Friday, December 14th, 2012
Editor’s Note: Parents.com has partnered with LearnVest.com to bring you a monthly series of posts about money-related topics related to moms. These guest posts will be shorter, edited versions of longer features from LearnVest.com. The following essay reveals how one mom made the tough decision to whittle her budget in order to send her kids to private school.
When my husband and I were house hunting in 2006, admittedly the last thing on our minds was the quality of our neighborhood school, because we never intended to be living there when our daughter started kindergarten.
Now, six years later, we’re paying five digits a year for our two kids to go to private schools, even though it’s putting a major strain on our finances. We’re a single-earning family, and that sole earner (me) happens to be self-employed in journalism, a field that took a major hit during the recession.
Looking back on our own situation, sometimes I wonder how we managed to get here…
We Started Off With a Plan
Our daughter wasn’t even 2 years old in 2006 when my husband and I both quit our jobs. I left my position as a corporate marketing manager to be a stay-at-home mom, and my husband stopped teaching to enroll full-time in graduate school—where he was going to get his doctorate in music education to become a professor—in Urbana, Illinois, a full 700 miles away from where we were currently living in Rochester, N.Y.
I had major concerns about going into this situation with both of us not working. But my husband was awarded a prestigious academic fellowship that came with a $19,000 stipend, we had the option to get student loans and we had some savings as well.
After a lot of talking, and a lot of compromise, we decided we could make it work on a limited income for the time being, but it was going to be very lean.
Our first shock was the high cost of real estate in our new city. In a small college town like Urbana, sellers have you over a barrel when the housing stock is limited and you have no option but to settle there, so we ended up buying a half-built tract house in an “affordable housing” development that also offered a hefty tax incentive. After all, the plan was to move wherever my husband got a job at a university after he graduated in three years…
Where It All Went Wrong
My husband surmised that a typical doctoral program in his field took about three years to complete–two years of coursework and one year writing a dissertation. Then he would hit the academic job market, looking for (and hopefully getting) a position as a professor.
At least, those were our plans. We didn’t anticipate how having a family would impact my husband’s studies. Because we are so far from our support system, he often had to step in and take over for me when I needed to leave the kids at home for some reason, or if I was sick (in the last four years I’ve had three major surgeries). All of that took time away from working on his degree and he fell behind.
A multitude of obstacles (including those mentioned above) have prevented my husband from finishing his schooling. On top of that, his academic advisor left the university, stalling his dissertation until he found a new one. He is slated to graduate in 2013, but the bottom line is, we never expected to still be living in Urbana six years after moving here.
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