The wife will be entering a teacher residency program this coming school year. It basically allows her to do her student teaching (kind of like a year long training program) and get a normal teacher salary.
The down side is that she has to do a 5-week summer course (8am-4pm) every day. There is a possibility of a stipend (no idea how much) at the end of it, though itâ??s not guaranteed. This would basically leave her without a paycheck for 2 months. We both currently make about the same pay, so that would be a huge hit.
We are/were planning on a buying a house in a few months, and obviously might need to rethink that, or make sure we have plenty saved to hold us over.
By the summer she would have a few weeks worth of vacation time saved up, that she could possibly take â??vacationâ?? for 2 weeks and then quit, which would provide us with at least one more paycheck over the summer. I highly doubt they would allow her to put in her 2 weeks notice, and then take vacation during that period. So, how bad would this idea be? I realize professional courtesy would say not to, but I highly doubt she would or even could return to this job even if she did give a real 2 weeks notice.
thoughts?
It’s obviously really early to have to make a decision here, just thinking of different scenarios.
[quote]jehovasfitness wrote:
The wife will be entering a teacher residency program this coming school year. It basically allows her to do her student teaching (kind of like a year long training program) and get a normal teacher salary.
The down side is that she has to do a 5-week summer course (8am-4pm) every day. There is a possibility of a stipend (no idea how much) at the end of it, though itâ??s not guaranteed. This would basically leave her without a paycheck for 2 months. We both currently make about the same pay, so that would be a huge hit.
We are/were planning on a buying a house in a few months, and obviously might need to rethink that, or make sure we have plenty saved to hold us over.
By the summer she would have a few weeks worth of vacation time saved up, that she could possibly take â??vacationâ?? for 2 weeks and then quit, which would provide us with at least one more paycheck over the summer. I highly doubt they would allow her to put in her 2 weeks notice, and then take vacation during that period. So, how bad would this idea be? I realize professional courtesy would say not to, but I highly doubt she would or even could return to this job even if she did give a real 2 weeks notice.
thoughts?
It’s obviously really early to have to make a decision here, just thinking of different scenarios.[/quote]
They have to give you your accrued vacation pay with your last check. So she’ll get paid for those vacation days (and any sick days) anyways.
There is some small tax issues with getting paid for your VACA in one lump sum, which can be worked around seeing as you are planning this far in advance.
Well it seems like Hallowed and CB pretty much answered your questions.
about the person saying
How is he NOT planning his finances? Trying to figure something like this 6 months ahead of time is better than 95% of people.
That being said JF, I’d make sure I considered if she’s going to need this place as a reference. If I told someone that them working for my business was contingent upon then working the summer, and they quit right before the summer, I personally wouldn’t feel obligated to give them a good reference.
Also, I’d consider the economic situation of wherever you’re living as well. If it won’t be easy for her to find another job…then 3 months without pay is better than 6-9. If it’s at all possible, if she doesn’t have another job lined up, I’d just try and tighten the budget or push back the house purchase for a couple months.
Furthermore, will you be able to get a house loan for the two of you with only you being employed? This seems pretty important.
I’m just a 20 year old who’s interested in finances, but just some food for thought.
Edit: Just saw that she might not be able to/want to return to the job. I’d start job hunting now.
[quote]jehovasfitness wrote:
The wife will be entering a teacher residency program this coming school year. It basically allows her to do her student teaching (kind of like a year long training program) and get a normal teacher salary.
The down side is that she has to do a 5-week summer course (8am-4pm) every day. There is a possibility of a stipend (no idea how much) at the end of it, though it�¢??s not guaranteed. This would basically leave her without a paycheck for 2 months. We both currently make about the same pay, so that would be a huge hit.
We are/were planning on a buying a house in a few months, and obviously might need to rethink that, or make sure we have plenty saved to hold us over.
By the summer she would have a few weeks worth of vacation time saved up, that she could possibly take �¢??vacation�¢?? for 2 weeks and then quit, which would provide us with at least one more paycheck over the summer. I highly doubt they would allow her to put in her 2 weeks notice, and then take vacation during that period. So, how bad would this idea be? I realize professional courtesy would say not to, but I highly doubt she would or even could return to this job even if she did give a real 2 weeks notice.
thoughts?
It’s obviously really early to have to make a decision here, just thinking of different scenarios.[/quote]
They have to give you your accrued vacation pay with your last check. So she’ll get paid for those vacation days (and any sick days) anyways.
[/quote]
All states are different in how they treat accrued vacation and sick days. Her employee manual could override any state laws about accrued vacation time.
[quote]jehovasfitness wrote:
The wife will be entering a teacher residency program this coming school year. It basically allows her to do her student teaching (kind of like a year long training program) and get a normal teacher salary.
The down side is that she has to do a 5-week summer course (8am-4pm) every day. There is a possibility of a stipend (no idea how much) at the end of it, though it�?�¢??s not guaranteed. This would basically leave her without a paycheck for 2 months. We both currently make about the same pay, so that would be a huge hit.
We are/were planning on a buying a house in a few months, and obviously might need to rethink that, or make sure we have plenty saved to hold us over.
By the summer she would have a few weeks worth of vacation time saved up, that she could possibly take �?�¢??vacation�?�¢?? for 2 weeks and then quit, which would provide us with at least one more paycheck over the summer. I highly doubt they would allow her to put in her 2 weeks notice, and then take vacation during that period. So, how bad would this idea be? I realize professional courtesy would say not to, but I highly doubt she would or even could return to this job even if she did give a real 2 weeks notice.
thoughts?
It’s obviously really early to have to make a decision here, just thinking of different scenarios.[/quote]
They have to give you your accrued vacation pay with your last check. So she’ll get paid for those vacation days (and any sick days) anyways.
[/quote]
All states are different in how they treat accrued vacation and sick days. Her employee manual could override any state laws about accrued vacation time.[/quote]
good point.
Wife should refer to employee handbook.
In Maryland the accrual of paid vacation is not required of employers however since her employer DOES provide for paid vacations it appears that a legal obligation is then created for that vacation time to be paid upon termination (volutary or involuntary)
When I quit my last job (I live in MD), the employee agreement was that only 1/2 of your vacation would be paid out. Some employers can pay nothing in MD, so you’ll have to check with the employer. They don’t have to give you anything.
I just finished student teaching. I was instructed to do everything in my power to ensure a good reference especially given that its not as good a time as it used to be to get a teaching job. I just talked to a guy that said they’re looking for full certification even in para-educators (teachers aides) just because its that competitive.
If you don’t have other experience other than student teaching, and you don’t have a good reference from that how would you get a job in the future?
^Your wife I mean, how would she get a job?