What can we do to get through the next few years financially?

[Marigo]

DD 3y and 13mo twins.

Combined income of £70,000. We take home £4200 a month between us. Mortgage is £1400 a month. DD has funded nursery hours now which will bring nursery down to £2100 a month. But still that’s £700 a month for insurance, phones, food, nappies, petrol, car running costs. I just don’t know what we can do. We can’t do it. I don’t know what we’re going to do.

Basically one of you is working to pay the nursery fees? Personally I think that's madness, but I guess you have to weigh up th at up against how difficult it might be too get back into the job market in a few years.

Yes I meant to write about that. Neither of us is cut out to be a SAHP. Plus it would damage future earnings to take a break.

Can you increase the term on your mortgage or ask to go interest only?

Presumably nursery still cheaper than nanny? Can't do compressed hours so you both work longer days and get a day off each per fortnight so only paying for 4 days childcare? Presumably using work vouchers to make most of tax advantage?

£600 per month is doable! Washable nappies are cheaper especially if you buy 2nd hand. Meal planning accounting for everything you spend it does work.

These ages/figures are for this time next yearish. ATM I’m on MATL and have 3 under 3 at home.

Are you using either vouchers or tax free childcare scheme? I save 20% off my nursery and wraparound school care with it.

Child benefit? X 3

Wouldn't a nanny be cheaper?

Are you still the childcare vouchers whilst on mat leave?

Can the DC all share and have a room to rent out or live in nanny? Are you reducing nursery days now to save money?

Cheaper phone contracts, ship around for insurances, get using washable nappies now! I had 3 in 3 years using washable, wash every other day and leave to air dry rather than tumble.

My db did a nanny share with his friend who had two children- the nanny looked after the three of them - it worked really well for a couple of years. Would that be an idea?

I would look are remortgaging over a longer term.

Thata a huge mortgage imo. 4k should be enough to cover all this

Yes. Look into a nanny or au pair.

Your mortgage is how much?!

Nanny would be marginally cheaper but s/he would need use of a car which would mean we would need to run 3 cars and therefore not cheaper. There aren’t many cars that can fit 3 car seats in the back plus a double buggy in the boot. I also am not wild about the idea of being an employer.

Yes we use tax free childcare and yes child benefit is £48.10 a week extra in the pot.

What’s changed since when you did a budget prior to deciding to have DC3?

What’s changed since when you did a budget prior to deciding to have DC3?

The OP has twins.

😂 yep sure op planned on DC2
Being twins!!!

Start cutting back on everything you can now.

Speak to mortgage firm to see if there are any options there, or now.

Can one of you go part time?

How many bedrooms have you got?

Interest only mortgage for a couple of years? (until the twins get funded hours)

Firstly you sound pretty well off compared to most! you will manage if you have to. In my late nans words, if you wait until you can afford children, you'll never have them! Twins must be hard though. A few ideas for your thought...
Would you be better off with childminder over nursery? Also are you using tax free childcare/childcare vouchers?
Can you swap to cloth nappies, will cost in the start but supposedly cheaper long run. If not then just a cheaper brand of nappies, nothing wrong with Lidl or Aldi nappies, or for food shop, where do you currently shop, can you cut it down by changing supermarket?
Can you reduce your phone bills, check your usage and see if there is a cheaper tariff?
Mortgage, see an advisor, if not already on a fixed deal, can you remortgage to a cheaper rate or extend your mortgage term to reduce payments?
Assuming you both work full time already, but if things were really that tight could one of you get a second job? Sideline as self employed or freelance?
Cars are expensive to run, but needed for work I assume, but could you trade in for a more economical model, cheaper tax, higher MPG and less frequent servicing?
Good luck

How big is your house ?how many kids ? How many bedrooms ?

Do you need to downsize

Off the top of my head:
Remortgage (if it is possible with you on mat leave)
Cut down pension contributions to minimum (if possible, not ideal long term but needs must)
Compressed hours to cut down on childcare costs
Downgrade car to older model?
Use savings to bridge the gap?
It'll be a hard 2 years until the twins get funded hours, but that's nothing in a 40 year career, you can do it

Gosh. I’d stay at home but realise that’s a lifestyle choice.

Christ nursery fees are awful. Mortgage looks pretty normal to me??! Price up all childcare options.

I work 0.9 FTE over 4 days. DH works 45 hours over 5 days. House has 3 bedrooms.

Reducing pension good idea. DH has bizarre obsession with being mortgage free by 55 so my suggestions of changing this are rebuffed.

We already shop in Aldi and use their nappies. Would cloth really save that much money?

LOL @Tippexy - I didn’t plan to have twins, babes. I’ll just send one back shall I?