======= Date Modified 02 29 2008 22:29:17 =======
Thanks Smilodon and Ruby for your candid views. Very useful to know. I don't have children yet but I've also got concerns about starting a family in the near future so I'm weighing different options such as getting work experience post-MSc for a couple of years then do PhD  part-timish at my leisure (my field is health economics by the way) or try to do the PhD asap.

My interest in studying a PhD has grown in the last few months so I was wondering about the practicalities, given my living expenses especially my new mortgage.  However, I'm doing some fact-finding hence joining the forum. My reasons for wanting to a Phd are more for the long-term rather than 'on-a-need-to-basis' or 'higher salary' basis. It's just that you get to a point in your life and you just want to get on with normal life and realise you've got to put food on the table as they say, but you'd also like to fulfil your potential and I do enjoy research and can see myself in academic/consultancy areas.

Thanks again, you've helped put things in a new perspective. I think I'll one step at a time. I will worry when I see a topic that I actually like!

======= Date Modified 02 Sep 2008 16:08:35 =======
I think it would depend on how you are planning to fund your PhD and whether you are doing it full-time or part-time. A PhD is a much longer and more time-intensive commitment than a masters, and unforeseen events can unfortunately make it last even longer, should you need time out for bereavement/illness/other personal things. A 6 month or one year suspension of studies can easily mess up any careful financial planning you might have done prior to embarking on a PhD, but life happens, as they say, and you need to be as confident as you can that you're able see it through financially.

I did my masters part-time while working in a full-time job, which was ok. I started off in the same way with my PhD, but quickly realised I had to give up some of my job to realistically do my doctorate properly. I paid off most of my mortgage before I chucked in half my job, as tend to be quite cautious about money stuff and didn't want to get into a dodgy financial situation that would make me even more stressed than a PhD normally should! Apart from not being able to plan for unforeseen life circumstances that might lengthen the time you spend on your doctorate and put a correspondingly greater financial burden on you, there are also annoying property-owning expenses that have to be met, and tend to happen when you least expect them - eg if a boiler needs replacing, or other domestic things that are really boring to spend money on, but essential.

In retrospect, I would have had real problems if I'd done my PhD full-time on a bursary, as I got rushed into hospital for a major operation a couple of years ago completely out of the blue, which entailed a long recovery period and time off my PhD. Goodness knows what the situation is if that's your only source of income and you're really ill. I don't want to sound pessimistic or put you off as it's worked out fine for me so far - am more sensible than I realised 8-). But unless you're a millionaire or have other people who can support you financially, it does need some serious thought and planning.

Agree with Ruby it depends on whether you are PT or FT and whether you are soley responsible for your motgage. My daughter was the 'unforseen event' that cause a financial headache for us, as I then took 2 years out and when i did return my grant was used up paying for childcare. Fortunately my husband covered the payments but the 2 years out were very tight. The length of time of a PhD vs a masters makes planning quite difficult. Otherwise it's just like any payment e.g. rent surely. How old are your children?

Hetty, it would be better if you posted new posts rather than edit your original as things get confusing!

I have a mortgage but luckily my parents have been helping me out a lot. In reality, if your mortgage repayments are not too high, you are better off than someone who is renting. If you are planning on a part-time phd, possibly start saving like mad now so you can help yourself when you get down in funds, especially if you are thinking about kids.

I'm in that stage in my life where I'm thinking about kids but I'm about to start a new job, so basically my new career after x number of years at uni. I don't really want to stall things by taking loads of time out of work to have kids but I don't want to leave it too late so I'm a bit argh if anyone mentions that subject to me!

I think you are looking at the whole thing in a realistic way which is great. My suggestion to you would be do the phd sooner rather than later!