1) Set a timeline for her to take time off with the kids. Summer would be perfect, and she can start applying in the fall. She’s probably burnt out and needs the time off more than either of you know.
2) If you’re not already, develop a written plan to get completely out of debt except for your mortgage. This will lower your monthly fixed costs as much as possible and allow for flexibility.
3) She should be lightly looking and networking (but not stressing) for opportunities over the summer. Bump that information against the review of finances and you can determine whether or not she needs to (or wants to) go back to work or stay home with the kids. Recognize that only 1 income adds stress to your life, because if you lose your job then it gets real, really quickly.
4) Longer term, she can look at online training opportunities or local colleges if she wants to switch careers and feels a degree would help her transition.
This may lead to a reduction in lifestyle, but in a lot of cases (not necessarily yours) lifestyle inflation may have eaten up all of her salary anyway. Cut back on eating out, nicer cars, etc, and you will have more time with the family while the kids are young. The reality may be that she can’t take a break right now due to your financial situation. Then I’d spend the next couple of months figuring out what to cut, realizing that time with family is likely more rewarding than a slightly bigger house, BMW over a Subaru, and more toys.
TL;DR: Take a break. Get your finances in order. Figure out your next steps without pressure.
This is great advice! We're pretty on top of our finances so we have a decent (but finite) runway to get everything figured out. My wife is a VERY driven person, which is the main reason for the push to get a job quickly. If anything I'm trying to convince her that she doesn't need to feel the pressure that she does, haha.
She has been loving the quality time with our children while job hunting which I think is helping to convince her to slow down and find something that really fits the work/life balance she's aiming for.
1) Set a timeline for her to take time off with the kids. Summer would be perfect, and she can start applying in the fall. She’s probably burnt out and needs the time off more than either of you know.
2) If you’re not already, develop a written plan to get completely out of debt except for your mortgage. This will lower your monthly fixed costs as much as possible and allow for flexibility.
3) She should be lightly looking and networking (but not stressing) for opportunities over the summer. Bump that information against the review of finances and you can determine whether or not she needs to (or wants to) go back to work or stay home with the kids. Recognize that only 1 income adds stress to your life, because if you lose your job then it gets real, really quickly.
4) Longer term, she can look at online training opportunities or local colleges if she wants to switch careers and feels a degree would help her transition.
This may lead to a reduction in lifestyle, but in a lot of cases (not necessarily yours) lifestyle inflation may have eaten up all of her salary anyway. Cut back on eating out, nicer cars, etc, and you will have more time with the family while the kids are young. The reality may be that she can’t take a break right now due to your financial situation. Then I’d spend the next couple of months figuring out what to cut, realizing that time with family is likely more rewarding than a slightly bigger house, BMW over a Subaru, and more toys.
TL;DR: Take a break. Get your finances in order. Figure out your next steps without pressure.