PhD advice needed - money, time etc!

[Lacuna]

Am currently in a teaching role in HE, which I really love, though am not a lecturer. I've recently finished an MSc and my manager has been making 'PhD, PhD'- type noises at me for a few months. If I want to progress to a lecturer role then a PhD is becoming more and more essential in my area (previously was not as it is a health-related, vocational area and an MSc plus lots of clinical experience used to be enough!)

So, an interesting opportunity has recently come up. 16k stipend for fulltime, which I could not afford on its own, but have been told that part-time (eg 3 days a week) would also be supported. I think my boss would also support me drastically reducing my hours, as we have previously had a conversation about how I really, really don't want to do a PhD while also working fulltime. I've not yet approached her about this specific opportunity though...

However, even if I did eg 2 days in my current role, and 3 days PhD, it would mean a big drop in income. DP is supportive but I am currently the higher earner and he wouldn't be able to increase his salary to make up the difference. We are looking at easily a 10k loss per year, probably for a minimum of 4 years. We currently live in a small flat, space is tight (I'd be writing it in the sitting room or on my bed) and we have been looking to move for a bit more space, but this would be out of the question if my salary fell.

It's a fascinating opportunity but I just don't know if it's worth it. The thought of spending the next 4+ years struggling financially - we are hardly even comfortable now - fills me with dread. But it would be great for my career and would give me so many more options.

Plus, ds is in year 7 and would be approaching GCSEs at the same time as I'm writing up, which sounds like hell!

Any advice or thoughts? What would you do?

I finished my PhD earlier this year. I finished in just over 3 years and was supposedly full-time but did a fair bit of consultancy work on the side - more than I was officially allowed to do by the terms of my RC funding but my supervisor was supportive. I guess it depends on the discipline, but I think if you are older and more focused and have professional experience that relates to your chosen subject (which I did), then it's an easier task than if you are 23 and still trying to find your place in the world. So I imagine you might be able to do a nominal 3 days a week on your PhD in 2.5 days in practice, with a bit of reading in the evenings - if that would make the money a little bit easier?

I didn't have a proper study at home for most of the time I was working on my PhD - I finished the first draft in my bedroom and the final draft on the kitchen table, in fact. Not ideal, but do-able - especially if you can spend sometime working in a library or uni office. Is that a possibility?

I also think that the hell of writing up can be overstated - almost as if it's a rite of passage. I am not the shining example here as I got into a 'reached a tricky point? Have a biscuit' mind set and put on almost a stone that I now can't shift, but it was by no means the most stressful or demoralising experience of my life. I guess it depends whether you actively like writing or not - I really enjoyed seeing the ideas come together and it all take shape. I don't have a teenager yet but I don't think the idea of combining writing up and GCSEs is a non-starter.

I think from having observed quite a lot now - my husband's, my own, and lots of friends - that PhDs are most enjoyable and most do-able when your interest and enthusiasm in the topic endure for the length of them. So your 'fascinating opportunity' might be what will carry you through - rather than the career benefits, and in spite of all the negatives you list. It is an intellectual journey, essentially and if you can enjoy immersing your brain in it, I think you're a long way towards success. Good luck, whatever you decide.

PS - blimey - sorry about the essay!