My husband recently opened his own business that will (eventually) make money, but right now we are drowning.. literally drowining in a financial mess.
I should add that DH works currently from 7am-10pm so I really am the only parent around. DS is almost 2 and suffering from extreme anxiety whenever I leave the room.
I was offered a job but it only pays $13/ hour. If I take it, we will lose NJ Familycare (and this place doesnt offer any insurance) and I I will be receiving only about $400 a month after insurance etc.
For those who dont know- NJFamilycare IS state coverage, but it is income based. If I take this job we will go above the income level.
I feel SO bad letting this guy down though- I know he was relying on me, and there is potential for this job to grow too into soemthing much bigger. DH also has a concern abt DS not really being able to see either parent..
ADDITION: Some have asked how much babysitting would be- the costs for fulltime babysitting are about $280 a week- I have spoken to about 12 places and this is apparently standard. I would be making $440 a week- but before taxes.
I guess more of a vent than a question.. but WWYD?
Thanks so much everyone! DH and I sat down and worked out after paying for transportation (the job is 20 miles away), daycare, taxes, insurance we would not be walking aay with more than about $100 a month.. if that. So I told him I could not take the job- he was disappointed but I am relieved that decision is over!
Thanks soooo much! LOVE mampedia and mama's on here :)
If you're in a financial mess right now, you need to stick with whichever one offers you the most money -including benefits.
"Literally drowning in a financial mess" is a bad place to be. You need the money. Work out childcare/shifts, etc. Get child coverage through the state for your son and minimal coverage for you & hubby.
Look into The Total Money Makeover. This time of your life, with a young child and a new business could result in a lifetime of financial disaster without being VERY careful.
So the question to ask yourself is:
Is $100 a week / apx $2 an hour (after childcare, insurance, taxes, etc.) what your time is worth? And how much help is that $100 a week?
I've OFTEN been in the position where I would be working to pay for childcare, and even been paying to work. Obviously the paying to work means "Nope!", and breaking even is also "Nada!". For *myself* it really depends on how much is left over after all the expenses of working are accounted for (childcare, insurance, taxes, parking / transportation, food, etc.). Working the night shift solved the paying for daycare bit, but it meant I was exhausted. But we were desperate, and I can do ANYTHING in the short term. Even deal with 3-4 hours of sleep for 6-12 mo.
Do you have your degree yet? If not... that's actually why I went back to school when my son was 2mo old. I couldn't afford to work, and couldn't afford not to. Going to school was the best of both worlds. I got apx $1000 a month in student loans, grants, & scholarships... and only had to be gone/ arrange childcare for 4-10 hours a week, and my school subsidized childcare. I actually put my son through an *amazing* montessori preschool without spending hardly a dime on it (I covered about $45 left over each month) because my school subsidized it up to $600 a month.
Financial aid DOES take awhile to arrange in community colleges, but 4 year schools it clicks on almost instantaneously.
Especially in light of the insurance issue (i.e. the loss thereof due to extra income), if it were me I probably wouldn't do it. I'd rather pick up cleaning or babysitting jobs on the side.
I agree with the Dave Ramsey suggestion too - see if your library has his book "Total Money Makeover" so you don't have to buy it. It sounds like you guys need a comprehensive plan.
Good luck.
If you're in a dire financial situation, then $400 is $400 more than you don't have right now. It's something and the fact that there's potential for the job to turn into something more is a big plus.
You may be surprised to see how much your son thrives in daycare. We started our oldest in daycare when he was two and it was really beneficial. His language skills improved immensely in just the first month or two there. It can also help your son become more independent.
Best of luck!
I'd take the job, and especially when it could lead to something more. Do you have any close family on either side that could help with care of your child? That would save you on the child care part.
I agree with Denisse P. Its wonderful that your hubby has his own business, but while you see profits, its important to have something to hold on to. Also, I would take her advice to seek medical coverage through the state and minimal for you guys. Take into consideration that this will be temporary while your hubby starts making real money and that's better than having a financial situation on top of everything.
I think your little one will adapt to daycare or sitter and again take it in mind that this will be temporary.
Good Luck!
You'd really have to calculate what the financial benefit would be. Sit down with a calculator and figure out as close as you can what your actual take home would be after taxes, daycare, health insurance, etc. If that amount is something that your family will benefit from greatly, then take the job! If however, its something that your family can do without, I'd personally stay home with my son. But thats a decision only you and your family can make. Best of luck..
I would sit down and make a chart that looks at what you will make and deducts "what it will cost" for you to work. Do not factor in the "emotional" things like your daughter's anxiety right now. Just look at the $$. If you will not be contributing significantly (remember to include approximate healthcare costs, gas, mileage on your car, and anything you would need to purchase to work) then don't do it at this time.
If you will be making enough to help cover the household costs, then do it! You can work with the daycare providers on how to transition your daughter. Your husband has a valid concern about your daughter, but you also need to pay your bills- so this may not be the time to turn down a job offer.
Is there an option to work part time and keep your income below the insurance cut off? I am also in NJ where the cost of living is fairly high and waiting to see if the NJ Familycare will go through (we also meet the income for just the kids). I find it very stressful to have my kids not have insurance, especially in the winter. That would be a big deal for me. My youngest is almost 2 and I am trying to wait until she is a little older (3 or almost 3) if I can for daycare or preschool. My older one started preschool at 3 and a few months and it took a while for him to adjust (a few months). Good luck.
What would the babysitting arrangement and cost be? While I can see why you are tempted, if the babysitter costs more then $200 a month, then its not worth it.
If you file 1 your take home will be right around 360. After paying for child care you would be left with 80 dollars a week or 320 a month. Can you make a significant dent in your debt with that money? If yes then maybe it is something you can try out for a while and see how your son adjusts and how you feel working. If not then is it really worth it to work. Where we live the cost of childcare would out weigh the amount of money I would be able to make (I don't have a lot of marketable skill) so it was an easy answer for us. Is there a way you can cut costs if working isn't an option? You also need to factor the cost of work clothing, lunches, fuel etc anything that would increase with you going to work. Maybe cut the cable bill or minimize your cell phone plan, internet etc. Write it all down figure out where you would increase spending or decrease spending by working and figure out what would best help you in your situation. Good luck!
You are thinking about the now and the future, so can you make your situations match. That is, right now you do not want to lose insurance, but you also do not want to miss a good opportunity for the future. Can you take the job but only work the number of hours that would allow you to stay on the state coverage? This way you do not lose out on insurance, but you have your foot in the door for future growth. When presented with options 1 and 2 there is sometimes a 3rd or 4th that you don't see. I hope you are able to find some compromise.
C.
I would sit down and figure out that if I make 440/week you can take out say$75-100 for taxes, then 280 for child care that leaves you $60 -85 for Insurance and nothing left over.
I personally looking at your costs and pay do not make it worth wild. It looks like you will be working to pay the sitter.
I am sorry, but I would have to turn it down. Being in the situation you are in is hard you are grasping for every opertunity to make money but honey I do not think this is it.
Sorry
I would try to think outside the box. If we really needed the money, I would consider asking the guy if you could work for him as an consultant. You would get the entire check but would need to keep track of your business expenses which would reduce your income on your tax return. As for the state, they wouldn't be aware of your income until you file your tax return since you wouldn't be receiving a W2 but a 1099. You may need to discuss with a income tax professional what items you will be able to deduct. As for childcare expenses for the baby a portion of that can be claimed on your tax return too within certain monetary guidelines.
If I could work out the math, I may or may not take the job depending on the financial benefits it could bring my family. You may also want to see if hubby's business would qualify for Aflac which is an inexpensive supplemental insurance which may help in your financial picture.
I hope this helps.
