To be sad that I might not be able to afford to keep my job?(44 Posts)
I unexpectedly fell pregnant last year after only being in my job a couple of months. I worked hard to try to impress my new employer and they have said to me I can pretty much choose how many hours I want to do should I return after my mat leave. I love my job, I like the people I work with and although the job doesn't pay much it has room for progression later on.
At first I looked at nurseries, which are far too expensive! I have lately been looking at childminders, who are generally much cheaper, but even then, their fees coupled with the cost of travelling to work each day I would be making a loss if I go back to this job.
I wanted to keep this job part time as a foot in the door for when DS goes to school, an investment for mine and my family's future. I have been looking at other jobs a bit more local to me and there is literally nothing! I live out in the sticks so I would have the issue of paying for transport whatever I do, but I am going to keep looking. The other option is to do something in the evenings so DH can take DS, but DH can earn alot more from doing overtime at his job. We need weekends free to visit family etc.
I am so gutted that it is back to the drawing board with my job, I have worked since I was 16, through uni etc, bar a brief period after uni during which I volunteered while job hunting. I just cant think of any other option but to give up the job I have. I also feel like I will be letting my employers down after they have been so great. Thanks for reading my vent if you got this far!!!! Any other's out there who had a similar situation?
Have you taken tax credits into account in your calculations ?
Don't give up! I am looking at a similar situation with my second child, but I know from first time round that I wasn't happy as a SAHM.
You do need to balance out short-term and long-term costs. IF you want to work and love this job (esp if it is flexible), it might well be worth working at a slight 'loss' for a year or two, rather than struggling to get back into well-paid work after a few years as a SAHM. Working or not working is more complicated than an overal figure.
Have you looked into tax credits, childcare vouchers, are you figuring in CB?
You need to look at the long term, if you know you're not a SAHM at heart. The first few years we had DDs, we just about broke even regarding what I earned, and what we paid in childcare, but it was worth it in the long run, once I'd had a few promotions and pay rises etc.
Childcare vouchers or tax credits can help. My oh pays part of my childcare from his wages as mine and tax credits arnt enough with me working pt. Its a struggle but im willing to do it until iv got them all in school as I would never get back in my current job.
Thanks for your replies, I don't think we will be entitled to tax credits as DH earns too much (that's just going by the on-line calculator). I am having coffee with my boss next week so I will ask her then about childcare vouchers. I think we will have to look into whether we can afford the loss. I know I am contributing to the household by looking after DS but it seems strange to not be earning money!
Also think about flexible working. If u have a long commute it might be better value doing two long days instead of say three normal days. Could u work from home for one day a week?
I think you need to consider the short term pain for long term gain - I used all bad £100 of my wages to cover childcare when I returned after my second child - but eventually the 15 hours free come in, then they start school - and you still have a wage
it was worth it for me certainly in the long term
If you earn too much for tax credits I cannot fathom how you can't afford child care? Are you doing your sums correctly? You can both probably claim child care vouchers.
You need to consider yours and your husband's income as one joint pot.
Then subtract the childcare.
Do you mean there's still not enough to live off or just that your part of the 'pot' doesn't cover the childcare?
Why should your career suffer at the expense of his?
Stick with it, it will be a hard first 12 months, but you shouldn't see it terms of you working at a loss - why should it be you alone paying for childcare? I assume you pay your mortgage and food from a joint pot, this is another (large) household expense.
At two, nursery fees go down, then you get free hours... Would assume that you'll get a salary increase at some point too, as well as your DH. It's tight for a relatively short time, then things start to loosen up a bit.
If you enjoy your job there's no reason to give it up, unless as a household you would be losing money.
SophieElmer you only need to be earning more than £26k to not qualify for tax credits - that's £2,166 a month - depending on household costs it could certainly be hard to afford childcare out of that.
You really have a great attitude to wanting to work and care for your baby. I agree with the others look at it from a long term view. Take the loss now, but the experience and career progression will really outweigh in the long run.
1. childcare vouchers
2. It might be unaffordable if you look at it as Me not being able to afford my childcare for my child out of my salary to enable me to go to work, but affordable if you look at it as being us being able to afford our childcare for our child out of our salaries to allow us to go to work, which is how it should be seen.
3. Also if you intend to pursue your career this is an investment.
Even though we earn over the threshold we have a lot of outgoings (we live in a very expensive part of the country) at the minute we are comfortable but any more outgoings could tip us over. I am looking at the household as a whole.
Keep your hand in if possible, working a couple of days a week. For your own sanity and ease of getting a different job in future.
Childminder or nursery are usually the low cost options for care of one child, as others have said, view childcare as being a joint responsibility not just something you pay for.
If you earn too much for tax credits I cannot fathom how you can't afford child care?
Are you living in the real world Sophie Elmer?
I'm going to look into whether my DH's company offers childcare vouchers too, that might help! There are so many things to work out. Thanks for your suggestions everyone
Don't forget, you and DH can BOTH use childcare vouchers, £243 a month each.
We save over £1200 a year in childcare by both using the voucher scheme.
You should both get tax credits, plus at 3 you get the free hours. 1 dc. I agree, can you do 3 long days to reduce commuting costs? Not ideal but tbh when they're small they're so knackered after nursery days it's not quality ime any way. If you get out of work, you'll have all these issues (and possibly more dc) trying to get back in. If you love your job/firm you should fight for it. Hope you are married, otherwise you're in an even riskier situation by not working.
Long shot, but if you're part-time could you find someone with matching hours to swap childcare with?
have you looked at something like a nanny share, that might help bring costs down as well.
I think it's worth doing even if your salary pays for the childcare, just to keep your oar in. If you're making a loss, though, that's a bit pants.
Could you work from home one day to save a bit on commuting?
Good advice on here. Yes, you need to look at the whole household income and see if you can afford childcare. It is an investment in your future earning and pension. But of course, there are many families for whom even with this logic, it is just not possible as they cannot find places to cutback on.
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