My wife and I are expecting our first child in a couple of months and we have some difficult decisions to make regarding work/childcare. We both work full-time now and things are going great. We have no debt besides our mortgage, no car payments and we are able to put away a decent amount of cash each month into our retirement plan and general savings accounts.
We have made the decision not to put our children in daycare. My wife will be able to work a few days a week and our family will be able pitch in and watch the baby. The catch is that she is not going to be making close to what she is making now and will be getting paid significantly less than we thought she would be. She will still be making enough that it will allow us to pay the bills and save a little bit but not much beyond that.
The other option we have is to sell our house and to move to Charlottesville or to the Raleigh/Durham area. With the equity we have in our house we will be able to buy a new place with a greatly reduced mortgage and my wife would not have to work at all. We would still be able to save a significant amount of money as well. I work from my home so my job will not be affected.
The catch is that our family is all in the DC area and we are having a hard time imaging living that far from them. I believe it is important that my children be close to their cousins and we are very close to our siblings.
What would you do if you were in my situation?
Well it looks like I put this in the wrong forum, it was meant for the softer side moved