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costs of childcare(45 Posts)
Hubby and I are planning to start a family this year hopefully, however one thing that worries me is the cost of childcare. I know it is way way off, but I just cannot see how we could afford childcare for (eventually) 2 children. We both work full time, dont have massive out goings, I just don't know how people can afford it! Do you mind sharing how much you spend on childcare per month and how do you all manage?!!
Dd goes 3 days per week and it cost s just over 700.00 per month . Childcare vouchers help . Basically that money would have been what we saved each month . We r not on the breadline but we do really feel the pinch at not having disposable income
You wait til the first is at school before having the next one.
full time at our local nursery is Â£214 per week. we send ds for just one half day per week and that costs is around Â£100 a month. our net household income (including tax credits) is only Â£346 per week, so wouldn't be able to afford 2 in nursery. luckily we have a sahp who can remove the burden of childcare costs. I can understand women (and it generally is women) gritting their teeth through the expensive years and going back to work to end up with no or less money to show for it IF the impact on career and salary in the long run are worth the loss but women in progressionless jobs, where time out has little impact on their long term earnings would be sahp and let the state take the strain.
Friends of mine had 3 children and worked at a loss until 2 of them were in school.
When a child turns three, they get 15hours funded at many providers. Before that: childcare vouchers and child benefits help.
Approximately where are you in the country? Costs vary a lot.
My nursery is 41 a whole day or 27 for a half day.
Thats £820 or £540 for a month
Shocking doesnt even cover it.
You really need to ring a couple of nurserys near you. The price across the country varies massivly - I've seen people saying they spend on one child what I spend on two.
Asking for a country wide answer may well scare you, or compleatly under prepare you for whats coming.
As to how: well, you stop going out quite a smuch, Drinking doesn't hold quite the same appeal when you know you'll be up again at 6am.
And if your low income, there are tac credits available, i think.
Its tough, and it doesn't stop when they reach school age - before and after school, along with school holidays all adds up.
People also adjust their working hours - so each parent does 4 compressed days (4x 10 hr days in places of 5x8 hr days), and then you only need 3 days child care. Some people work shift patterns which allow less nursery to be required. Some people choose evenign and weekend work.
Thanks all for your replies, we would be looking at around £40 per day for nursery in our area. Unfortunately due to hubby's job there is no chance of changing hours, he's away Monday to Friday so child would need full time childcare. I love my job and although the pay isnt great, with both our wages I think we would be just about better off if I continued working.
How do childcare vouchers work? My company offers them, say if nursery was £800 per month, how much would vouchers save us?
Don't think we would be entitled to tax credits as on paper I guess our joint income looks pretty healthy! It's a lot to think about but time is ticking and I don't want to leave it too much longer.
Where are you in the country? We are in the SE and it's roughly £45/day 8-6pm. Some other SE places are £60/day but 7-7 to cater to those who commute far like to London and back.
When we first started (kids now 6 and 3) nursery was something like £36/day. It's madness.
Re childcare vouchers... You get the £243 rebate. So if it's £800/month, the nursery will take £243 from your employers then take the rest from your personal bank acc. So you pay £557 cash.
Thanks for explaining the vouchers, I guess that would be a massive help. We are in SW. Does anyone split childcare between nursery and cm? Would that be too much for a little one to cope with? Sorry for all the questions, appreciate your advice
You can get vouchers each so £486. Our nursery does a weekly rate of £170 or £40 a day. We luckily have term time only and I condensed my hours to do 85% over 4 days and it works really well.
We would struggle if we chose to have another before ds is in school.
To be clear, the vouchers come out if your gross salary. So you save tax and NI on them but they aren't free. Also, both your employers have to be signed up to a scheme.
Yes so if you earn £2000 before tax, your employers will not tax you the whole £2000 (or whatever it is after the tax free allowance) they will remove the £243 then tax the rest.
Thanks just been reading up in it, so in reality, could it save around 70-80 a month have I got that right?
By saving - if you mean through the vouchers then yes... Otherwise of course childcare will cost a lot of money!!! Your take home pay would be less since they would remove £243 first... Then taxing you. But that's better than taxing you for all that you earn and then you having to pay £800 from your bank account/cash.
You can split Childcare between nursery and childminder, but why are you thinking of doing that? Both follow the same curriculum
You savd the tax on the £243 a month each. Check pug opening hours too - some nurseries open at 7.30-6 some 8-5. Costs round us are £35-70 a day ...
You save the tax on the £243 a month each. Check the opening hours too - some nurseries open at 7.30-6 some 8-5. Costs round us are £35-70 a day ... So they vary greatly. Some close at holidays some dong etc. We pay c£800 a month for 2 year old and £350 for wrap round for 4 year old at school nursery (15 hours free and non profit extra hours)
CMs seem cheaper than nurseries, id be a little worried about reliability of a CM, but if you split between nursery and cm you could perhaps make some savings and have a back up of CM was sick etc..perhaps not a good plan?
Sorry for my typos cant write very well on phone!
I wouldn't really split between cm and nursery unless on the onset the nursery/cm can't offer you the days you need. Think it can make the child more unsettled (of course it depends on what the child is like-personality wise etc).
But really you are some time off... Have the baby first and then see how things pan out! I have friends whose parents relocated a fair bit away to help with child care. Like literally several hundred miles. That has helped tremendously with childcare costs, and they are really not missing any money at the moment...
We always knew we wouldn't have childcare help as grandparents live too far away literally. We've calculated that we would have spent £100k by the time no 2 goes to school. That's just on nursery fees. No clothes or diapers or food or play gym or any other activity... It's a lot of money.
I would be petrified about having a baby with someone who would only be there for two days a week - it's hard to know how much support you'll need till the baby comes, but no one to give you a break in the evenings? It will be tough.
OP, if the CM is sick then it's unlikely the nursery would have a space at the last minute to cover, if that is what you mean.