how you survive on his wages. If there a possibility of finding something part time in the area you work in?
 
Hi there,

I was in a similar position to you - working very long hours with young children. It is very difficult.

I did give up work and I am completely surprised with how manageable things are particularly when you take away childcare, transport, clothes, work lunches out etc.

Don't get me wrong - this is probably the hardest job I have ever done. The hours are long and the pay is terrible !
It takes a bit getting used to on one salary. You do have to watch things more - if you have a cleaner etc some things have to go.

However, I can definitely say it is the best thing for our family as a whole.

Would definitely get rid of the credit card outstanding payment every month.

I would enjoy this special time when your kids are younger. In a few years time there will be plenty of opportunities to do something else - maybe not exactly what you are doing - but something else.

Best of luck.
 
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