I teach ESL for a public school-2008 marks my 10th year teaching, and I have a 15 month old baby at home now. I switched schools this year, as I couldn't take the toxic work environment of my last school. Although I am VERY happy here at my new school, DH and I have decided that I will stay home with our little man in June, after the SY is over. I was going to do it last year, but we just didn't have a financial plan in place at all, so we decided I would find another job teaching, so at least we'd have good income coming in and I would be in a better state emotionally, with work. It turns out that my income pays my student loans, daycare, and the large amount we are putting towards the credit cards to have them paid off by the summer.

So, since DH's salary covers all of out bills minus what I stated above, I think it will work, because even though I will be staying at home, I will be starting my own online tuitoring business, where I can work the hours I want from home, and make twice as much per hour as I make now! I just need to make enough to cover my student loans for sure, and then whatever else I make will be our money to do with what we please. In my calculations I factored in both DH and I continuing to make the same IRA payments that we make now, as well as opening-up a college savings plan for our little guy. I also included groceries and gas for the car.

We are going to do the FTJ project for Lent, which starts next month. So hopefully that will help us save even more money, that we can put into an emergency savings fund.

Kerry

It sounds like you have a great plan in place and have planned very well to be able to do this. I'm sure the FTJ plan will come in handy too. It has really made me realize many areas I can cut our expenses even more.

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It sounds like you have a great plan in place. I'm sure you have already considered this but I would first make sure that you have some students lined up for your tutoring business before you count on that money. Know how many students you will need to cover your student loans. Also do you need to budget in any business related costs such as advertising, self-employment taxes, etc.

Great job. Now if only I could trade places and take your teaching job. I am finishing my certification now and so ready to start teaching!

Good Luck.
amy

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Amy B.

It's a great goal to have and one I'm sure you can reach!
If you haven't already done this, start tracking EVERY penny you spend......right down to the random coffee, quick bite here and there. It is a HUGE eye opener as to where your money goes, and then you are able to find areas where needless spending comes in.
I never thought that we would be able to keep me home since my salary was significant, but as my Mother always said "if you want it bad enough, you can". She was right, and home I am!
Good luck and keep us posted!

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Children Learn What They Live, And Live What They Learn.
What have you taught your child today?
When life throws you a curve ball...it's up to you how you catch it!

I just wanted to say "good luck" to you! I know that you will be able to make it work out. It's a little scary at first, but it is soooo worth it!

Emilie

Have you read the book "your money or your life"? If not I would highly recommend you doing so ASAP.


Good luck


Amazon:
Amazon.com: Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence: Books: Joe Dominguez,Vicki Robin

I completely understand a toxic work environment at a school. I am a teacher as well, and hope to stay home when we start our family. I would love to hear more about your online tutoring that you would like to do. That sounds like a great idea for me in a few year. Congrats and I'm glad that you are enjoying your new job as well!

Goo d for you. I am a teacher also home this SY for maternity leave with DS #2. I am hoping I don't need to return to work in the fall for a lot of the same reasons. I have found a lot of useful info here that I am hoping to implement to help us financially on one salary. Hope it works for you too.

What exactly is online tutoring?

Congrats! One thing you need to make sure to do; make sure your Dh changes his W2 to reflect you as a dependent. You would be amazed at how it will affect take home pay.