Argh work not worth it plus confused with tax credits

[charlie84]

Well me and OH have decided that i shall return to work in January when Calleigh is 9 months old. We had decided that i should go back full time as we really need to get our own house so need the income however i just dont think its gonna be worth it at all. The childcare costs are going to be around £139 per week if we put her in a nursery which i am leaning toward. So this will take a huge chunk out of my income, basically after taking out childcare costs i would be left with not alot.

I thought i would do a check and see what i might be eligible for when it comes to the childcare element of the tax credits.
So i entered all mine and OHs income at what it will be when i return to work and what the childcare costs will be and the childcare element covers about a 1/3 of the nursery costs. Now i am mulling over whether its worth going back full time at all as i dont really think i will have alot left from my income to save for anything.

I did however notice that the tax credit element seems to be quite high, now i am confused, why would it be higher when i return to work

Oh all this money malarky is driving me up the wall, i just dont know what to do for best.

I have told work i will be returning in January and i am going to arrange a meeting with my boss to discuss hours etc, they are being quite good TBH so i dont think it will be a huge problem if i ask to return part time.

How is everyone else doing with the deciding on returning to work thing?

 

[KERRYGOLD00]

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[nori]

Well i would love to be a stay at home mum fulltime but just to break even with bills etc i am going to have to do something. Ive decided to go back part time (17 hours or so) which will work out about 2.5 days a week. If we still struggle then im considering doing a couple of evenings. Going back fulltime for me personally isnt an option i want to consider.

I realise we will have to make a lot of sacrifices but im sure it will all be worth it when im spending time with my LO.

Good luck with whatever you decide.

Claire x

 

[Llys]

I intend to go back 3 days a week.

With child tax credits, tax credits (as my salary will reduce to under 15k) and child benefit, I'm actually only about £50 worse off than when I was on a 5 day week!

That's a no brainer for me!