Is it really worth if for me to work?

[marcie26]

I was just hoping to get some people's input on this. I have not filed bankruptcy, but want to. Anyway, I only make $20,000 per year, but I pay $500 per month for daycare. To work I have to buy nice clothes and pay for gas. I also sell on ebay once in awhile, but don't know if I can do that still if I file? (I don't have a business or store) So, if you were me, do you think it is even worth it to work? (also, if I don't work then we would qualify for free or reduced health insurance - if that is what it is called)

[rrockinggramma]

I think that is a personal decision and one that is made between a husband/significant other and yourself. But if the pros for not working far outweigh the cons of working, then I think the decision would be an obvious one for me.

[Cali]

If most of your money earned is going towards daycare, then I would seriously think about it being worth the time.

[marcie26]

If most of your money earned is going towards daycare, then I would seriously think about it being worth the time.

I figured it out as daycare being 45% of my take home pay.

[Minnymouth]

Okay, day care is 45% of your take home pay......

Now figure in gas/upkeep on car for a week, meals, clothing, items for child at day care, hair cuts, personal grooming items for work.... etc. Does your job included health care benefits?? Do you have to pay those out of your checks - premiums?

Now where do you stand????? Are you just working to hand it over for other expenses???

Whats left over?? Can you buy groceries, pay a bill, or put some in savings???

If not, Many times you do better fiancially by staying home........

[marcie26]

Okay, day care is 45% of your take home pay......

Now figure in gas/upkeep on car for a week, meals, clothing, items for child at day care, hair cuts, personal grooming items for work.... etc. Does your job included health care benefits?? Do you have to pay those out of your checks - premiums?

Now where do you stand????? Are you just working to hand it over for other expenses???

Whats left over?? Can you buy groceries, pay a bill, or put some in savings???

If not, Many times you do better fiancially by staying home........

I knew I was leaving a lot of things out
My paycheck each month goes to daycare and my student loan - so I am essentially paying for someone else to raise my kids and to pay for an education that only got me a job that pays about the same as what i could make waitressing - very depressing!!

[magyar123]

Since you obviously make less than the medium pay in your state, look into filing Chapter 7 - getting rid of all your debts. While you cannot discharge a student loan, and will have to reaffirm your car loan - if you have a car loan,you will get rid of any other debts that take a bite out of your paycheck.

[BKOnce]

"Cash only" work is welcomed. No tax. No trace, No deposit, No withdrawal, No receipts, No contracts, etc. (hidden)

[One Half Full]

I have seen legitimate work from home type places like "WEST-- at home agent" in some states. Check it out. Basically, you work a real shift as a "telemarketer." You are trained and you have their computer in your house. There are also legit appointment setter type jobs. You are a sub-contractor and need to do "quarterly" taxes and other administrative tasks. The company benefits from low overhead, the worker benefits from: No transportation costs, no clothing costs, also no day care, though you need to keep the children quiet. They prefer a home office, but a simple quiet office nook will probably work. Generally they do want you to work weekends, and also nights at least till 9 pm for this type of a job. Look it up and look up other low overhead at home jobs. This might be what you are looking for, or at least can give you ideas. I'm thinking of doing this when I get back into school. It will mean a full paycheck (not a massive amount though) but the TIME saved in things like transportation and preparing to go to work really eats up my day.

[robivi3]

Anything that puts you at home with sufficient pay is great. We had it hard when the kids were small. If you can snag a decent deal, do it. Transportation costs are so high and then for women buying clothes makes it really hard.

[nazstar]

I'm quitting my job in 5 weeks to be a full time SAHM. With my income, we didn't qualify for chapter 7, so my paycheck would be going to a trustee each month in addition to daycare because we would need someone to stay home with 2 infants under 13 months old. Things will be tight with my husband income being the only inflow of cash, but you know what??? It's no tighter then a trustee taking all my money and having to paid a daycare provider. It worked out to be the same amount in our pocket every month so why get locked into a 5 year repayment plan and miss my babies' childhood?

[MomIcantFindmy]

I'm quitting my job in 5 weeks to be a full time SAHM. With my income, we didn't qualify for chapter 13, so my paycheck would be going to a trustee each month in addition to daycare because we would need someone to stay home with 2 infants under 13 months old. Things will be tight with my husband income being the only inflow of cash, but you know what??? It's no tighter then a trustee taking all my money and having to paid a daycare provider. It worked out to be the same amount in our pocket every month so why get locked into a 5 year repayment plan and miss my babies' childhood?

I am with you there!! I agree 100% Why work to give the trustee the entire check. That has never made sense to me.

[nazstar]

I am with you there!! I agree 100% Why work to give the trustee the entire check. That has never made sense to me.

YEAH! It was a bad deal and even the lawyer said, 'the trustee is gonna stick you in a repayment plan for the full 60 months - no doubt about it". Quitting my job put us below the median income and still allowed us to meet all expenses every month - just squeaking by. So, I'm using my last bonus this February to pay for 6 months of car insurance, stockpiling pampers and formula, getting all of hubby's dental work done, and making sure we are set to hunker down for the rest of the year. We'll be filing this Fall and can't wait to get the ball rolling! While we are waiting for 6 month income to drop off, hubby is taking classes to become microsoft certified so he can get a job upgrade in 2009.

[krielly]

Marcie26,
You didn't say what you went to school for. I assume from your post that you are in an entry level job? My guess is that would be expected fresh out of college.
Just wondering if you are in a field in which your work experience now would go towards a promotion or higher paying position down the road. If so, it may be worth it to "put your time in" at this position to gain you the experience to be more competitive in your field in the next couple of years?
I have been working in my profession for 19 years. When my son was a baby, I made very little money. I actually worked a second job just to help with daycare expenses from the first job.
Today I make 408% of my salary at that time.
Not saying this is for everyone, but sometimes an investment early on in your career can pay off down the road.

Just something to think about, and again........depends on your own situation.

K

[One Half Full]

While you are unemployed, I am sure that you can do a bit of "baby sitting" for "cash," and make some extra income. You might also take some classes yourself (using babysitting money) in order to get some interesting skills.