Covering nursery fees

[aspasiad]

Has anyone else used credit to cover nursery fees? I am thinking of borrowing some money from family or using my credit card to pay for my 1-year-old to start nursery. Any other options out there? Many thanks!

Are you entitled to tax free childcare? That might help.

Are you low income? Do you qualify for tax credits? If so, make sure they are up to date with your childcare costs. They won’t pay the whole amount but should certainly give you something towards it.

Is this just for the first month if you have to pay in advance or long term?

It's going to be a significant sized loan if you're looking at long term and full time. You won't get any funding till at least 2 years old if you're eligible for the 15 hrs at that point or more likely 3 years old if you're working.

Check your eligibility for tax credits and the Tax free childcare scheme first to see if that would make it more affordable.

Yes, but I was hoping to receive more help.

When I had my DD 8 years ago I found myself a single parent with no help. I earned just about enough to cover the nursery and my commute (circa £1600 a month) but that meant nothing left over for mortgage, bills and food. I decided that I needed to get back to work and strive for a promotion. I used my wage for nursery and mortgage and then used 0% credit for everything else. It was a very stressful time for me. In the end I did manage to get a very good promotion within 18 months and immediately prioritised paying off the debt before I incurred any interest. It worked out perfectly for me. It meant keeping my career and growing my income. In the short term I would have been better off claiming benefits but in the long run it was the absolute best decision I ever made.