to ask how much money you have left each month after paying childcare and work related costs?

(41 Posts)
Minicooper Tue 10-Dec-13 16:37:35

Just looking into going back to work and weighing up my options. Wondering what you do and whether you make anything financially or if its more a case of keeping going professionally (and staying sane!) And at what point you start actually making some money again....

Minicooper Thu 12-Dec-13 13:23:46

I know, beansprout - scary isn't it?!

Beansprout30 Wed 11-Dec-13 20:47:21

Blinkin eck these fees really make me wince! I dont have any children yet but someday we would like to and the thoughts of childcare costs already worry me!

bakingaddict Wed 11-Dec-13 20:25:42

I work 3 days a week and pay £60 a day for both kids.
Minus 90 a month travel costs I have about a grand left out of my salary. I would weep at paying 1600 a month in childcare

HankyScore Wed 11-Dec-13 20:22:03

We both work ft but Dh asked under the flexible working thing to work 7-3 instead of 9-5. This saves us 30hrs a week childcare costs as I do drop off and he does pick up (two school age and one toddler).

So that's roughly £600 a month saved.

Can you work out something similar?

Twilightsparklesmama Wed 11-Dec-13 20:15:32

I take home 1200 after child care. I work 21 hours a week DD1 gets her free 15 hours I just pay £4 a week extra for her to stay for lunch 2 days. DD2 does 13 hours in nursery. I am very lucky that my mum has them both one day and my DH works 4 and a half days so has the kids one afternoon.

moneythread Wed 11-Dec-13 20:10:08

When I went back after DS2, so had 2 in full time nursery, childcare was 1600/mth so I was earning 400 plus childcare vouchers plus pension.
Now DS1 has started school, it averages as earning 900 plus childcare vouchers plus pension.
I know I'm very lucky in terms of salary.
There seems to be 2 ways to go back to work - earn decent money, or have family cover much of the child care. Otherwise, its SAH time. I'm very lucky that I can afford to go back to work. My mental health really suffered at home with (very much wanted) small people.

Minicooper Wed 11-Dec-13 16:07:11

I suppose so, MrsDe - obviously when I go back all costs won't come out of my salary, but costs relating to my work and childcare would be incurred by my going back, iyswim. So in that sense, it makes sense to look at those costs from my salary. I'm not paying half the mortgage/ bills etc currently as I'm not earning, but would do if we were then earning similar amounts.

Pension wise, I think I'm probably screwed....

JanePurdy Wed 11-Dec-13 13:53:32

If we just had my salary alone & the kids were in full time care, I would be -£200 out of pocket each month. However DP only works part time & my mum has them on his days so we have no childcare costs. If DP goes back to work full time I will have to stop work as the money will be impossible to make work.

Normalisavariantofcrazy Wed 11-Dec-13 13:45:25

I can't afford to play the long game though. We have costs that need meeting now not in 40 years when I retire

janey68 Wed 11-Dec-13 13:43:05

It's not right is it Norma; it's a mad situation.

However id think very hard about reducing hours, as it will affect your pension and also with the changes to the system, you could find you're worse off soon

I cut down to 3 days a week for just 5 years, while my dc were pre school. Before and since then I've worked full time. I was gobsmacked to realise just how much that's knocked off my pension... Even 5 years of part time out an entire career have a quite an impact, though fortunately I have a very good pension deal to start with.

I can see your frustration but I think you have to play the long game here. The next big crisis is going to be the thousands of people who don't have adequate pension provision (sadly mostly women) and realise too late.

MrsDe Wed 11-Dec-13 13:07:47

Are you taking into account your partner's salary as well? So it's what's leftover after you have combined salaries and then deducted childcare costs?

Normalisavariantofcrazy Wed 11-Dec-13 13:04:56

The problem is if, like me, you live in an area with very little choice of providers. The few that there are then charge ridiculous prices - childminder at £6 per hour per child who, after school takes on numerous over 8's and thereby makes a fortune and lowers the quality of care, and is putting their fees up by £1 an hour with no explaination.

I don't live in London. I live in a suburb, nowhere special, house prices and cost of living aren't extortionate. It's just her fees.

I'm now going to be cutting my hours so I can claim tax credits and use less childcare - this will make us financially better off.

That's really not right.

Minicooper Wed 11-Dec-13 12:42:32

Yikes - everyone in a similar boat. That doesn't sound too bad, ceeveebee...

ceeveebee Tue 10-Dec-13 23:06:49

I have 2 yo twins, childcare costs approx £1600 per month for 3 days a week. I have approx £1k left each month. About to go up to a 4 day week though so that will increase a bit, but still nowhere near what I used to bring in pre DCs!

katese11 Tue 10-Dec-13 22:58:26

With one child I was making 50-100 per month... so breaking even with travel etc. With 2 kids I was going to lose 400 a month so I didn't go back

Blondeshavemorefun Tue 10-Dec-13 22:52:59

Emalushka as you have childcare costs for 3 children have you considered a nanny?

Often cheaper then other forms of childcare as a nanny is per family and not per child

Depending on your area and age/exp of nanny you may be able to employ one esp it out of nursery/newly qualified for maybe £8 gross

Permanentlyexhausted Tue 10-Dec-13 21:26:25

When I first went back after no.2 and had 2 in nursery I was left with £60 a month after childcare and commuting costs. Now both children are at school, I have minimal childcare and the same commuting costs I have just over £2K left.

Emalushka Tue 10-Dec-13 20:47:48

I don't really want to know or I might cry. My childcare fees are over a thousand per month. Two in nursery, one needing wrap around care. Only work 3 days too!

lotsofcheese Tue 10-Dec-13 20:36:43

Nothing, for 6 months, until DS starts school in August. Then I'll earn a bit until DD is 3 (2.5 years time), which will be covered by childcare.

Short-term pain for long term gain. It will be worth it in the long term, as I'd lose my registration (and therefore ability to practise) if I took more than 2/3 years out. And I'd have to start at a lower level. Plus NHS final pension scheme is a major consideration.

MadeOfStarDust Tue 10-Dec-13 20:34:57

I didn't go back to work proper until the kids went to secondary last year - they are great kids who can take care of themselves for an hour here and there..... I work in a shop , 10 min walk away, they provide a uniform...

So the only work related cost I have are black, closed toe, flat shoes.. I get to keep spend all my wages....

Beastofburden Tue 10-Dec-13 20:27:22

Mini, I have been back at work a long time now, but for easily the first 8 years I made trivial amounts of money. But I did build up a pension which has turned out to be far more important than what I earned at the time. I would look long and hard at getting the very best pension scheme you can lay your hands on -it can be a very smart way to get back to work.

teacher123 Tue 10-Dec-13 20:24:31

I went part time after having DS and luckily being a teacher I have term time only childcare which saves us a fortune. We only pay for two days per week, (family look after DS one day per week) and mine and DH's childcare vouchers almost entirely cover our childcare costs. So it only costs us £2.50 in real money per month. I am actually only £300 per month worse off since having DS, even including going from 5 days a week to 3.

seafoodudon Tue 10-Dec-13 20:12:01

Two pre-schoolers so I make a bit under £100 pw working full time. For me it's about professional development/keeping my hand in and having something that's 'mine' (Ideally it would be 3 days a week but near impossible in my sector).

Totallyunited Tue 10-Dec-13 20:01:34

About £875 a month. I work 2.5 days a week locally and actually save money in petrol by not driving around all day. Childcare costs are only about £40 a week as all children are in school and I have an after school helper for a couple of hours a day to do pick up and start dinner. I took a fairly significant paycut to work locally and found that once I had factored in travel costs, parking, coffees, lunch (nowhere to buy either which I do miss) and childcare costs I am actually better off than I was before.

Minicooper Tue 10-Dec-13 19:20:23

I like your thinking, Blondes - why does it never work out like that?!

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