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Finances/do we have another child?

59 replies

MixedFeelings72 · 15/02/2025 23:49

Firstly I am aware we are in a more privileged position that a lot of people so apologies in advance if this comes across as not reading the rooms, but a blasé conversation with DH about booking a holiday suddenly has me spiralling about our financial situation, and I needed to write it down. Will try and give as much information as I can without being too outing. Mum of 1yo DD, recently returned to work after maternity leave, gone back part time at 4 days a week. DD in nursery 3 days a week, looked after by paternal grandparents one day a week. DH working full time, earns less than I do l, no issues (or so I thought), we contribute equally to joint account to cover mortgage and bills, since I’m back at work and earning more I’m paying for DD nursery and most of DD costs (clothes, nappies, toiletries, etc). Mortgage went up with interest rate rises by £800 a month end of last year. Managed to get through maternity leave and pay my share of mortgage and bills/DD costs with my savings and a couple of months at full pay per my company policy, plus statutory maternity pay. Having a blasé conversation with DH this evening about using a companion voucher with BA to book airlines flights for May before voucher expires, and DH says can we afford it? On my salary, yes in theory, but each month his outgoings are less than earnings so he’s slowly chipped away at his current account balance each month. As I said I’m also covering DD most of DDs costs, and so I don’t want to pay for the whole holiday. So I say ok, we can’t afford it right now, we won’t book the holiday, not the issue. But this got me thinking. We were planning to have a second baby this year (if it happens for us, had a chemical last month, possibly a blessing in disguise). I’ll be back at work for at least 10 months before second baby born in theory, so hopefully will have built up enough savings to be able to contribute my share to mortgage and bills along with my maternity pay same as first time round, and nursery costs using savings. But I said to DH, can we actually afford to have another baby right now? Fine, second time round so we won’t have a lot of the initially larger expenses. We haven’t made a decision yet about private schooling, I went to private school but DH didn’t, and I feel some sort of responsibility to give DD the same opportunities in life that I had, so we have put DD in a nursery known in the area for having great success rates for private schooling entrance - at least this gives us the option when the time comes. Obviously it is a few years away, and ideally we both progress in our careers and earnings capacity goes up, and we can afford it. But even then, based on current situation, we couldn’t afford 2 lots of private school fees. DH response to my question can we afford to have another baby was we’ll just sell the house and downsize. Not unreasonable in theory, but we chose the area for schooling and transport links, and there is a price premium attached as a result. And while I may be being unreasonable, it doesn’t sit right with me at this point in life to be taking a ‘step backwards’ and downsizing when actually if we were to have another baby, we probably need to upsize at some point in the future. Am feeling slightly frustrated at DH’s apparent solution being to downsize rather than finding a job that pays more (I know it’s possibly easier said than done), and resentful that this isn’t how I pictured my life - I didn’t think I would be sat here questioning if we could afford a second child (even if we didn’t send them both to private school), and DH talking about needing to downsize to be able to do so. I realise I had a very privileged upbringing, went to private school, got a good job after university and was able to save a good deposit to buy our house (we put in equal amounts towards our deposit). And I also know that the current economic situation means tightening purse strings so we may have to forego luxuries like holidays for a bit. But what was a blasé conversation about booking a holiday turned into can we afford to have another child, and do we need to downsize our house. Am I being unreasonable to have a conversation with DH about retraining to get a better paid job, or taking on a side hustle to supplement income? I don’t want to put undue pressure on him or make him feel like he can’t provide for our family, but I am feeling resentful at where the conversation went, and having to make compromises to be able to have a second child which has always been in our life plan.

OP posts:
MixedFeelings72 · 16/02/2025 00:32

Merryoldgoat · 16/02/2025 00:25

I don’t understand why you contribute equally if you earn more - why are you not contributing proportionally in some way?

Fair question. When we bought the house and got our mortgage, we were on similar earnings so that’s what we did. I got pregnant 6 months after we moved, and it was only while I was on maternity leave that DH was made redundant and took a lower paying job, so I was effectively earning less while on maternity, but then I still contributed my ‘half’ and effectively covered most of DD costs plus most of the grocery shopping etc. I went back to work last month, so it’s only really now that we have this disparity in earnings, and maybe we need to relook at each of our contributions.

OP posts:
CountryMumof4 · 16/02/2025 00:30

I think given the age of your child and the fact you're the higher earner, it might be sensible to wait a year or two before planning a second (if time allows). Your husband may be able to find a better paid job in this period too. While employers have to support (rightly) their employees' maternity rights, I suspect it would be more sensible to continue building your career, as well as your husband his. I'm guessing you live in the south given your concerns - the wage you're on just yourself would be absolutely fine to north.

Merryoldgoat · 16/02/2025 00:25

I don’t understand why you contribute equally if you earn more - why are you not contributing proportionally in some way?

Bigcat25 · 16/02/2025 00:25

Just don't bother with private. Just bc you had it doesn't mean your kids need to.

annaspanner18 · 16/02/2025 00:22

You need to be on the same page in terms of what you wanted your shared lives to look like. It doesn't sounds like you are.

You 'paying your half' during mat leave when you're birthing and raising a child you both chose to have.. that struck a bum note. For us we saved together to cover the loss of income for mat leave. It wasn't for me 'make up the difference'.

It doesn't sound like he's unwilling, but unable to see a way to change his earning dynamic (I believe private education changes the level of empowerment / individual agency people feel.. he won't necessarily see changing his earning potential the same way that you do).

I wouldn't have another child yet (unless your biological clock is against you) until you are aligned on what you want the next 10 years to look like and where your shared priorities are.. location, private school, holiday, delegation of childcare etc.

IVFmumoftwo · 16/02/2025 00:21

I am sure you will manage.

NeverDropYourMooncup · 16/02/2025 00:19

MixedFeelings72 · 16/02/2025 00:17

I’ve considered this while I’ve been stewing over it this evening. It wouldn’t make sense financially. It would put me over the threshold for nursery funding, and I would lose my personal allowance, so I’d be paying a marginal rate of tax on the extra earnings of over 60% having done the sums..

Over the threshold for nursery funding means you're on a net FTE in excess of £100k.

You're fine.

MixedFeelings72 · 16/02/2025 00:17

NeverDropYourMooncup · 16/02/2025 00:14

Am I being unreasonable to have a conversation with DH about retraining to get a better paid job, or taking on a side hustle to supplement income?

Depends. What would be your reaction if he suggested you went back to work full time and you put the eldest in fulltime nursery?

I’ve considered this while I’ve been stewing over it this evening. It wouldn’t make sense financially. It would put me over the threshold for nursery funding, and I would lose my personal allowance, so I’d be paying a marginal rate of tax on the extra earnings of over 60% having done the sums..

OP posts:
NeverDropYourMooncup · 16/02/2025 00:14

Am I being unreasonable to have a conversation with DH about retraining to get a better paid job, or taking on a side hustle to supplement income?

Depends. What would be your reaction if he suggested you went back to work full time and you put the eldest in fulltime nursery?