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Is it normal to get into debt when you have young children..

(6 Posts)
buddy79 Thu 01-Jun-17 22:06:02

And expect to get out of it again once they are older and you are no longer paying childcare fees?
Just working out finances for having a second child and it's going to be pretty impossible without building up some debt until they are both in school. we both work but still need childcare in school holidays /after school club etc for the eldest which will still be about £300 a month, plus the £900 ish a month for baby in nursery. I take home about £1200. That extra £300 is going to be very difficult to find. Others I've spoken to seem similar in that childcare takes all or more than their salary for a few years, but in the long term you balance it out my staying employed. Has anyone got into debt and then back out for this reason?

Braveanddifferent Thu 01-Jun-17 22:08:30

We didn't get into debt but we had a few lean years. I look back now at the costs of nursery and wonder how we managed. We didn"t go on holiday or do much.

RandomMess Thu 01-Jun-17 22:10:47

Same here, several lean years but didn't get into debt!

Could you extend your mortgage term to decrease monthly payments or go part interest only? No help if you're renting though.

QueenoftheAndals Thu 01-Jun-17 22:11:35

Didn't get into debt here either but stopped at one as money would be too tight with a second (among other things). We have quite a nice lifestyle as it is and have no desire to change it!

pestov Thu 01-Jun-17 22:18:55

We are currently saving up again to cover a decent length of mat leave before ttc #2 but will be able to afford both in childcare when I go back to work as 3yr old funding will help. Can't understand people like my sister who have kids they know they can't afford and wonder why life is shit getting into loads of unnecessary debt. But only you know what your family priorities are.

lightcola Thu 01-Jun-17 22:31:12

I'm about to start back at work after #2 and it's going to be very tight. But we just survive. No holidays or big purchase until they are at school. We'll have a credit card but that will just be for emergencies.

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