Quitting work to care for kids...

Aoibhness

Hi, just wondering if anyone has made the decision not to go back to work after maternity leave? I'm wondering what kinds of things we need to consider. Of course money is one of them! After childcare costs I wouldn't be making a whole lot extra, but is it as simple as that? Are there ways of making a bit of money from home to top up the finances? Any experiences / advice welcome. Thanks :-)

sillysocks

One thing to remember if you're married is that your husband can use your tax credits if you're not married which makes a difference, and if you're not looking for work you can claim a home carer tax allowance (also through your husbands salary I assume).

I was made redundant straight after my maternity leave ended so didn't work for two years after my youngest was born. It was tight sometimes and I was paid for maternity leave which helped, but I was glad of those few years at home and it made things like Montessori drop offs etc for my eldest hassle free! I was looking for work also so got unemployment benefit but it took me two years to get a job that worked for my family situation.

You probably need to look at your expenditure and what you could cut back on etc. Like if you have lon repayments etc make sure you could afford those and your normal living (although I found I could fairly easily cut back on living money when we put our minds to it)!

dm1979

I gave up work after our last child was born five years ago. I was apprehensive about giving up work for a number of reasons, firstly of course the money issue! but also i was worried about the effect not working would have on me. I had never been unemployed and i won't lie to you, i did kinda feel a bit useless. Saying that tho, it was one of the best decisions i have every made. Money wise there are a few things to consider. If you are married you can transfer your tax credits over to your husband. Your husband can also claim home careers tax credit for you, which is worth 1000. There is also Family Income Supplement if your husbands income falls below a certain threshold. Sit down and look carefully at your finances. Yes you would be saving money on childcare, you will also be saving money on work expenses like travel to work, lunches etc.

bp

I am a stay at home parent (gave up a good career after my second) and bar money worries I found the psychological effects on myself difficult - loneliness, loss of identity, boredom and how tedious it is.

I love my kids and believe I am doing the right thing by them and my husband (no more throwing dinner together at 6pm, an hour with kids before bed etc, not eating healthily, no laundry pile on the weekend etc) but facing into a week without plans is tough. You need to plan eg park this day, walk etc. Play cafes are great but can be pricey so I don't buy food there, just the entry fee. I do them every 2-3 weeks as a treat as they do cost money

Also heating, lights etc will go up.

Anyway I see how well my kids have developed with me at home. I just need to make sure a walk happens every day as we all feel better

Moonbeam

http://www.revenue.ie/en/tax/it/leaflets/it66.html
http://www.revenue.ie/en/tax/it/credits/married-persons-taxation.html

Home carers tax credit is handy too.

fro9etb8j5qsl2

I gave up after my second because the cost of childcare for 2 would have been crippling. Money was tight but we just took a good look at our spending and worked out a budget.

Like bp, I found the loss of identity harder than the loss of income. I love being at home with the kids but it can be lonely. I thought about getting a part time evening job for a while, just to get me out of the house to meet other people, but I decided against it in the end.

I ended up picking up some freelance work online in an area I have good experience in. Athough it doesn't get me out talking to other adults, it does give me something for myself to focus on in the evenings and it makes me feel like I'm contributing something. I also have to get out for a daily walk with the kids for my sanity. I'll really miss the toddler groups when the school holidays kick in :eek: