I was wanting everybody opioion on this situtation.

My husband says I can quit work when we get enough money saved to pay off my car. Hopefully I can save the $2800.00 by Nov., then with income tax in Feb. we should be able to pay off the car.

I did a spreadsheet that with all the debt we have: (car, truck, waverunner, and house), if we started off sending in an extra $400 a month on the car, and then when it is paid off, take the car payment plus the extra $400 and put it on the next bill. Do it this way we could have everything paid off in about 5 years.

My question to you is would you quit work when you saved the $2800 to be able to stay home with the kids or would you stay at work for five more years and be debt free?

It would depend on how much I wanted to stay home and how my husband felt about me staying home.

If I didn't need the full time job for health insurance, I would consider working part time until the debt was paid off.

If you feel called to be at home, five years is a long time to wait. I don't know how old your kids are now, but they would probably be in school by then. It's a tough decision to make.

Ok, this is what I would do. But remember you asked, ok?

If you truly want to be at home...I would sell everything that I could ESPECIALLY things that I have debt on. I would not sell your house. But I would sell vehicles and toys and get ones that I could pay for with cash. After that is done I would see where we stood. If I was debt free except the house and we could run on dh's income alone then I would jump at it.

how about part time?

Definately stay at home.

I'm concerned about the expectation of the tax refund, however. If you're planning on a tax refund, I'd adjust your withholding now to get more cash flow in your pockets NOW.

Also, talk to the auto loan company about what making extra payments will do to the loan. It is possible a better strategy is to save up the extra money then negotiate an early pay-off when you can give them a lump-sum check. Remember, if you pay the loan early, you don't have to pay the interest that would have accumulated. Your lump pay-off may be less than you expect. If you send them an extra monthly amount, they might apply that extra to future payments and not apply the entire amount to your principal balance. They aren't supposed to do that, but I'd ask just to make sure you know what will happen to your money.

Back to taxes: Calculate your next years' income tax return as though you hadn't earned any money this year. You might find that you can substantially lower your hubby's payroll withholding. It might be costing you more money to work than you imagine.

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"Poor people work for their money. Rich people make their money work for them."

I decided to stay home NOW. There is no end in sight to paying off our debt. My son would be all grown up and gone by the time we were debt free. I decided to just accept my losses, try to live a bit more frugal, and spend time with my kids NOW.

I can go back to work when my kids go to school.

Since I have done both while having a child (working full time, and then becoming a SAHM).
My husband and I feel and see such a difference in our lives with myself at home........for the better.

IF your husband's on board with you staying at home -- do it! I have been a working mom all of my kids lives (5 years) and am just now going to be able to stay at home. My DH wasn't on board until last December when I put it on paper for him, showing him our only debt was our truck. Since January we have been living off of his paycheck and putting all of mine on the truck and into and emergency fund and savings (and paying for things like extra gas we won't need when I'm home). Last week we sent in the payoff on our truck :happy dance: and we're just waiting for the title.

So, while it feels sooooo good to be debt free, I have also lost a lot of time with my kids by working full-time for 5 years.

Maybe you can try doing what we did for a while and see how one income will be and if you can still pay off any debt on just his income.

Good luck to you! Oh and by the way, I'm quitting my job next month!!!!! :happy dance: FINALLY!

Being a stay at home mom when your kids are young is a once-in-a-lifetime opportunity. If you really want to do it, you should try to make it work. That said, I'd try to bring in some extra money and try to pay off your debt as much as possible while you're staying home instead of postponing it another 5 years. You mentioned you have a car, truck and waverunner. If your job is a SAHM; you could consider getting by with one car (or trading it in for something cheaper). Also, a waverunner is a luxury that I'm guessing you can live without. I'd sell it to pay down your debt. If those things aren't options, you can still look for something to bring in a little extra money while staying at home. There are more and more opportunities to work from home every day. Good luck with whatever you decide!

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Have you figured out exactly what it cost you to work - child care, work clothing, eating out, gas.
You may be surprised at how little you actually earn.

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I would say .ask yourself if you think you can stay home Stress Free , and Not worry about the Debt you owe.
Its Kind of a Catch22 - Some people can stay Home and Be happy to Be there and Just Take it one day at a Time - others cannot Stand the thought of Having Bills To pay and Stressing out over how to Pay them each month.
Remember its Quality NOT quanity time that counts with your kids. - I know its an Age old saying but how True it is.
Good luck with whatever you decide