Should my wife give up work? Your thoughts and experiences.

Phil3822

The £15 is for two accounts however I will have a look to see if I can get it cheaper. Many thanks. Our current thought now is a reduction in hours although our minds change hourly. We have made a list of objectives we want to achieve with her still working albeit reduced hours. If we can achieve these objectives we may feel better about things. Objectives are personal, family and finance sorta things if that makes sense. It's kinda a step between giving up and where we are now. Any thoughts?

Lynn11

As people have said I think that the food money would stay the same as you have 3 people in the house all or most of the time and prices are rising. I think you need broadband when the kids grow up and I would certainly not want to bother friends nearby everytime you want to use the computer - you can use the library computer for internet if needed.

I work 3 days term-time in a school and due 2nd child in November. Certainly going back and think that my current child is learning a lot at private nursery but will be starting school next August. I am earning slightly above the nursery costs but this will certainly change when 2nd child comes along as the nursery costs will increase but I want adult time as well as being mummy. Good luck on reaching your decision but I agree having family time is priortiy for us as a family.

CH27

Why don't you give yourselves 3 months & save every penny your wife earns?
If you can manage without her wage then great.
If not maybe part time is the way forward.

artichoke

hi

i am not sure that just saving the wife's income while she is still working will be a true reflection of what life will be like if she did not work....

time spent at home can be money saved ie having the time to menu plan, cook from scratch, batch cook all save money and remove the need to buy expensive and unhealthy processed foods or to call a takeaway at the end of an exhausting day -as the freezer is full of HM ready meals if needed...

I can see that spending family time together on cheap activities whilst putting the money in the bank would be useful but being at home with the kids is about more than money...

and I know from experience that when you are both working and spend no time together as a family it is all too easy to feel you deserve the expensive treats ....rather than feeling you want to go on a bike ride, picnic, etc

art

-

DevilsAdvocate1

Phil3822 wrote: »

The £15 is for two accounts however I will have a look to see if I can get it cheaper. Many thanks. Our current thought now is a reduction in hours although our minds change hourly. We have made a list of objectives we want to achieve with her still working albeit reduced hours. If we can achieve these objectives we may feel better about things. Objectives are personal, family and finance sorta things if that makes sense. It's kinda a step between giving up and where we are now. Any thoughts?

One thing we did when I gave up work, was to remortgage over a longer term. We had 20 years left and remortgaged over 30 years. This got our monthly outgoings down by £100 a month, which was important to us at the time. We were in our early 30s and felt that we could shorten the term at some point in the future as our income increased.

Some 10 years later and we have remortgaged again but this time shortening the term to 10 years. All our children are now at school and I am self employed, so we now have the money to pay the mortgage down.

HTH.