Anyone else replenish savings only once a year?

[mamaofprincesses]

A little background: DH works full time at a good job with excellent benefits. I work part time, 17 hours a week. We have three kids, who are 5, 3, and 8 months, and I'm due in Jan. with baby #4.

I think I need to quit my job, for many reasons. At that point, with the help of WIC, and DH's raise that will go into effect Oct 1, we can make it. It will be tight, but we should be able to meet our monthly obligations. I've got it all worked out. . . on paper.

But we won't have any to put into savings. What we're planning to do, is bank our tax return (which was about $2,000 last year, and might actually go up a little this year) and most of DH's overtime from tax season (he works in a tax-related job, although he's not an accountant). After paying the bills from the birth, and maybe spending a small sum on home repairs/maintenance, we should be able to bank $2500-$3000. Unless we have an emergency between now and then, we should still have our $1,000 emergency fund in addition to that money.

I think my problem is guilt. I have a good job (I make over $16 an hour doing something I LOVE, and have a lot of flexibility in my schedule). I should work, right? Even if it means that I'm stressed. . .but I just want one year off, maybe 18 months, and then I'll start picking up hours again. I work in a field (adult ESL teaching) that has more part time work than full, and that is fine with me!

So baby will be born Jan 2011, and I'll start looking for a class to teach fall of 2011. At the latest, I'll start busting my tail for work fall of 2012, when DD2 starts school and the baby will be well established on solids.

Sorry I'm rambling. . .I think I want someone to tell me that I absolutely can make this work, I just need to be disciplined about it.

Thanks!

[honeybunmom]

Why give the government what is essentially an interest free loan? Can you use a tax (other) calculator to figure out how many deductions you and/or your husband should be taking on your W-4 (is that the right form?) to get more of your money in your take home pay each month so that you do not get a refund at the end of the tax year? Then you can take your 18 mos off with a little more breathing room. And for goodness sakes, if you bring home more that you actually *need*, then put it into savings so that if you do owe a bit, you will be prepared.

[mamaofprincesses]

We have already adjusted our withholding; the tax return we get comes from the child tax credit, and the EIC. We get more back than we've paid in.

And I'm not an idiot. We ARE saving money right now; we are also spending some taking care of medical needs (DH was recently diagnosed with sleep apnea) and home repairs. I don't need someone to say, "for goodness sake, you should SAVE!" Duh. I know that. Thanks though!

[honeybunmom]

Originally Posted by mamaofprincesses

We have already adjusted our withholding; the tax return we get comes from the child tax credit, and the EIC. We get more back than we've paid in.

And I'm not an idiot. We ARE saving money right now; we are also spending some taking care of medical needs (DH was recently diagnosed with sleep apnea) and home repairs. I don't need someone to say, "for goodness sake, you should SAVE!" Duh. I know that. Thanks though!

I certainly didn't mean to imply you are an idiot. Sorry if you took it that way! I was talking more about in the event you were able to adjust your withholdings and bring more home, now. In the first year, I'd imagine that it would be a little trial and error, so, I meant it more tongue in cheek . . . aaah, for all the advances of technology, we still can't get tone across. Apologies!