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Need practical financial advice.

(10 Posts)
sugarplumfairy28 Fri 06-Jan-17 13:17:44

We have 2 DC very nearly 8 and not far off 6. DH and I do want a 3rd. I like to plan especially when it comes to money. I have worked my backside off the last 9-10 months to get us on an even keel money wise. We're not bad with money but job loses, literally everything breaking at once and needing replacing it's taken me this long to see a light at the end of the tunnel.

All I hear is how going from 1 child to 2 isn't just double expensive it's more, which I'm not sure I agree with but that going from 2 to 3 is even more expensive. We would have to start all over again as I have very little from when DC were babies.

The question I'm asking, financially did going from 2 to 3 really change things that much? We haven't ever been on a family holiday, but it is something we could look at saving for, would a 3rd DC put an end to this by proxy?

Afreshstartplease Sat 07-Jan-17 18:50:49

We have four DC aged between 11 weeks and 8 years old

Since having our DC3 we have been on two family holidays abroad so it is doable

We are not massive earners either TBH

So far I've not noticed life being massively more expensive but I'm told I'll see it once they start hitting their teens

lljkk Sat 07-Jan-17 19:21:53

Finances can be managed, but do you have any adults to support you?
I listened to Ed Balls talking about how he & YC managed with their 3, both adults working FT. He said the juggle was fine as long as nothing unexpected happened that could screw up work, etc. When it did, they called Y's mother! She even eventually moved house to be closer to them.

Our parents are not that involved, we have no one to call. We have 4DC so I was a SAHM for 8 yrs.

Tsotofamily Mon 09-Jan-17 16:39:15

I have 4 dcs and I haven't really noticed to much of a jump in finances but then I kepted everything since my first and pass down clothes where I can.
The only real expense is clubs

sugarplumfairy28 Mon 09-Jan-17 18:50:21

Thanks guys this is all very useful! I would love to be able to pass down clothes but my DC get holes in everything before they grow out of them. With having had 2 DC I think our shopping list would be very different to how it was the first time round.

TBH our situation is a little odd, I do have my parents living in the flat under our house, but my mother is very against us having more children, not that its any of her business, so their 'help' may be limited.

Afreshstartplease Mon 09-Jan-17 22:19:33

Sugarplum I never had much luck passing down clothes for same reasons as you! Thing is clothes for young DC can be bought fairly cheaply. I'm always on the look out for sales and will buy clothes for the DC at the end of season for the following year

DelphiniumBlue Mon 09-Jan-17 22:28:58

Clothes and baby stuff is the least of your expenses - you can always get handmedowns, boot sales or charity shop bits, those are not a major expense.
The bigger issues are years more of childcare costs, majorly increased holiday costs, bigger car, roomier accommodation. Feeding and entertaining teenagers is not cheap, and they are less likely to be fobbed off with second hand stuff. There's also extra activities to pay for, I used to do 2 extra private tuitions a week to pay for DS3's karate and music lessons.
On the plus side, DS3 is absolutely lovely and is absolutely worth the financial pain!

LadyMetroland Mon 09-Jan-17 22:32:42

We have UK holidays in cheap cottages near the sea. Can squeeze into a 2 bed place if all the kids share a room.

On a day to day basis, obvious additional expenses are food (eg chicken or salmon fillets come in packs of 2 or 4, but you need 5) parties, presents, clubs, hobbies etc, not to mention having to take leave if they're ill etc.

I would agree about help. Asking family to look after 2dc is one thing, but 3 is quite an ask.

Good luck with what ever you decide

SingaSong12 Mon 09-Jan-17 23:00:33

Not sure what your finances are. child tax credit (or child element of universal credit) currently covers all children. That will continue for kcurrent claims. However that is changing and no extra will be paid for any third child born from April 2017 onwards so you wouldn't get any more child tax credit/increase in universal credit.

www.entitledto.co.uk/help/Benefit_Changes_April_2017

sugarplumfairy28 Tue 10-Jan-17 08:50:14

Delphin I'm a stay at home Mum so I am childcare. We have just bought a new car, getting 3 children in it isn't an issue. We have 3 bedrooms, 2 big doubles, and one small double. The idea of children sharing has been bothering me, but it is so common I don't think it should be a reason not to. Our age gaps would mean that we wouldn't have 3 teenagers at the same time. DC are 8 next week and 6 in April, so a bare minimum of 9 and 6 years difference.

I actually live Germany, and the Germans attitude towards children and families is SO different. Financially for a start Child benefit here is 192€ per child for the first two children and then goes up for 3 or more (it's also more if you have 2 or more under the age of 3). For the first year of a child's life the rate is also higher. Paternity and Maternity leave is longer and better paid. Working parents also get 'dibs' on time off during term breaks.

DS goes to a club house twice a week which is free and clubs in general are cheap. Karate for a whole family is 25€ a month. It's 20€ for one for as many lessons as you would like, and only 5€ more for another with a cap of 25€ for a family.

So on paper it all sounds good, it's this jump from 2 to 3 and this idea that the costs go up drastically that is bothering me.

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