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going back to work, 3 kids needing some type of care, need advice(13 Posts)
I've not worked since I started my family. I now feel like I want to go back to work but I'm not sure I can afford to.
I have 3 children DS1 6, DS2 4 and DS3 3. I have no family or support group locally so it's just down to myself and hubby who works full time.
DS1 & 2 will require after school care. DS3 will require half day care and after school care. The cost is coming to £475.00 week. My wage would probably be about half this. There's no spare cash from hubby's wage so I need to cover the costs myself - not forgetting petrol costs.
Can anyone in a similar situation tell me how they make the figures work? In fact, can the figures work? Am I in a hole which means we're actually financially better off for me NOT to work??
You have to think long-term. Child-care is always most expensive in the early years. If you get back in the job market now and suffer the short-term hit to your finances, by the time your youngest is in full time school and only requiring after school care you will be two years into your job, probably earning more than you do now and maybe even promoted to a more senior role. When your oldest goes to secondary the following year they probably won't need after-school care at all so the costs come down again and you've another year's experience under your belt.
Will you be eligible for tax credits to help with cost of childcare? Depending on your circumstances these will pay up to 70% of childcare costs.
That seems a lot even for 3 children. Especially since the youngest is eligible for govt vouchers for 15 hours a week of nursery. Are you and or your partner, able to get child care vouchers ( offered by lots of big employers) ? These can cut the cost by 1800 quid a yr if you can get them.
How does your cost break down? Are you in London?
Have a nosey on there, bear in mind that it gives you your rough entitlement between now and the end of the tax year (April 2012). That should give you a rough idea of how much help you will get, if any.
I should say we are thinking of getting an Au Pair when we I go back to work full time because a Childminder would cost us GBP 750 per month roughly. Which is half of my take home nearly and we cannot get tax credits because of our income.
With childcare costs getting help with tax credits, depends on your partner's and your's income as I've found a complete bind at the moment!!! I'm really annoyed coz I don't think I qualify for help because tax credits is based on mine and my partners joint income for the years 2010-2011 for this year which would of been higher, but I've been on maternity leave sinse Feb this year and probably won't qualify untill the following tax year when our joint income will be lower!! which is dum coz I plan to go back part time in November and that will be pointless coz my wage would pay the childcare costs!!! it's so stupid the way tax credits is worked out!! if anyone knows any different , then please tell me coz i'm worried sick how my family are gonna survive finanially. My partner's wage alone, will not pay for the cost's of living etc x
I'm in that situation with lower income this year due to maternity. Apparently you make the original claim based on last years income then call them and say this years will be lower and they will change your award. Be careful tho, as if you underestimate how much you will earn you may get overpaid and have to pay back the extra.
thanks for the replies. I've been researching this desperately. We don't qualify for tax credits because of DH wage, he's just over the threshold. AAGGH!
DH can avail of childcare vouchers but I'm not sure yet whether the company I have interviewed with will offer these. I've found a cheaper nursery cost about £315 a week. It is a lot but I've 2 lots of after school at £14 a night, the youngest will require care in the morning and then dropping off to school for the free nursery time at the local school in the afternoon. Then picking up with the others for after school. An aupair sounds like a good idea but we only moved into our house 8 months ago and it's undergoing a complete renovation, we really don't have the space for another person at the moment. We're in North Wales and apparently if enough parents petition the school, the school will put on an after school club at a cheaper cost. I must talk to the school about this but I might working by then.
I know I have to see the first year as an investment but it would be much easier if I knew my wage would pay for the childcare so that DH's wage is not affected.
In researching this I've become really annoyed that there's no incentive for mother's to go back to work - other than to preserve ones sanity.
A childminder could cover all 3 for about £60/day term time and they could all go to holiday club for about £75/day. Actual figures where I live would be les than £50 for termtime and £66 during the hols but I'm aware that's cheap.
£14 for after school care sounds a lot - is that per child or for both the older ones? My dcs went to a local afterschool club until I went on maternity leave a year ago and it was £8 for the first child and £7.50 for siblings. Apologies if I have misunderstood the amount for care.
I have gone back part time and have found it hard to find local childcare- we have had to wait for our previous excellent childminder to have space - I am very fortunate as my employers have arranged my work to fit around her availability.
Here's the breakdown of the cheapest place I've found. £14 for after school 3.15-6pm. 5% discount for 2nd & 3rd child. The little fella is £22 for a morning session 8am until 12.30 includes a drop off to school for his free nursery place. Those prices are per day, which works out at £62.60 a day for the 3 of them. Apparently schools do after school clubs which are much cheaper but our school doesn't so I'll need to see if the school can see what demand there is and what minimum numbers are to start a club. Since I have 3 children, that should be a start for them.
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