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Original poster

How much money to have a child alone in London?

34 replies

AnnaJou · 08/04/2020 07:42

I am 32 and currently in a very recent relationship, and I don't know yet if it has long-term potential. I am starting to consider what I want from my future, and having a child is one of the things I know I want for sure.

I know I am still young and have time to find someone else if my current relationship doesn't work out, but I am also reading up about having a child alone with a sperm donor as option B. It is not something I would do in the immediate future, but if in a couple of years I haven't found the right partner, I might consider it.

Currently I live in London in a one-bedroom flat and earn approximately £70k. I comfortably live below my means, have savings and no debt. Because of the nature of my job, I have to live in a big city as there are no opportunities rurally. I am also aware of how expensive childcare is, which I would have to rely on heavily to continue working. I would also have to move to a 2 bedroom flat, which would be more expensive than my current one.

For anyone who had a child alone in London, how much money do you reckon are needed to do it? Am I mad to even consider it in my income bracket?

Thank you a lot for anyone who wants to share their experience. As I said I am only considering my options at this stage, but I'd love to hear other people's perspectives!

OP posts:
8by8 · 08/04/2020 08:11

Good grief. You earn much more than most parents. It’s fine. Don’t worry.
Save as much as possible now, and check your employers maternity policies, so that you’re well prepared.
But honestly that will be fine to raise a child in London.
If this is a couple of years away, I’d wait till next year as house prices are likely to crash, then buy a 2 bed in a family friendly area so that you’re well settled.

Teacher12345 · 08/04/2020 08:15

I don't live in London but the cost of a child isn't huge beyond the childcare until they start school, then of course it balances it out against the beastly cost.
How much would your rent be in a 2-bed? Plus approx 25k a year for childcare (Just over 2k a month) and another £200 a month for food, clothes and entertainment. To be comfortable I'd guess you would need to have a spare 32-35k left of you wage now, to say yes, you can afford it.

Sushiroller · 08/04/2020 08:21

Do you rent or own?
Either way 70k is fine. I was earning this amount 3 years ago when considering similar and i decided after crunching the sums it was doable.
I was in a similar situation in that it met someone... we are getting married in September so it panned out 😂 but having a plan b gives you options

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Families
Camopetals · 08/04/2020 08:23

Believe it or not there are impressive parents raising much loved, well cared for children on benefits in London.

beebijobes · 08/04/2020 08:26

It's the childcare costs that are a killer, easily £70 a day but you can use tax free childcare & then after they turn 3 get your 30 hours.

Needallthesleep · 08/04/2020 08:28

We have a child in London.

The costs that will be tough are childcare. Expect £2,000 a month full time. We are zone 4, and the average here is £1,700 per month. You should save 20% of that using the tax free childcare scheme though.

Also you won’t want to be in a one bed ideally, can you afford a 2 bed mortgage?

IWantT0BreakFree · 08/04/2020 08:33

You can't compare it to parents who are raising children on benefits. Parents who are not working generally don't need to fork out thousands per month for childcare and they will not be paying out the same money for rent/mortgage that OP is going to have to.

OP, although £70k sounds like a lot of money, it could be quite tight for you in the circumstances you are proposing. You really need to do the sums based on the area that you want/need to live in, whether you will be renting or buying, essential travel costs, local childcare costs etc. Nobody here can tell you whether you can afford it. In terms of food, clothing, entertainment etc for a child, it doesn't need to be expensive. It's the housing and childcare costs that are going to dictate whether you can afford it.

Original poster
AnnaJou · 08/04/2020 08:38

I am currently saving around £1500-2000 per month, so in theory that could cover childcare. However, rent or mortgage for a 2 bedroom flat would be more expensive than now, so that would impact on my overall budget. However, now I also go out and socialise quite a lot, which I wouldn't do as much if I had a child..

OP posts:
Snog · 08/04/2020 08:39

You need to work out your housing costs as a starting point.

OnlyFoolsnMothers · 08/04/2020 08:40

Yes you would be fine.
Thing to consider is how much maternity leave does your company pay, how much savings would you use to see you through the additional months you wish to take?

DoAsYouWouldBeMumBy · 08/04/2020 08:47

Well, you wouldn't need a 2-bed straight away - baby would likely sleep in the same room as you for the first year or two even if you had a 2-bed. Mine was in with me till he was two, I just wanted him closer to me, partly because of the risks.

Lots of single parents I know end up sharing a room with their child anyway, just for cosiness. That would give you a few years to save up for a bigger place when the child is a bit older.

Original poster
AnnaJou · 08/04/2020 08:54

DoAsYouWouldBeMumBy good point, I didn't consider that. When the time comes, I could also move slightly further out, which would probably lower rent/ mortgage slightly.

OP posts:
Changedname78 · 08/04/2020 08:55

Could you move an hour or so away? A two bed would be a lot cheaper, average childcare where I am is around £1000 a month. So you’d save all round, only downside is a commute

starsinyourpies · 08/04/2020 09:00

If you move further out just consider the extra commuting time with nursery opening hours and time you need to be at work. I agree I would make a 1 bed work for first couple of years. Definitely doable!

OneKeyAtATime · 08/04/2020 09:01

If you can afford a 2 bed property, I would go for it before having a child . Space is much welcome when you have a child. Moving with a 1 or 2 year old is also harder I found.

mochojoes · 08/04/2020 09:03

It's certainly doable but may be difficult. We have 2 dc but earn more & I work p/t & tto so don't have high childcare costs & our mortgage is low as got on the ladder early but we are certainly not rolling in extra cash.

what are your chances of getting on the ladder? do you have any family support?

Original poster
AnnaJou · 08/04/2020 09:17

mochojoes I think I could buy in the next year or two, especially if the property market goes down as a result of the current crisis. I think I have enough savings for a down payment, although I wouldn't be keen on sinking all my savings/ liquidity in a property if that leaves me with zero financial buffer.

OP posts:
mochojoes · 08/04/2020 09:29

If you can I would but try & future proof so 2 beds, near a good school etc. You would be eligible for help to buy schemes. I know they aren't always good but I had some friends who earned about 80k between them & 1 dc & they now have a 3 bed house & garden. The mortgage is the same as their previous rent & they had no hope of saving 100k for a deposit.

daisypond · 08/04/2020 09:33

You can't compare it to parents who are raising children on benefits. Parents who are not working generally don't need to fork out thousands per month for childcare
Most people on benefits are working and still need to fork out for childcare.

mochojoes · 08/04/2020 09:58

@daisypond but don't benefits help towards the cost of childcare? And certain 2 yo get free hours?

Snog · 08/04/2020 13:36

I would time it so that your dc is born in August which will minimise your childcare costs!

Assuming you take a year maternity leave that leaves age 1-4 so just 3 years of nursery fees to find. These are by far the most expensive years.

Shared ownership is worth looking at. My friend has just bought a brand new Chelsea waterfront flat for £200k with no rent payable on the share she doesn't own. There are some amazing opportunities out there.

Sushiroller · 08/04/2020 22:20

If you can afford to buy I would. It's more secure if you own vs renting.

Also Mortgage is also generally lower than rent.

Solasum · 08/04/2020 22:25

I think you should also consider how your career could look once you have had a child. Are there any women with children in your firm doing your job? If not, why not? And what other jobs are they doing in the company? Many nurseries are open 8-6, so that means no late nights in the office. You may also decide you’d prefer to go part-time to spend more time with your child.

I think £70k is ample to go it alone for what it’s worth. But I think it would be prudent to do your calculations based on only working 4/5 days, which would give you a bit of leeway to decide what works best for you down the line

FizzyPink · 08/04/2020 22:29

Sorry to derail but @Snog do you have any more details of who that Chelsea flat is through? We’re looking at buying at the moment and I just can’t get over how much rent and service charge all the shared ownership properties are charging. It seems the larger part you buy the worse off you’re going to be each month as the rents are just ridiculous

FizzyPink · 08/04/2020 22:31

But OP I would consider also the long term implications of having a child on your own like would you salary remain at that level? I earn a similar amount and live in zone 1 and I really don’t think I’d be able to juggle my current role and a child without full time and wrap around childcare if I were on my own