Can I Afford to Quit My Job?

I think you might be able to quit your job and stay home, but here are a few things to consider. Why don't you set a 3 month goal to leave your job and in the mean time, live like you are on the one salary. Make those changes you suggested to cut back. Save your entire salary to give you more cushion. Evaluate how things are working out. If everything is fine, leave your job. If you are under financial pressure, work three more months and see how things are going. Your online job with the school/college is a great opportunity. Could you possibly use your skills and do this job for another university as well as your current one-maybe doubling your at home income and providing "cushion" in case the first school's needs change. Good luck!

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Of course it would not be totally irresponsible. Your husband is gainfully employed, you have savings, you will still be earning additional income. And if a financial crisis happened, you could always go back to working full time since you have the education and experience already. Don't live in fear. You've done the best you can to prepare, and the rest is out of your hands. After your kids are grown, you're not going to look back and think, "I should have worked more and spent less time with my kids." But since you are unhappy with your current situation and want to be at home, you definitely would regret not trying. Best wishes!

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On Friday I put in my 2 week notice because I want to be home with my kids too. We got rid of our gym membership, cell phones (went with just a house line), cable, cut down out eating out and spending money and have more than enough to live every month. We gave ourselves 2 months (before I put in my 2 week notice) to see if we could do it on his income and then put my into an emergency savings account. I miss my kids and all I want to do is stay home, read books, and play barbies. I am so excited about being home with them!

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If your husband is on board, then I say quit your job. You have one life given to you. Don't waste it doing something you hate when you would rather be home. I would suggest that you do cut back where you can, even if the two income streams cover what you currently spend. It would be good to have an emergency fund in case you need it, and to also be scaled back anyway.

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Sounds like you've crunched the numbers and you & husband both are OK with the idea.
You might even find that you SAVE money by being home. Car, gas, lunches, bus fare, clothing for work, etc. Lots of people forget to figure that in as well--which will only benefit you.
One thing I might suggest is regarding your rental property--the faster you can pay that off (if it's not already) the better the profit you will make from it. So you MIGHT want to consider banging down that principle from the rent/online job before you make the switch.
Good luck!

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Sounds liike you are the bookkeeper in the family. When you paper it, if it works out, stay home. Don't cause your husband grief or make him stress that you need more money if you decide to bail on outside work.
I think it's way better for the family when Mom can stay home if she enjoys doing her job, if she's unhappy she should work outside the home.

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Why don't you try living without your "real job" income for the rest of the semester. Instead of saving the extra income, save your real income. Also, try living off of JUST dh's income (since the other stuff isn't guaranteed).

Make sure your savings is big enough to cover being between tenants or out of work for a semester, and then go for it.

Good luck.

T.

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If your husband is supportive of this then yes, it can be done! It doesn't go without sacrifice of course, but sounds like you know this and it can be done. I was recently laid off and initially was freaking out trying to get back to work. Then realized staying home with my 17 month old is the greatest thing ever and I'm taking my sweet time going back to work. :)

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Go for it.

Your Husband is on board.

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We have to do without certain things to allow me to stay home with my kids, and to us they are well worth the sacrifice. My SO also makes no where near 6 figures.

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I went back to work in August (I teach at a small nursing school, semester or yearly contracts only) and regret it. I don't plan on going back in the spring, the income will be missed and we might not get to do as much as we do now, but between the stress of working and leaving my little one it is worth it to me. I'm also in grad school which adds to it. I will go back when I'm done with school and my son is a bit older. I think you just have to weigh the pros and cons, spending more time with your kids (and saving on daycare) vs having the extra income. You're lucky to have a supportive hubby. Good luck with whatever you decide to do!

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Sounds like you can. Make those sacrifices if you have to. Or, find a part time job if you feel the need to supplement the other 2 incomes. Do what will make you happy!

We also make no where near 6 figures and live in Chicagoland which is very pricey. We are in quite a bit of debt right now, but will probably have it paid off in the next 1/2 year or so. I work 2 days outside of the home, and love that I am still staying relevant in my field, but also get time with the kids. Our debt is mostly from stupid spending.

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Stay home - you will never get that time back! You can always make more money. if you are in a tight spot you can always babysit or tutor for the extra between tenants. My husband is a Marine and I used to make way more than him. I quit and stayed home from day one.There were times I couldn't go anywhere because I didn't have gas money and i didn't shop for myself for a year or two but God always provided the necessities. I never went without three meals a day! It can be done. The key is getting your expenses in line with your new, lowered income. Also you make a budget to live within HIS salary and use the other money for savings and extras. If that means selling a car or getting a less expensive one do it! We sold our cars and a timeshare so I could stay at home. I also used the whole nine months of my pregnancy to save for what I would need and pay off credit card debt. We have no cable at all and rarely eat out. I don't miss it one bit. If you need a few months to get finances in order make the changes and then stay home! I don't think you will regret it at all. Especially when you start factoring in all the expenses of daycare and commuting and work clothes and eating out because you both worked and everyone is too tired to cook. Might as well do something from home! I think for you planning and a careful budget will make it possible without the stress.

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I've worked in Outplacement for the last four years, delivering job search training for people who have been laid-off. I've done many job search workshops for rooms full of former government employees, at the city and state level. NO job is secure. Besides close to half of our country's population is yelling for a "smaller government!" This means fewer government employees. School and education budgets are being cut every year, also.

I wouldn't quit any job unless I had a least six months of full salary in a savings account, PLUS enough to cover private healthcare or COBRA expenses for the family. The average time it takes for a laid-off person to find a new job is six months to a year. I know several who have diligently searched for a job for two full years before becoming re-employed.

Maybe looking for a new job that you wouldn't hate would be a less risky alternative.

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If it were me I would jump on this chance! You sound like you have thought it all out and are not making just an emotional response. Trust me, you can find tons of ways to cut money and still live well. I don't know what your current job is, but is there a way to do some of it telecommuting? Is it something you can jump back into easily if you need to? You have a unique opportunity right now and I vote you go for it. The huge plus is that your husband is on board with it - that makes the decision so much easier and all the more likely he will work WITH you should you encounter bumps along the way (which probably will occur here and there.) Good luck to you!

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a did quit my job.. and the biggest surprise was the savings on taxes...

I was paying $16,000 a year for someone to watch my child..

When we did our taxes the first year I didnt work.. the tax bill was $20,000 less than the year before.. so it was costing me $36,000 a year to work.. hardly worth it..

your tax bill will go down tremendously when you quit your job.. it will make a huge difference..

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Sounds like you've thought it out, and that you could make it work. Why not give it a try?

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You have a toddler, this is the time, if you can afford it financially -- to be a full time mom if you can. I don't know your finances so I don't know the true burden this will put on your family -- but if you can do it, I say absolutely yes.

You can always find more ways to make money, save money, or hunt for a new job if need be -- but you only have one chance to be there at the age when your child is most formative and needs you.

Soon there will be soccer and homework, and afterschool everything and the need for you will be less.

Take advantage of this time if you can.

Good luck

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Sure. Try it. Why not? If you are unsure about the rental income a real estate agent can get a tenant for you and a property management company will manage it if your current situation with that changes. You may have this in place already, but if not, you do have options. I don't think you're being irresponsible when your husband agrees and you've put so much forethought into covering your bills to stay home. GL!

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What worked for us was this:
Continue to work for your next semester, and do not spend a dime of the money. None of it. Live off your other income streams. If you can manage that without difficulty, then you are good. I am aware of the daycare difference, but you said you could cut back other places, right? So try paying for the daycare by cutting back in those other places... and see if you can really tolerate living that way. It's really the only way to know.

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Do you have 6 months income saved up? If the answer is yes, then quit.

Since the rental income is not guarenteed for a permanently, I would continue working for now and saving. See what happens with the on-line job 6 to 9 months from now.

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Sometimes you have to make decisions that are about more than just money. If working makes you that unhappy I'm sure the whole house is feeling your sadness. We only have today...so do what is best for YOU and your family today. You can make changes if/when circumstances require it by getting a part time job or putting kids back in daycare.

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Yes. There is no price for being unhappy at a job.

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We completely save my entire paycheck so I know we can definately live off my husband's salary. However, my husband does not want me to quit. I so want to be a SAHM. He is a wreck and thinks what if he loses his job due to this economy. He is smart and is in a very good position and career that he could find another one if that did happen. But whenever I bring that up he gets all mad. Also, he likes the fact that we are saving so much money. We were stupid with our money before having kids and made some really bad investments and lost a lot of money. So we are rebuilding our savings but we do have 6 months emergency fund and almost a down payment for a home. I think really this time does go by fast and if you have that emergency fund then be the SAHM that you want to be. If you don't have that emergency fund then try to live like you have no money and keep saving as much as you possibly can so you can build up that emergency fund quickly and become the SAHM. Good luck! Glad you have a supporting husband in this!

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Stay home with your kids. Put the rental up for sale. Keep the online job if you can. You cannot turn back time and make up this valuable time with your kids.

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If you have saved 12 months X your monthly expenses, go for it! Good luck.

I am in the same boat i hate my job i have my so call own business selling athenas HN. that gets me out of the house and make more in one night at a party for 3 house then i do in a week at my so called real job. and my soon to be husband works a great job no way he will lose it and i am thinking about leaving my job as well. i pulled my son out of daycare about 8-9 months ago best thing i did to save money!!! i think if u can cut back like u said u will do fine and if your hubby wants u to be happy and gives u the ok to leave your job then do what makes u and the hubby and the kids happy :)

Hi AB,

It sounds like you are looking for security in your income. If you are looking for security, I'm not sure you will find it in a "real" job. Layoffs, company closings, an employee that throws you under the bus, etc can all lead to losing that security. My husband has always said he feels more secure when he can control his own destiny. If you lose your tenant, you find another one. If you have an online job, you can add hours, etc to supplement what you may have lost. I don't see a down side in quitting unless you want to maintain the simplest way to be more secure. Leaving your job may require more discipline in your day to day routine but no one ever went to the grave wishing they had more time at the office....

God bless,
M.

If you're not happy, and husband says he's on board with whatever - then Go with your gut on this. Quit the awful job that is causing you such angst and 'yuck' and put all of your energy into this educational online job (what is it? PM me) and your family. You will be much happier I think. If you spend more time with your job, family, taking care of tenants needs, then you'll likely be asked to continue with the online job, your fam wil be happy that you're happy, and your tenant will see you're a great landlord and take care of her and will hopefully renew her lease - it sounds like a total win win win. And here on mamapedia, there are TONS of suggestions of how to save money (yes, first by getting rid of the cable bill. We don't have tv and miss out on some - mostly news. But with hulu and netflix, we get our entertainment. You say you have money saved up - but please don't dip into that unless there's an emergency!

Go for it and be creative. There are lots of ways to save money when not working. Just look at the food budget. When I was home, I shopped for bargains, cooked healthy meals from what was on sale that week, etc. Search for free things to do, check out your local library and museums. Instead of going out to eat, our treat was to eat dinner at home and go out for dessert on occasion. At the time it seemed like such a luxury and was way cheaper than dinner out.

Hi! I have read your previous questions and I am right with you on alot of the stuff! You have not been happy with this job for awhile. Take a chance! Is your husband's job the one with health coverage? I'm assuming. I would like to add some free or low cost suggestions: The librairies are great for kids! Free books! movies! dancing/reading time. We have 3 really good ones close to us. Plus we have some really nice resale shops. I live near a "richy" community so they donate all name brand, practically new children's clothing. Also, find out where your local Salvation Army is, they do free counseling and IF you would happen to run into a financial hardship they will help up to 4 times in one year with ultility assistance/prescriptions/gas. Your hubby's on board! Go for it and don't look back! Maybe have another kid! lol Good luck : )

You'll find ways to cut back. If you eat out alot, then maybe do it just once or twice a month. Think about the total of your bill and how many groceries that could buy for so many days. Be a coupon clipper!
I think you already have your answer in your heart. I didn't know how I would be able to be a SAHM. I liked having my own money but you learn and get used to doing without. I've also learned how to be cheap (not that I have an option)