Returning to work with a 2 year old and 7 month old(8 Posts)
Hi, I just wondered if anyone could shed any light as the weather it would be worth me returning to work on a part time basis.
I would be working 3 days per week on just over NMW, childminder would be roughly £44 per day as DCs aren't entitled to any free hours yet.
My partners also works full time. We are just about getting by on his wage alone but it is tight and I would like to contribute more finiacially and have some money of my own.
Has anyone else been in a similar situation and found it to be finiacially beneficial?
Could you take a job outside of dhs so that the money wouldn't be swallowed up but childcare?
Or do you feel you would benefit from having a life outside of the home and take the money out of it for now- so that you won't have difficulty returning to the workplace when DC are older?
I really don't mind staying at home with the kids but if i could go to work without my all my wage going on childcare, that would be ideal.
Sorry, what is DHS?
I'm returning to education once my eldest is in school so I'm not too worried about having difficulties returning to work as I will have a job once my studies are finished.
Have you tried looking at the entitled to website. It shows if you are entitled to any tax credits or other benefits. You are also able to use it to show how returning to work would benefit you.
I also wondered why you are playing on returning to education once your eldest is at school? Student loans and childcare grants maybe able to help you return education sooner, if it is something that may appeal to you. There is also the option of distance learning, I currently study with the OU and would highly recommend it.
Ahh thank you for your reply ksty. I will try that website and will speak to my local college about maybe going next year if I can get a bit of help.
Sorry Wobbly, that's quite obvious now I've re read your post, I'm running on little sleep today
I have thought about doing that but it would mean evening work and I honestly don't think I would be on good enough form for that after looking after my two all day! Maybe weekends could be a possibility though.
I'm in a very similar situation to you but only have one DD at the moment. You need to be careful when looking at work when DC are so young, because you may find in quite a few scenarios that you are not actually financially better off. That's the case for us anyway, but I think it will vary depending on how much you earn.
For instance, we are planning for another baby, and a few quick calculations plusmy knowledge of what we already receive shows that we would be better off on my full time hours alone, with DH taking his turn to be the SAHP. I've tried a few different calculations for different combinations of us working, and have found that we at least wouldn't be much better off at all with both of us working until the cost of childcare is taken out of the equation, i.e. when both children are at school.
However there are other things to consider. I chose to return to work and swap roles with DP so he bcame the SAHP, because I have better career progression options and my work can offer good flexible working, whereas his can't. So if you have a career to consider it could be worth going back earlier than planned. On the other hand there are also cons apart from finance to you both going back to work - I don't know what I'd do if we were both working full time and had to do all of the housework and fit in much needed quality time with young children without being completely exhausted and desperate to get past the early years, which was never how I wanted my family dynamic to be. Sorry for the long rambling post, but there is lots to consider!
If you don't need to work in this particular job to keep a career going,I wouldn't. With childcare costs for 2 children it is hard to break even in most jobs ,at least until they qualify for the free hours.
If both children are in childcare you need to factor in costs of paying the childminder in the event of childrens' illness when they are too unwell to go and you have to take time off to look after them. If you are barely covering the costs with your wages a few periods of illness could leave you worse off.
Getting children ready and out of the house in the morning is stressful when they are little! If there is a big financial gain it is easier to justify ,or if it is just a short -term hardship to keep long term options open.If neither of these apply (which in your case it looks like there isn't)? I would stay at home and not do paid work especially if this is a role that you are happy in
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