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Panicking I won't be able to afford childcare!

(95 Posts)
thethingsiforgotinfrance Sat 13-Apr-13 19:57:00

I'm just seeking reassurance - or a reality check. I earn £43,000 a year and am panicking I will be really struggling to find my DC through nursery. The costs seem to be around £800 a month. Please tell me you all manage! grin

Trills Sat 13-Apr-13 20:14:02

What I am saying is that we can't do your budget for you. We can give advice on where to get more information and on what help you'll be entitled to but we can't do the maths and we can't just say you'll be fine without doing the maths.

£300 mortgage sounds tiny tiny tiny to me by the way smile You couldn't rent a garage where I live for that amount (unless you mean per week instead of per month).

thethingsiforgotinfrance Sat 13-Apr-13 20:15:34

Yes, I appreciate that about not doing the budget smile

The mortgage isn't very big as I had a very large deposit for the house so that's obviously a big help. To be fair it's not a huge house either! grin

we earn 52k between us gross n mortgage is 900 mth n childcare is 650 mth i work 4 days. we manage we just have to budget.

Reality Sat 13-Apr-13 20:17:07

YOur take home on 43k is what, about £2650? less any pension contributions.

MOrtgage of £300

Childcare of £800

That leaves you £1550 a month to feed and clothe yourselves and pay bills.

You'll be fine.

TiredyCustards Sat 13-Apr-13 20:17:51

Childcare is a joint expense. You say you're going to start TTC, so I assume you have a partner? It should cone out of both your salaries.

thethingsiforgotinfrance Sat 13-Apr-13 20:19:14

Tiredy, no, no partner, just me which is why it's quite stressful in a way as if there's a tough month (e.g. car breakdowns) it's all me.

Take home pay a bit less than that (pension & student loan) - more like £2,100.

Trills Sat 13-Apr-13 20:19:49

Sometimes women do choose to have children on their own.

Trills Sat 13-Apr-13 20:23:14

x-posted smile

£300 on mortgage
£200 on bills, let's say (gas/electric/water/internet/insurance)
£800 childcare

Leaves you with £800 for everything else. Do you run a car? Those are expensive. Do you have commuting costs?

Reality Sat 13-Apr-13 20:23:32

Still leaves you a grand to play with.

More if you get childcare vouchers, which you shoudl be able to, even if your employer doesn't do them you could ask them to, it benefits them as well I think.

It's doable.

PLus you have £25% (?) reduction in council tax as a single person so it all helps.

We've been saving lately so living on £800 for everything after bills and there are five of us, and honestly it's been no struggle.

Also, don't forget that it's only that much childcare for four/five years.Aim for an August baby and then they'll start school a year earliergrin.

thethingsiforgotinfrance Sat 13-Apr-13 20:26:10

Trills, yes, I do have a car smile I wish I could get rid of it to be honest but while I'm not hugely far from work it's in the arse end of nowhere and I'd have to get two trains and a bus or three buses which isn't really doable obviously! If I change jobs in the future I might seriously consider this though as I'm within walking distance of train and bus station.

Yes, August baby would be perfect grin but if it works when it's meant to it'll be Feb/March - mid year!

VelvetSpoon Sat 13-Apr-13 20:33:57

You will be fine - when Ds1 was a baby I used to earn half that, pay a mortgage (£400 a month) and childcare (£300)...wasn't easy but I managed!

My DC are now old enough not to need childcare, I am earning a lot more but my mortgage is £1500 a month so in real terms I am not massively better off!

thethingsiforgotinfrance Sat 13-Apr-13 20:48:47

Thank you grin I'm really looking forward to being a parent but just scared of being completely broke!

Nursery feed them so I suppose should the worse happen the DC will still be fed!

You have to look to the long term too.

My wage barely covers child care and commuting costs. However, it won't be like this forever, the DC's will go to school and the costs will drop. But hopefully, having stayed in employment, my earning potential will be better.

There is no getting away from it. The early years are hard money-wise when you have young DC's. However, you also will find that you adapt your spending and your way of life to accomodate this.

difficultpickle Sat 13-Apr-13 21:07:23

Ime affording childcare is the least of your worries. It all becomes much harder when they start school and you need to be around to help with homework. Having a job that pays enough and doing the hours you need to fit in that is very difficult to find indeed. That is the time I found it hardest being a single parent. In the end I chose to send ds to a school that did wraparound care and cut my hours so I could fit in with that.

slightlysoupstained Sat 13-Apr-13 21:09:12

If you're just about to start TTC, then you have a while to save up to cover mat leave/childcare. Try doing a statement of affairs (for current outgoings!) to figure out how much you can reasonably afford to save each month:
http://www.stoozing.com/msoc/soacalc.php

difficultpickle Sat 13-Apr-13 21:09:36

My costs didn't drop when ds started school as the CM increased her hourly charges for before/after school and holidays. It meant that I was paying the same money as I had been when ds was a baby. When I enquired with other CMs they all quoted the same sort of cost. It worked out cheaper to choose private school until ds got to year 5 where the costs were equal.

slightlysoupstained Sat 13-Apr-13 21:09:39
thethingsiforgotinfrance Sat 13-Apr-13 21:13:07

Wasn't after school club an option bisjo?

What sort of help did your DC need with homework?

thethingsiforgotinfrance Sat 13-Apr-13 21:14:02

Ooh and slightly thank you very much for that grin

Pigsmummy Sat 13-Apr-13 21:20:08

I too am panicking a bit, check out the vouchers from work also visit childcare.co.uk. Ask anyone and everyone you know locally who they use, consider a combination of nursery and CM as full time nursery can be more expensive but also a bit "full on" for a baby. If you have friends with a baby it might be worth considering a live out nanny at one of your homes and share the cost?

Fairylea Sat 13-Apr-13 21:25:04

I expected you to say you have a salary at least half of what you have! And a mortgage double the £300 a month you have! smile

You should really have no problem at all.

When I worked when dd was little I was earning about £16K and I used nursery 3 days a week and I managed ok.

You'll be fine.

Mandy21 Sat 13-Apr-13 21:28:20

You should be fine, but as others have suggested, you need to budget now, and start saving. You need to ensure you can afford maternity leave, depending on what your employer offers and how long you're planning to take, and then the childcare. You also need to be prepared - in our situation, Number 1 turned out to be Numbers 1 and 2 smile. Anticpated childcare costs of about £700 a month (to cover the 3 days a week that I was going back) suddenly turned into £1300 if I remember correctly (we got a 10% deduction on the 2nd baby's fees). If you're planning on going back full time, you're looking at about £1100+ per month for one place at a nursery around here.

thethingsiforgotinfrance Sat 13-Apr-13 21:32:18

I've already chosen the nursery grin blush in my defence I DO have to be prepared. Got enough money for my fertility treatment and for maternity leave but there won't be any much left to act as a buffer should something go wrong and I need to pay nursery fees as well!

BonaDrag Sat 13-Apr-13 21:49:23

You'll be okay. You'll get used to a reduced income.
Children are expensive..

difficultpickle Sat 13-Apr-13 21:51:19

No after school clubs at any of the local state schools (they tried but when it was only one child out of three schools they decided it wasn't economic to continue).

As for homework help I'm not sure what you mean. Most children have homework even if it is just listening to them read. You need to be there for that. If they have other homework to do then you need to be there to help and encourage them (or if you are pushy then do for them!). Maybe there are children who are 5 and who will sit and do their homework without asking for help, I have just never met anyone like that. Ds is now in year 4 and does homework at school every day.

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