Another child. I have 2 already. I really want another but there’s been a lot of posts lately about this sort of thing and it’s got me second guessing my own financial security for another child whereas previously I thought it would be fine.
mortgage 4 bed- £1400 a month
council tax 160 a month
elec/ gas- £160 (very energy efficient house)
food £500 a month
car insurance £80 a month
neflix- can’t remember £16 a month?
internet and phones £60
childcare £600 (funding we’re lucky that the nursery is one of the cheapest in the area but one of the best, it’s attached to a school so they do the funding very fairly, so we actually benefit from the government funding quite heavily)
income £6k
lifestyle. We like 2 abroad hols a year (nothing really extravagant, but we deal hunt and get a free child place, we go for wherever we get a deal, normally spend 2.5k on the hols) and a UK city break (nothing fancy premier inn and do tourist stuff, Edinburgh flights are free through work, london etc) and a UK hols (haven, butlins etc)
we save £50 for each child a month and now we can get CB again will save that equally for the kids. There are progression opportunities at work. We both have good parental leaves 6 months FP and phased return to work at full pay and 30 days hols each.
we save for us too, probably around £700 a month.
we both get bonuses too, probably between 10/20% of salary depending on performance and pay rises above inflation.
space wise even though we’ve enough bedrooms we might struggle but could make it work.
we already have a 7 seater car.
its fine right, this works? Honestly before MN I’d have thought this is fine, but since joining not long ago, it’s actually got me worrying. I cant think about moving up yet job wise either, just took a promotion at work