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Becoming a SAHP - do these figures look workable to you?

(40 Posts)
Namelessonsie Sun 15-Jun-14 16:14:02

DP brings home 2k after tax pm
I get child benefit for 2dc - approx £100 pm
Mortgage £310 pm
Gas and electric £70 pm
Food and petrol £700 pm
Phones (landline and mobiles x2) £50 pm
TV £12
Toddler groups £20
Broadband £15
Water £50
Rates £150

Yearly car costs I estimate at £600 per car (x2) for mot and repairs, tax and insurance?
House insurance is about £300 per year I think. So for both of these maybe another £200 per month say.

So that leaves about £400 per month for clothes, presents, holidays, something breaking, house repairs etc.

I must have forgotten something surely? Everyone says

Namelessonsie Sun 15-Jun-14 16:15:32

Gah, baby posted too soon.

Everyone says how you need a large wage to have a SAHP!

Oh and haircuts. £15 for DP. £20 for me, £10 for dd1 every 2-3 months.

We don't buy magazines, take sandwiches etc...

ThinkIveBeenHacked Sun 15-Jun-14 16:20:34

Seems fine to me. Dh and my combined wage is not much more (both work ft) a d we have £200pm childcare and £450pm mortgage.

Only one car so I suppose it balances out.

We manage fine and probably have similar left for treats. We get a take away each week and if one of us is invited on a weekend away we manage to go.

We arent waiting for payday. Looks fine to me.

Holfin Sun 15-Jun-14 16:22:11

The first thing I thought is have you have planned for your mortgage increasing if interest rates go up ?

Namelessonsie Sun 15-Jun-14 16:26:11

We are on a fixed for 4 more years - which is when I plan to go back to work smile

Artandco Sun 15-Jun-14 16:28:18

I think it tight. There's no allowance for toddlers growing and eating more, needing to buy beds/ school trip expenses soon, a holiday ever.

Your housing, food and petrol use over half total income.

How would you be if say you needed £30 extra a week on food, or if needed a new shower, carpets.

Now our children are only 3 and 4 years, yet they eat far more in the last year than ever before. Ie dinner is now 4 pieces of salmon, rather then having a small piece of ours like they used to.
In the last week I've brought x2 pairs of sandals, x1 raincoat, x2 bottles of suncream, a waterproof mattress protector and several ice creams out! At least £200 on top of normal week. Next week we have to pay for x2 nursery trips to zoo at £52 for both.

I think £400 a month to allow for entire family's clothes/ new boiler/ day to day is tight

minifingers Sun 15-Jun-14 16:29:44

Dental treatment?

RebekahMacd Sun 15-Jun-14 16:30:34

We're on one wage (DH gets about 1300 pm). We don't have a car but our mortgage repayments are higher. We're doing fine. Don't have a lot left over at the end of the month, but it's nicer than me going out to work. We manage to eat out every now and then, and get a lot of treaty food since I'm pregnant and live on chocolate at the best of times anyway. ;)

We've been on one wage for nearly 6 years, though, since DH studied for 4 years just after we first got married, so we had plenty of time to get used to it before DD arrived (she's now 2).

Budgeting definitely helps, and keeping track of what you spend on food is a good way to help you see if you need to cut down.

RebekahMacd Sun 15-Jun-14 16:31:43

3 years' study, not 4.

ILikeWarmHugs Sun 15-Jun-14 16:33:31

It's tight but it's not impossible.

Will you be able to save anything? 4 years and no regular saving would make me worry. Do you already have savings that you could fall back on in an emergency?

melissa83 Sun 15-Jun-14 16:37:05

We have a similar income and mortgage and manage a couple of abroad hols, a uk one, a car, classes etc. I find it easy tbh

OutragedFromLeeds Sun 15-Jun-14 16:38:44

It looks workable. Most things on your outgoings list could be cut back if necessary so you have some wiggle room if you need it.

Namelessonsie Sun 15-Jun-14 16:43:07

Yes we already have savings - about 6k although we'd rather not dip into these except for something really dire.

We have a tent for holidays and next years haven is already booked so will be dead cheap. Only cost us £400 including eating out this year!

I don't yet shop at aldi so we can cut back on food - currently buy eg organic milk and eggs, and finest meat although we are mainly veggie. I do have a serious chocolate habit though!& grin just started using a bread machine to save a bit there, but certainly could cut back more, although I think good food is important.

I could do tutoring or exam marking possibly as well in the interim. Possibly even supply teaching if I could make the child care work....

We could also ditch one car, but then we would just need it again when I start work and they have both been very very reliable so far....

I keep worrying, but DP says it is doable and that he's even been saving while I have been on maternity leave and saving up my SMP as a trial run!

Sillylass79 Sun 15-Jun-14 16:44:10

Message withdrawn at poster's request.

Namelessonsie Sun 15-Jun-14 16:46:32

We have a low mortgage as we have basically tried to save and pay off the mortgage as quickly as possible so have always been fairly frugal. Been paying off about 10-15k per year lump sum, although that was on 2 wages and no kids....

gutted2014 Sun 15-Jun-14 16:48:40

Have you factored in house/car insurance? Also holidays - an optional extra, I know, but most people like to have at least one holiday per year, whether at home or abroad.

�700 per month seems loads for food & petrol to me. We spend about �300 per month for 2 adults & 3 dc under 6 (inc 2 in nappies), so maybe this is an areyou can make some savings in?

Namelessonsie Sun 15-Jun-14 16:50:28

Yes I factored in 200 pm for car and house insurance, although it is much lower - we pay yearly anyway and can't be arsed to do the arithmetic!

gutted2014 Sun 15-Jun-14 16:51:28

Sorry, meant 300 for food etc, 50 per week for petrol

Artandco Sun 15-Jun-14 16:54:15

Your mortgage is very low, our rent is £1850 for a one bed in comparisons. We couldn't have same income with our rent

SunnyRandall Sun 15-Jun-14 16:58:55

We manage easily on less that £400 pcm for "other" expenses. £70 in fact but we save £200 a month so use that if need be - although not often.

Holiday is paid for by dh overtime.

My dm does usually buy dc school shoes in Sept though and any clothes for me or dh has to come from "birthday money".

I would apportion some of your £400 for savings even if you end up dipping into it now and again.

SunnyRandall Sun 15-Jun-14 16:59:38

Oh and our income is lower than yours and mortgage is higher!

PossumPoo Sun 15-Jun-14 17:00:55

I'm with Sillylass re saving. You've only got £6,000 which isn't a lot when you own and especially with only one wage coming in. I'd be taking £200 from that £400 monthly 'extra' and making sure I banked it.

But I think it's doable, certainly with your low mortgage and depending on where in the UK you live (I would say it's tight for London/SE) but you sound like you're pretty good with minding your money smile

Think about though how you will re-enter the work force. I work in HR and having a big gap in your CV in my sector would mean you'd get overlooked unless you could show you'd kept your skills up-to-date.

ClariceBeanthatsme Sun 15-Jun-14 17:01:27

Same position as us money wise and yes its a bit tight but we only plan for me to stay at home until youngest dc starts school.
I would rather budget a bit more and be able to spend this time at home with my dc's.
I do think If you can afford to do it and be a llittle tighter with money for a while its not something you are likely to regret.
While the dc are young I bet they would rather have you at home

PossumPoo Sun 15-Jun-14 17:02:29

Art are you in zone 1 central London - that seems high for a one bedder! (completely out of touch with renting in cool areas though...grin)

Sillylass79 Sun 15-Jun-14 17:02:59

Message withdrawn at poster's request.

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