Money or time?

ddebski_us

Currently both DH and I work FT - over the next year, we'll earn roughly £65k (sounds lots but we live in Surrey!) We have a DD, aged 17 months.

We pay a childminder for 3 days, DH has her one day (shifts) and MIL has her 1 day.

The childminder has just told me she's giving up from July and so we need to find a new one. It's made me think about our options:

Life is hard at the moment in terms of time and stress. Although we do have spare cash each month, we don't have much time to spend it.

I bring in 65% of the income; if I went to 4 days we'd still be earning £60k roughly. I could take her to groups etc, just until she was at school age.

But, we'd be roughly £600 down a month. We could manage but they'd be less holidays, fewer nice clothes etc.

I know what the answer is. But I'm scared. We have few money worries but knowing the cash is there and coming in regularly is nice.

xDx

onlyroz

You'd be down £600 a month, but how much would you save in childcare and commuting costs for that one day? Also, do you plan to have more children in the future?

Also bear in mind that reduced income due to childcare does not last forever. We have a similar household income to yours, but there is light at the end of the tunnel because our youngest starts school in November. At that point we'd seriously consider one of us going part time.

ddebski_us

onlyroz wrote: »

You'd be down £600 a month, but how much would you save in childcare and commuting costs for that one day? Also, do you plan to have more children in the future?

Also bear in mind that reduced income due to childcare does not last forever. We have a similar household income to yours, but there is light at the end of the tunnel because our youngest starts school in November. At that point we'd seriously consider one of us going part time.

So you think stick it out for now? One day a week less at childminder would save us £200 a month. We do want another child, and a bigger house shortly, but does it matter? Shouldn't I just make the most of DD being small and enjoying mummy's company before I become uncool to be seen with and she starts school?

xDx

PoorCharleyBear

when my dd was 11 months, I went back to work full time. I found I missed her and time with her was short.

I dropped one day a a week and found it made the world of a difference to us...positively! I loved the extra time with her, it made her and my working week less strenuous and meant we could do nice things on a Friday and meet other mums etc.

Three months on (or so it feels) she has just started school and I wish I had spent less time at work.

Time passes too quickly and babies grow up far too fast. Enjoy her before she becomes a stroppy teenager!! (and you quickly adapt to less money- you would be surprised)

Any

onlyroz wrote: »

You'd be down £600 a month, but how much would you save in childcare and commuting costs for that one day? Also, do you plan to have more children in the future?

Also bear in mind that reduced income due to childcare does not last forever. We have a similar household income to yours, but there is light at the end of the tunnel because our youngest starts school in November. At that point we'd seriously consider one of us going part time.

£600 - is that gross or net?
Are you sure the difference will be this large in net pay - savings to be made terms?

onlyroz

ddebski_us wrote: »

So you think stick it out for now? One day a week less at childminder would save us £200 a month. We do want another child, and a bigger house shortly, but does it matter? Shouldn't I just make the most of DD being small and enjoying mummy's company before I become uncool to be seen with and she starts school?

You do what's best for your family. If you think that the reduced income will not impinge too much on your lifestyle and will not affect your career prospects then it could be a good thing. But only you can decide what is best.

Another alternative might be to request a flexible working arrangement where you do four long days and then have a day off while still maintaining the same total number of hours. Or maybe something like a 9-day fortnight or similar.

Any

Based on my calcs (basic, from info you provided) I calculate you would be worse off £479 net pay - and this will change in April as new tax allowance will come in, which will take this down a little.
Then you save £200 childcare and commuting..

The difference doesn't work out that large to me to be honest... if you are stressed, I would go for it!

PS: If you want to work out the net pay difference yourself with the full relevant info, go on listentotaxman.com and put your current pay and your new pay into the calculator to see the net take home pay under each circumstance.

JodyBPM

If you earn 65% of the household income, then would it not make sense for your DH to cut his hours, rather than you, if money is a concern? He could then take over some (more) of the household chores so that there was more more free time for you at the weekend/evenings, releasing the pressure on you a little.

If this is just about you wanting to work part time and spend more time with your little one, then its simply a case of working out what you are happy to sacrifice in order to make that so. Which do you value more - the extra money and the things it could buy or the time with your child? It is probably worth also doing the maths to take into account how things would work if you did have another child - the drop in mat pay, how you would survive on a reduced salary with two sets of childcare to pay etc.

You also need to think about the impact of going part time on your career. I've worked part-time since I had my children, I whilst I love it, it is much harder work to keep up to date in the workplace, and without a doubt I would have had many more promotions and pay rises than I've had should I have continued to work full time.

abailey54

I reckon time over money (if it's a possibility). I think if you're only missing one day a week at work, you're not going to get that behind with what's going on

It all boils down to what is most important to you. Some people don't do stress very well, but other people thrive on it. Some see their career as the most important thing in their lives but others just work to get enough money to fund the rest of their lives

It's great that you're taking time to consider it, I hope you find a solution that works for you.

I found the simplifying life thread over on the OS board useful in inspiring me to take the plunge and go to 4 days, some links to interesting articles too

Dunroamin

Would you actually be able to drop a day and what effect might it have on your career if you do?

Seanymph

a nice quote from a book I was given was 'no one on their death bed ever says 'I wish I'd spent more time at the office'

Enjoy her, she'll be slamming doors before you know it.