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To wonder how we'll ever afford another baby..

(11 Posts)
Rachie1986 Sat 18-Feb-17 09:42:58

I don't know how anyone manages it, but having looked at our finances I just don't see how we can afford another baby.

DD1 is 3. DH works full time. I work part time (in a school).
If we had another baby, we would need childcare for said child whilst I was at work. By that point DD1 probably be at school, so just after school care. With DD1 we had childcare from family, but that wouldn't be the case with baby 2.. and looking at childcare costs plus our current expenditure we'd be several hundred short each month.

I just don't know what to do. There's nothing obvious we can cut out, we don't have holidays etc at the moment anyway due to debt for a car (that was essential).

Just feel disappointed that DD may have to be an only child, or we have to put ourselves in serious financial risk.

Any advice?

expatinscotland Sat 18-Feb-17 09:47:42

Become a FT childminder?

Littledrummergirl Sat 18-Feb-17 09:50:42

We couldn't afford one child but have three and we manage.
It has been hard going at times but definitely worth it. If you want another dc you will find a way.

throughgrittedteeth Sat 18-Feb-17 09:53:53

What expat said. That's what I'll be doing once this one is born. It takes time setting things up and it's not my life long dream or anything but it'll see us through the preschool years. I have no other advice really..

EmeraldIsle86 Sat 18-Feb-17 09:58:37

We could afford two but not three. We had so much to do...needed some work on our house before we move somewhere bigger, childcare would be a huge struggle for number 3 etc. So we decided to stop at 2.

Currently expecting (very unplanned) dc 3 in May. And now, when we have no choice in the matter, it doesn't seem so bad because you just have to make it happen.

Not that I'm saying you should just do it with no planning! But IME when you're planning, you plan your finances with a 'perfect' outcome in mind iyswim...the reality is that you manage, somehow.

GraceGrape Sat 18-Feb-17 09:58:47

I think you have to cost it all out. Work out exactly how much childcare would cost, including after-school childcare. Factor in whether you would want to pay for things like swimming lessons. Would you be entitled to tax credits? Childcare vouchers? Could you get additional evening or weekend work where you wouldn't need childcare?

The most expensive years for childcare are until they turn 3 so could you manage for those few years? However, bear in mind that you will need after-school childcare until at least age 11. I thought I'd be much better off once both children were in school but there is no after-school club on-site at my DC's school and the private providers I use are expensive.

RainbowsAndUnicorn Sat 18-Feb-17 10:14:58

Plenty of ways round it, you can go full time, find work in the school holidays or do nights/weekends when your DH is at home.

The childminder suggestion is fine if a person was already in that field, you don't say what you do in school, but for most it's an awful suggestion. People don't want childcare providers just in it to stay home with their own family at the expense of others.

EmeraldIsle86 Sat 18-Feb-17 10:19:23

Ok so more practically, what we've done the last few months in prep for surprise baby number 3, which on paper we couldn't afford...

Resigned ourselves to staying in a too small, 2 bed house for at least a year. Ds3 will stay in with us until 12/18 months. We're currently on a massive sort out and organising drive to make the most of every inch of space we have.

Sold a shit load of stuff and made about £1k...bags of clothes (years worth from the attic), toys, tents and ornaments and two printers we don't really need, car manuals for cars we no longer have, curtains, bed sets...just stuff that I never would have bothered or got around to selling if we didn't have to. I was amazed by just how much stuff we had stashed that could be sold.

Dh is working Sat and Sun nights delivering for a local takeaway. It's shit, he's knackered but he's taking an extra £100 a week net which is going in the bank.

I realised that if you have x months full paid maternity leave, they don't count it on your salary...it's your average weekly earnings that count, which is the two months payslips before you're 25 weeks. Luckily I have unlimited overtime at work...through Dec and Jan I worked every single hour I could...all day on both of dh's days off, every evening Dh was at home...pretty much lived in the place for 8 weeks straight. Which again, was shit, and I was knackered. But I did about £1k net extra of overtime each of the two months, which means for my 6 months 'full pay' mat pay, I'll have £1k extra a month...£6 k up, saved.

Between Dh's extra job, my ot, selling stuff, we have enough to see us through until the baby's 2, with childcare and extra costs.

What will happen between 2 and 3 when school starts I have no idea, but I'm 6 months pg now and we've managed to clear 2 years worth which I never thought would be possible...

Anyway, hope some of that helps.

hellomarshmallow Sat 18-Feb-17 10:20:16

You may be entitled to more tax credits, depending on got DH's earnings. Wait til DC1 is in school, which will cut down on childcare costs. They can share a room. We have 3 in a 2 bed flat... I'm sure we will work it out smile

Rachie1986 Sat 18-Feb-17 12:32:30

Thanks for all the advice. Will look into it.

I'm a teacher. But I don't think I'd be good at childminding at all!
DH works shifts so he can't get a weekend job, for example.

Thanks again for reading and giving me some options x

semanwen Sat 18-Feb-17 12:36:01

If you worked full time as a teacher you would easily be able to meet the costs of childcare

From september 3 year olds with working parents will get 30 hours free a week- ideal for you as you can use a school nursery as you don't have to consider holidays.

So after maternity leave you will need to pay for just over 2 years of term time only childcare for 2nd child You will have wrap around care costs during term time for older child and eventually both.

Work full time and use childcare if you really want another child.

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