would it be wise to quit work if we wont lose out money-wise?

[IamBatman]

From our calculations we will have no less money if I don't work than if I do (with help from TCs and income tax reduction).
I would like to stay at home with the children for maybe 2 more years until youngest is at nursery.
Is this a good idea, how hard would it be to get back into the workplace?
I am not enjoying my current job and would love to do a vocational degree eventually anyway. I could update my skills through open university while i'm off perhaps.
Anyone done this? Did it work out okay?
Thanks

I would wait and see what happens with cuts to tax credits before making any move.

oh right will there be more cuts?

You need to analyse monetary loss in a wider way IMO. You might not lose out now, but what harm will this do to your long term career development and earning power? Many women work for little money during the early years to keep their career on track for later.

Now, that might not be relevant if you want to change profession.

Money also obviously isn't the only basis on which you make those decisions. But you specifically referenced the financial side, so if you're taking that into account I would recommend you do so across the board. During the recession a lot of women on here have been talking about how they took time out but had difficulty finding new jobs when partners/husbands were made redundant or had hours slashed. It's something to consider...

Thank you both for taking time to reply.
I don't have a profession,its not something I would want to go back to full time and i'm a bit fed up with all the office politics going on at the moment! so i'm really thinking this might be a good plan but I have always worked and this is a bit scary.
DPs wages cover all bills and food costs. Any money i receive from TCs etc would cover shoes,clothes and any other costs so I think we would be alright, but like you said RibenaBerry, theres always the risk of DP losing his job or having to cut his hours.
I would love to quit but its so scary.

Could you start looking for something part time so you could incorporate some studying?

oh sorry should really have said in my OP, I currently work part time so not earning much

not earning a full time wage rather

I gave up work to spend more time with my DS and return to education. I can however return to job as on a career break.

I now have a partner and am going to uni this year. My student income more than covers the lost of wages- is this something you can look into?

thats great onadietcokebreak, i have looked a lot at going to university, I thought it might be a good idea to wait until DS is at nursery though in order to keep childcare costs down. How long were you a SAHM for and how did you feel about giving up work?

I was only a SAHM mum for a month before starting college 2 days a week. That meant I had him 3 days a week with me a home as he spends 2 days a week with his daddy.

Then I started doing volunteering one day a week so I got experience for my social work degree application.

Now looking forward to 12 weeks with the little man 4 days a week a home (still doing one day voluntary work) before I start a full time degree.

We will hopefully qualify for a childcare grant when I am at Uni so only need to pay a small amount of childcare ourselves. (DP is on about £17000 a year)

I was very nervous about giving up work but knew I had to for my sanity, It was making me ill and I doubt I will ever return from my career break. It really is the best thing I ever did. Hopefully at the end of uni I will have a profession and be earning good money.

I hope it all works out for you
My job is not a career i want to spend the rest of my working days doing although I know I am lucky to have one at all and that lots of people feel the same.
I think i might throw caution to the wind and just go for it