Firedup:
I have done parts of all these and managed to come out fine in the long run. Kudos on valuing your children above all else.
Carpe Diem

 

FiredUp,

Not sure if you are a CFI-I if so, great, if not, you might look into getting a Ground Instructor rating and then you may be able to find a sympathetic FBO/flight school where you can teach Oral/Ground Instruction. This shouldn't count against your commercial time for your job and would be another way to supplement income. Good CFII's w/ good flight time/experience can get $40-50 an hour if they know what they are doing! Trust me! I would probably stay way from flying outside of the new job just from the standpoint of exposure but Groundschool would seem like a win/win. You'd be tired but at least you could get some more dosh!?
Just throwing darts at the board?

 

If daycare is so expensive i.e. local babysitters get paid a lot--have your wife be a babysitter. She could look after one or two kids in your home and get paid tax-free.

 

we have actually thought about babysitting, and it may be an option. Thanks for reminding me about that again. it slipped my mind at the moment!
As Balloon Chaser said about the CFI thing, Yes I still have my CFII which I kept "just in case" and this may have to be one of those moments. I wasn't sure about how the airlines handle the extra flying? Maybe like he said I need to do the ground school or something...

 

ok....now seeing the ages of your kids does your wife know anyone with a 2 year old who needs PT daycare for their child? If she is willing to watch someone else's child a couple days that would be cash in her pocket. We have a 2 year old and when our neighbor's 2 year old is over playing they completely entertain each other for hours. It's actually easier having 2 then one (to me at least). Do you have any family in town that could help watch the kids? Also...what about working at home? The Today Show had a segment last week about working at home jobs that were the real deal. Good Luck...were in month 7 of the first year major pay and we are very budget careful...we pretty much eat whatever was on sale buy one get one free at the grocery store! My 5 year old asked the other night if the chicken we were eating for dinner was buy one get one free? haha!! % months to 2nd year pay ...who's counting

 

sorry RogAir just read yours didn't realize that you wrote the babysitting idea....guess mine not original...haha

 

Well, given your situation, you might qualify for a fair amount of Earned Income Credit on your next tax return. Less than $38K on the W2, married with a couple kids, who knows how much you'll qualify for.

 

I feel everyone's pain here. I am about to start working for a major airline, and I have never felt so poor. I am not complaining, it is just nice to see other people in the same boat as me. Good Luck to all of us.

 

I'll throw my 2-cents in and vote for the HELOC. I'm about to start my pay cut soon, and we've been blessed with 1) a huge tax return this year 2) a little bit of severance left from the last job 3) already have a HELOC in place with about 6K left on it.

But budget is key-- it amazing the money (and airline gut!) you can save my eating in your room-- oatmeal packets for breakfast? And making your own coffee vs. $4.00 for the mongolattefrappeewhipachino.

And yes, another vote for my wife staying home with the kids (also 2 + 9 mo.)

Can you believe my wife and I were actually entertaining the thought of redoing the kitchen and bathroom right now???? Thankfully Providence removed that thought quickly.

 

It is a tall order to do what you want, but it sounds like others have made it happen. Cars paid off - check. That is a HUGE thing right there. You should be able to go a year without buying new clothes (possible exception of some necessary items) especially if the wife is doing the stay at home mom thing. She doesn't need fancy clothes for that. My wife and I make virtually all of our own meals. We get take out about once a week. Not only is it incredibly cheaper, but it almost invariably tastes better and is better for you.

I would personally avoid increasing debt if possible, but having the HELOC in the background would suffice for emergency funds since you don't have any in the bank already. I think reducing your expenses would be better. Do you NEED cable and a cell phone? That is about $100 a month right there. Or maybe just you with a cell phone as you will be traveling and your wife doesn't need one. Probably a bunch of little things you can do that will add up.

I'm getting ready to make the transition from military to airline and it is going to be about a 60% pay cut for me, but we don't have kids yet (intentionally waited until after this period of low pay), my wife makes good money, I'll have a reserve gig, and we have a stash of cash and cars paid off. I have been working on this plan for about two years though.