Hello!
My husband and I are trying to work out what to do after our baby comes this summer. With daycare rates what they are, and our families too far away to help with child care, we would like my husband to stay home with the baby after my maternity leave is up. Then we plan on moving closer to family next summer. (We are open to this happening sooner, but I have to turn in my maternity leave plan in the next couple weeks.)
I will receive about $2500 in disability over the summer along with my regular paycheck and we could potentially use this to help make the transition smoother in the fall/winter or invest it (or help replenish the HSA) as I will still receive my regular checks from this school year through August.
I am a teacher and my pay for next year will be figured using this formula:
Contract days (187) - {Leave taken (60 days max) - days in sick leave bank (30)} * daily rate (is $195 is after deductions)
First day of school for teachers is August 15th.
My husband brings home about $13 an hour and his health insurance is covered through his work. After he quits our HI premiums will go up $175 a month. We are not sure what kind of leave or adjusted schedule he might be allowed, right now we are working on worst case scenario.
We are trying to decide how much time I can take off of work while he is still working before he quits to stay home (he will need to find some kind of part time evening work but that is for another post)
What I am trying to figure out is:
- How much maternity leave can I take before it is cheaper for him to quit.
- How much will our monthly income be for Sept 2016, Oct, Nov, and then Dec-September 2017.
- Is there anything else I am neglecting to consider
I am pretty sure there is a not too complicated equation to figure this out, but alas I cannot seem to remember how to do it.
Thanks!