I am considering an MSc/PhD. It would be in an emerging area of social sciences research and would be fully funded (fees and stipend) and involve a taught Master's for one year followed by 3 PhD years. I have 2 DC (aged 8 & 14) who are home educated, DP works full time and we generally have a very full and busy life. It would be a big boost to my employment credentials, as well as an achievement of a personal ambition in an area that I feel very passionately about. But I am feeling very uncertain about how realistic it is to take on this project with everything else. I currently work around 15 hours per week from home which I would stop while studying, DH may be able to reduce to 4 days at work, and I'd have family to help a day or two per week. In theory it would be possible to do part time, but the idea of it dragging on for 7-8 years is not really any less daunting than the idea of full-time over a shorter period. I'd be really grateful for any views on what is a realistic weekly time commitment for a taught Master's, year 1, year 2, and year 3 of a PhD - I know it's supposed to be equivalent to a full time job, but that surely doesn't mean 37 hours a week sitting at a desk?
I can't afford for this to take over my life - please tell me is it possible to do a PhD and keep it firmly in its box?