financial plans + kids

[VackAttack]

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Hey everyone,

To my fellow non-trads with kids... what are your plans for your kids when med school starts? I'm a youngin with with 2 little kids, so my wife and I don't have much in savings at all to live on. She works full time, and we're trying to figure out what we'll do with our kids when med school does come around. If she stays home, then we have no income, but it'll be ridiculous to put them both in day care from 9-6 every day.

I just wanted to hear from anyone who has any plans in the making or anything... we don't have any parents who live in the same city as us to watch our kids, and there are no med schools in Texas (hopefully staying here) in the cities in which they live.

Thanks!

 

[gcvfish]

I plan on joining the military when I get accepted into Medschool. Of course this option is not for everyone. I've wanted to be in the Army since I was in High School. They pay for all your med school expenses plus give you upwards to 2,000 monthly for living expenses, so that will take care of the financial issue.

We have two sons and we have another on the way, so hubby will definitely have to stay home with the kiddos and maybe have a part time job as well.

 

[LupaCupcake]

$2,000 a month to pay for living expenses and 2 kids....I don't see how $2,000 a month can pay for everything with a 4 person family, but I live in a somewhat expensive area so that does make a difference. The cost of living here is different than other places. (not my choice, military stationed us here)

A tidbit with your military note... Just be aware that the military cuts costs whenever they can so don't ever expect the maximum possible amount of anything unless you have enough reasons to qualify and they don't have a choice. Not saying the military is bad, it is helpful. I am a vet and my husband is still active duty. My gi bill has allowed me to get a bachelor degree without any loans, can't argue with that. It is really beneficial at times, but they will cut costs whenever they can and it is all about the needs of the military, not the needs of the people serving. The quicker people in the military realize that, the better they adapt.

ANYWAYS...to the thread maker

If your sweetheart wants to be a stay at home parent why can't they work from home? It takes discipline to do something like that, but it is possible. They can be a virtual assistant online, if they make anything homemade they can sell it online (although those things don't make a lot of money) or they could get certified to run an in home daycare from the house. I speak from personal experience that having a daycare in your home is stressful, but it can pay the bills and allow the kids to be at home. Each state has different rules regarding having an in home daycare, but they do need to get certified, have home inspections, a few certifications from the red cross, meet dietary requirements with approved meal plans, be very organized, the list goes on and on. It is not for everyone, but it can make decent money.

You could always max out school loans and use what does not go towards school to pay the bills. What about part time daycare for the kids? Daycare is not evil and it does have social benefits. Make sure it is a nice daycare facility with lots of activities and a good child-staff ratio.

 

[theseeker4]

Hey everyone,

To my fellow non-trads with kids... what are your plans for your kids when med school starts? I'm a youngin with with 2 little kids, so my wife and I don't have much in savings at all to live on. She works full time, and we're trying to figure out what we'll do with our kids when med school does come around. If she stays home, then we have no income, but it'll be ridiculous to put them both in day care from 9-6 every day.

I just wanted to hear from anyone who has any plans in the making or anything... we don't have any parents who live in the same city as us to watch our kids, and there are no med schools in Texas (hopefully staying here) in the cities in which they live.

Thanks!

My wife works as a teacher, so for us it will be daycare. I will increase my COA for day care costs so the loans can help cover the expense (50% of the cost is available since I have a working spouse, people who are single parents can receive 100% of the daycare cost in additional loans). This is no different for us than when we were both working; our son was in day care all week anyway since we both worked. No sure why it is "ridiculous" to have kids in day care, that is kind of the whole point of day care...

Crunch the numbers of you wife working, vs. staying at home. As already suggested, see about your wife working from home, either virtually commuting or being an in-home daycare, etc. If the lower amount of available money is manageable, and you are that opposed to day care, she should stay home. If you can afford her not to work, know that your kids being in day care, while not ideal, won't hurt them.

 

[Bigz]

My wife works as a teacher, so for us it will be daycare. I will increase my COA for day care costs so the loans can help cover the expense (50% of the cost is available since I have a working spouse, people who are single parents can receive 100% of the daycare cost in additional loans). This is no different for us than when we were both working; our son was in day care all week anyway since we both worked. No sure why it is "ridiculous" to have kids in day care, that is kind of the whole point of day care...

Crunch the numbers of you wife working, vs. staying at home. As already suggested, see about your wife working from home, either virtually commuting or being an in-home daycare, etc. If the lower amount of available money is manageable, and you are that opposed to day care, she should stay home. If you can afford her not to work, know that your kids being in day care, while not ideal, won't hurt them.

I think the ridiculousness part the OP was talking about is the cost of day care which is at extortionate rate IMHO.

My wife worked part time and kids(2) went to day care part time @ $800 a month. I applied for Child care Assistance but they denied base on some technicality. Look into what help your county can provide including childcare, medicaid for the children etc. I paid rent with laons and we used wife's part-time income for home expenses and food. Good luck

 

[ejw5075]

If your wife likes children (Besides her own, of course) she could work in a daycare. Or as a private nanny. Most daycares let you bring your own children for free and they obviously don't pay super well but it would probably be enough + your loans depending on your lifestyle.

You can also increase your COA for housing, i am sure there is a max but all they budget for in your finaid office will be a 1BR unless you can prove otherwise. Same with daycare, my classmates who chose to do this said it is much easier to get approved if you enroll your child in the daycare on campus, provided your school has one (or four).

 

[cabinbuilder]

Hey everyone,

To my fellow non-trads with kids... what are your plans for your kids when med school starts? I'm a youngin with with 2 little kids, so my wife and I don't have much in savings at all to live on. She works full time, and we're trying to figure out what we'll do with our kids when med school does come around. If she stays home, then we have no income, but it'll be ridiculous to put them both in day care from 9-6 every day.

I just wanted to hear from anyone who has any plans in the making or anything... we don't have any parents who live in the same city as us to watch our kids, and there are no med schools in Texas (hopefully staying here) in the cities in which they live.

Thanks!

I went to medical school with a 2 yr old and 5 yr old. My oldest started kindergarten that year and went to before school care at his school and I put him in after school Spanish so he would have a place to be for most of the day I was gone. My husband worked Thurs, Frid, Sat, Sun so I had my little one in day care for 2 days a week. You may not have a choice to put your kids in daycare all day. It is not forever and you do what you have to do. Before I went to school both of my kids were in daycare from6:30am to 4pm M-F. I didn't have a choice. They survived and don't really remember ever going. Look into qualifying for daycare assistance if that is available where you go to school.

Depending on where you live $2000/mo is survivable. When I got my student loan checks I paid my rent for 6 months, my daycare for 6 months and stocked my house with food from Sam's club. We did not go out to eat and did free things with the kids. We were fortunate to live close to a dollar theater with 50cent tuesdays. After that we lived on $1200/month and did quite well but I had to budget and got really good at recycling meals and never threw any food away. Plus I don't buy any prepackaged foods and bought everything I could at the discount grocery store.

 

[VackAttack]

I think the ridiculousness part the OP was talking about is the cost of day care which is at extortionate rate IMHO.

That's correct, talking about the cost of day care... I know living in Dallas is cheaper than living in other parts of the country, but it still adds up. We're thinking we'd take out more student loans to cover any extra costs, and it could be an idea that she free lances from home (a plus of being in the fashion/design industry). Since it's a year off, we'll see how everything turns out with Obamacare because we have insurance through her work, and if she wasn't at work, who knows...

Anyways, thanks to everyone who replied... some good ideas! But no offense to the military, it's just not something I'd ever look into as an option.