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What is a realistic combined income when you have two DCs

(9 Posts)
Ber2291 Fri 21-Feb-14 14:38:46

We have an absolutely huge mortgage and live in London so child care costs are high.

Am pregnant now but want to go back to work after maternity leave but worried with childcare etc it will be two expensive.

What do people think is a realistic combined income to have if you are supporting two little children? I realise this is very broad and massively open to opinion but we don't have a particularly fancy lifestyle. Would basically just like to be able to go on a small holiday once a year/two years and have enough to very occasionally eat out/go out on top of the essentials.

WhoWasThatMaskedWoman Fri 21-Feb-14 14:42:02

Nobody can give you an income, because it will depend on mortgage. But people can give you realistic weekly/monthly figures for childcare, food, entertainment, annual holiday which you can then plug into a spreadsheet along with mortgage, commute, utilities etc.

CogitoErgoSometimes Fri 21-Feb-14 15:19:09

Agree with the PP. Start with the expected outgoings of your family as if it had 2 DCs and then see if your income is adequate. If it isn't on paper then you can start to trim your expenses, increase your income or boost your savings now and bridge the gap.

Ber2291 Fri 21-Feb-14 15:31:47

Have done a spreadsheet. So I know that we can technically afford to actually live.

I'm more wanting to gauge what people generally feel is reasonable to live on if you want to have a niceish lifestyle. E.g. most friends probably live on 40-60k combined income but without children (we are the only ones to have children as a bit young) but I feel this is quite high.

Mandy21 Fri 21-Feb-14 15:52:23

As others have said, it varies massively and finances often change once children get to school age.

Our combined income wasn't massively different from what you said your friends without children have to live on (a few thousand higher - me PT, H FT) but we live in a v expensive part of the country (mortgage of �1400+) and childcare costs of �1000+ (1 in nursery, 2 at school). On top of that we had commuting costs (about �350/month) and 'child related costs' of about �400/month (3 children - swimming lessons, activities, school lunches for older ones). Then all the 'normal' household expenses, running 2 cars, utilities, food etc. We had nothing left (and I mean nothing!) and so any 'extras' ate into the overdraft / we got a loan. Its only now, that income has increased and childcare has gone down since No. 3 went to school, that we're getting straight again.

So in answer to your question (and I know you asked about 2 children rather than 3), it really depends on what the actual figures are and what other expenses you have. Having limited income is tough, and we could not have continued as we were - we only got through it knowing that it was for a finite period and then income/expenditure ratios would get better as all 3 children got to school age.

Passthecake30 Fri 21-Feb-14 19:20:03

£80-£90k? Based on our current combined earnings and the fact that we have a low-ish mortgage. Thou I think you need to do the maths...and tell us the answer!

Passthecake30 Fri 21-Feb-14 19:21:40

London full time nursery would top £50 a day I guess. ..

ginmakesitallok Fri 21-Feb-14 19:28:28

Well we have no child care costs, mortgage of £800 a month, combined income of about £65k and are comfortable.

YouAreTalkingRubbish Fri 21-Feb-14 23:55:46

I am curious why you are asking? Generally people opt for the biggest income they can and then fit their lives to that budget. IYSWIM

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