to consider going full-time?

[cheekymonk]

Hi all, have posted here as I know there are usually more responses! Dh and I are in grim financial situation. he works fulltime, earns 32k. I do 30 hours per week and earn 17k. We are in an IVA but this ends in Sept 2013. This will free up a very much needed £230 per month. We get child benefits but no tax credits. Our childcare bill is quite big. Cm is £375 per month and nursery is £260 per month. We have DD who is 2 and DS who is 8. Mortgage is £839 and crippling. It is an NRAM mortgage, house was recently valued at £130K , but we bought house at £119k but got a secured loan so mortgage was £141K. Have been here 7 years now and no chance of being able to upgrade/move due to IVA and our terrible credit rating/no money for deposit/no equity. We struggle month to month, last 2 months dh and I pawning our wedding rings for food as we have no back up of credit card or overdraft. we have used payday loans in past but got totally sucked into it and have paid the price.
SO, I have been thinking of going full-time, plenty of women do it but am worried about the impact on the family, someone else giving them tea, seeing them so little and finding time for quality time rather than chores. We have had such a lovely bank holiday, the thought of being away from them more saddens me but if working more meant we could have more nice days I would do it. Lack of money affects the kids, always having to add up what is in trolley, going to the bloody park nearly every weekend. they don't really go without, I know it could be worse but there is such a lot of guilt attached. Would you go full-time in my position?
I do love my job...

YANBU.

Personally, I would chose to live on a lower income to spend the extra bit of time with my DCs, however would obviously work full-time if neccesary for food etc.

It is however entirely a decision for your family based on how you all value the extra time together doing the everyday things while stressing about money versus living slightly more comfortably with slightly less time.

YWNBU whether you decide to go full-time or stay on 30 hours, whatever works for your family.

I meant to add that you should not feel guilty whichever you decide.

I can see why you would be considering going full time. Would you be better off after childcare costs? Is the difference worth it to you (emotional cost as well as financial). There is no right or wrong answer just go with what you want to do

There are other things that you might also try, too.
How long has it been since you or your DH have had a payrise?
Bosses (and I am one, so I know) take quite well to people who show a bit of initiative. For example, you or your DH could consider an approach which shows that you are prepared to take on more responsibility or new skills at work. And as part of that discussion mention the fact that you are seeking to advance your position and your pay in the next year.
Nothing wrong with asking! Be proactive!

How much better off would you be financially?

What could you cut down on - Sky? Running two cars? Anything?

Can the childminder take both children?

Thanks both. I need to work out childcare costs. have just got new cm who is very reasonable (2.75 an hour). With DS, I worked 20 hours until he started school then did 26 hours when he was at school. have already worked more with DD already. at the moment I finish at 2.30 pick them up and have some afternoon with them. It isn't always quality time however as we are all tired but we are at least together. I am torn!

Yes Cm can have both children although can't do school pick up and he's not quite old enough to walk to her-yet but she said she would help if I really needed it. We have one car, we do have sky but not films or sport.

You could end up saving money by combining both kids into the one CM and using a taxi service or similar to transport your older son from school until he's old enough to walk. He's 8 - it oughtn't be too long till he can get there under his own steam, surely?

I'm confused at your finances, unless I'm missing something.

I'm a single parent, I earn slightly less than your combined income, my mortgage is about the same as yours, and my childcare costs are double yours (I work evenings as well as days so need a nanny), and I'm getting by quite easily. Have I missed something?

What is an IVA?

Do you have any other options?

We are in a similar position income wise but I do 26 hrs but if I include commuting its almost full time over 4 days. I leave the house at 7:45 am and return at 6pm after collecting kids from cm at 5:30pm. Our childcare bill is over £1000 a month, makes no sense at all to work but am 'booking' a job incase of redundancy. Things are so unpredictable in the employment market that it makes sense to have both parents working if at all possible. So far the balance works in terms of spending quality time together but I could not do it f/t.

We have cancelled sky, renegotiated utilities, switched
shopping to Morrisons (dont have an Aldi nearby) and an in the process of selling unwanted baby items and we buy clothes in the sales and generally shop around. For days out we go to museums and free placez and take our own lunch.

How much more would you earn if you went f/t & would it leave extra after the increased childcare costs & income tax have been taken out? Would it be worth the extra stress of full time hours for minimal increase in pay. Only you can make that decision.

My maths might be bad, as I'm tired, but I ran the figures through listentotaxman, and you'd be £52 per week better off (after tax/NI).

To do the extra 7 hours per week, you'd need 14 hours of childcare (2 children for 7 hours each) at £2.75 per hour. That's £38.50.

That means that you would be doing your extra 7 hours for £13.50.

Would you be willing to take on the extra hours for £1.93 per hour?

Go on moneysavingexpert and do a finanace breakdown. Im guessing you have other debts as a mortgage and chilcare fees only come to about £1500 that should still leave you around £1750 for all your other expenses (and there childbenefit too).

Are u using childcare vouchers?

As to work, do what u feel is best. Perhaps you could work linger two days a week to start and see how that goes rather than jumping into full days straight away.

Sorry I don't know what an IVA is. Does this mean you will be better or worse off in September ?

I have worked ft on and off depending which job was avail ible at the time and our finances. I would just say it's not forever. Some on here think they need you more later so it might even be the best time to be ft.

We already use childcare vouchers. the £189 in this budget is the shortfall after vouchers.

Would you not be better off if you or your DH took on additional work doing evenings or weekends, so that the other one can look after the children? This would save childcare

Mmm. Cheekymonk, I understand that you have posted a great deal of detail in order to garner maximum advice. But the level of detail in your previous post is a bit worrying. Do you really want all of your financial information on the Internet for all to see?

If you're happy with that, fine. If not, ask mnhq to detail the post.

When will your 2 year-old get nursery vouchers? It's only 4 months until your IVA ends, by the time you've actually upped your hours it will only be 3. For the total you would earn in that time, I doubt it's worth it. Or will you still be struggling after that?

Yes I did realise afterwards there was some detail I wanted deleted but was not sure what to do about it!
DD will get vouchers in March/April dep on when Easter term starts.

I think Dogcat has the best idea - a second job at a time when one of you can cover childcare. Hang in there op...

If you up your hours now, the creditors will want a chunk of it. If you are that close to the end, I'd sit tight.

If you want to work full time then go for it. If not then I would:-

1. Cancel Sky
2. Ask again about compressed hours, same pay, less childcare.
3. Ditch the nursery and send both to the childminder if she is cheaper - if you are finished in time for school pick-ups then you don't have to worry about transporting ds.
4. Use comparison sites to see if you get better deals on utilities and insurance.
5. Meal plan and budget for your weekly shopping, visit the Mumsnet credit crunch board.
6. Go through your outgoings with a fine tooth comb and see if you can save anywhere else.
7. Make use of parks, libraries etc. lots of free things to do.

In September you will be better off and again when dd gets nursery vouchers/goes to school. This is only for a very short time.

Some really valid points here, thank you all. I did look into sainsburys type jobs for weekends/evenings but didn't get through app stage when I last tried. I have thought about delivering takeaways too as an option.
Yes IVA would want chunk so we would keep quiet about it ;)
I know they are not small for long and I have the rest of my life to work full-time. I was just trying to be practical.

Op you might want to report your post with all your financial details so that it can be deleted. You will be able to repost it without the detail.

sorry i don't have advice on your financials other than what has been already said. I hope you get it sorted though.