First up, I came across MMM when reducing expenses so I could take unpaid maternity leave. Now I'm 35 with 2 kids, 1 in school, 1 toddler. Live in Ireland so very different taxation and social welfare. I've worked to figure out a good balance for us. Dh works 70+ hours a week so the bulk of the house/kids falls to me. So at present I work 16 hours a week and love it. Love time with the kids and love going to work. Financially I make about €16k a year with €5.5k going to childcare. Need to make a few adjustments but don't see an issue in putting 20% of salary in a pension (have been putting 10%) and also have been saving €1.5k a year for kids education (in my name so reserve the right to spend how I please). And we live comfortably, low income but low expenses.
So it's working for us at the moment but obviously will not get me to FI anytime soon and is pennies compared to lots of mustachians :)
So, I sometimes wonder if I should be working more while I'm able, to build up that nest egg? However if I worked 40 hours a week,with all the extra pressures that will put on our family, after paying taxes, commute and childcare, I would have an extra €110 a week/ €5.7k a year. Just doesn't seem worth it to me. Only big advantage I can see is that I can put up to 20% of salary into pension tax free, so some of that tax could go into a pension. But there's a high personal cost to that.
Have about €30k invested but we have a lovely 41% tax on interest earned so much harder to invest here.
In a few years the kids will be in full-time education so that will either reduce (or eliminate) childcare or I can work more hours for same childcare.
So what are my options?
1. Go back to work full-time now, get that €5.7k, lose the will to live
2. Continue as we are for another few years, reassess when both kids are in school
3. Other option I'm not thinking of?