Good morning! I'm just going through a little problem solving exercise in my head. I guess I'm after positivity but also any major drawbacks that I may not have spotted.
Here goes...
Our current lives - we're struggling but not destitute. One DS 11 months and one due in Feb (13 month age gap). We own our house, mortgage pretty reasonable but feels high at the moment due to finances. I've just started maternity leave and will go back to work Sept 18. We have some tax credits and I am self employed. DH was self employed but his business went down in a heap of flames due to some legal issues. DH now works full time in a shop (earning not a lot) and is being hammered for tax until hmrc sort transition from SE to PAYE. One 15k loan outstanding, one van worth about 5k, one car, value irrelevant.
Here's the plan - sell van, pay off towards loan and renegotiate repayment to a more manageable rate. I'll eventually go back evenings, aiming to work about 12 hours a week out of the house (plus prep and business admin time). DH desperate to do more. Going back to his business isn't viable. He's considering doing a degree part/full time to work towards going into the probation service/police/prison service - possibly something to do with rehabilitation.
I guess the questions are. Is working evenings with two young boys going to be viable? We certainly can't afford childcare. What do I need to consider RE DH potentially going PT work and PT study? Would it be feasible for him to work FT and study PT? Is that even possible with a wife who works evenings and two youngsters? When would he start? September? Imagine that, a 1 year old, an 8 month old, one working FT and studying PT one working PT.
Other considerations - I have a teaching degree so could get a higher paid job full time and DH could stay home with the boys and study evenings. My evening rate is actually really good and it would be such a shame to miss out on that, plus I really enjoy being home with DS and we survive well with DH working FT and me PT. Final consideration - I'm pretty happy with my business at the moment but will probably look at changing into a different field when the boys start school.
We need to move ourselves forwards. We can't rely on tax credits and need to increase our earning potential. DH feels like he needs and wants more than to work in a shop. He enjoys the job and works hard but would like a career.
I think that's it. Thank you!