In thinking 40k income really isn't a fortune??

[mummymacbeth]

Yes, a thread about a thread kind of. And I am fairly sure it has been done before but still!

I really don't think a forty grand gross income is a fortune. Our income with two kids is currently a bit less than that, though has been that in the fairly recent past. It is - and was - a bit of a struggle. We are not in the south east, we do not have a huge mortgage, expensive cars, kids are at state school and we don't manage to get abroad every year. We are living from month to month. A "fortune" it ain't!! (ref the post about someone wondering whether to have a fourth child)

In all seriousness, i do worry about buying a house/how we will afford to have children and we're on about 40k. I'm 28 now. I would like to have my first child before i'm 30 ideally but on our current combined incomes it scares me how we'll do either of those things.

I hope that either my DPs income will increase which there is room for that to happen. Mine is unlikely to. Or that my parents (one retired, one semi retired) may agree to provide childcare 1 or 2 days a week. Both of these things would help a lot and without one of them happening we would struggle on what we are on now to bring up a child. Once we have upgraded to a 2 bed flat and paid out childcare, we'd be looking at having already forked out £2,500 a month. This would leave us about £500 for council tax, elec/gas, water, any other bills, commuting costs (£350 a month for the two of us currently), food, etc... It just couldn't be done. We already have cut down on food bills and usually spend about £60 a month for the two of us so we couldn't cut down there.

As for having a second child, well we'd have to wait until child 1 was in school before even considering it I think.

Why am I paying twice as much as everybody else for water and council tax?

YANBU - depends on facts and circumstances, as you say.

So the thread that spawned this thread concerned a poster who had nowhere to live, kipped around at her sisters, and couldn't afford both childcare and rent on £40k. I totally believe that is possible.

A family of 4 could live very happily on 40k if they had low housing costs and no childcare because there was a SAHP.

There's no absolute number.

lynette- I pay 72 for water on a 2 bed flat.

merci- sorry yes meant easier for single earners than joint earners with childcare.

Lynette - are you paying off a previous bill for either? Our council tax is £154/month but that's because we moved and they took a while to set it up. It should actually be about £120. Water is about £25 a month I think - for a one bed flat.

BeeBee12 - I pay almost exactly that. 3 bed house, no water meter. (DH tells me we would pay more if we had a water meter)

Xpost there, BeeBee, yes, it is harder on around 23k, I was talking about people who post they only earn say under 16k or even 9k and conveniently forget all the stuff they get for free as part of that income. It does really boost an overall income if you get 700 quid free school dinners, all your housing paid for at say 6000 k, council tax 1500 k. Of course not everyone gets that, but I do think if they do, they should mention it on threads like these. It's an extra 9000 k but tax free too!

Definately not paying off previous bill.

Our gas/electric also seems to be much higher than other peoples, but I do have a love of the tumble dryer.

Ive got no water meter as cant have one.Even when we were a couple no kids, no washing machine, no bath we had to pay 62.I would love a water meter but most flats here you cant have one so they assess you off number of people.

I would love a tumble dryer! This summer has been awful for getting clothes dried. Luckily the landlord hasn't provided one so luckily I can't be tempted.

Lynette council tax and water combined are around 190 a month. Gas and electric about 110. Three bed semi.

I dont think it is hard on 3k money wise the worse thing is getting a bigger mortgage now they have got strict so I can have more kids.Moneywise Im nowhere near poor.

Lynette, we were put on a water meter and my DH was convinced we were going to pay more, but in fact we pay a lot less now that we have a meter. We pay about £180 for 6 months, and DH has a huge bath every day, I shower, DD baths, dishwasher, washing machine etc.

sorry 23k!

Re water meter - get one installed and if within a year it costs you more you can change back
They are pricing people off meters, that's why it's so expensive. There are online calculators to compare usage

DH works in London, we live outside, train fair is £3,500 plus £2.70 a day on the bus.

£3.5k a year.

krumbum

You said "You'd still have over 30k to pay bills and for fun stuff ! " to TellyBug who said she and DP earned 80k.

How have you worked that out?

£80k for one earner = £53k net.
£40k each would be £59k net.

TellyBug has already said she'd have £3.8k per month in rent and childcare, so that's £45.5k per year gone.

Where's the £30k 'spare' ?

Baffling...

How pointless and silly.

DH and I are currently earning absolutely zip, with a baby on the way....

I think we'd be MORE than comfortable on 40k a year!

40k?? too us that is a massive amount!! to put it into perspective we had 19k last year including all benefits pay 500per month on mortgage probably around the same on bills we I've a car that is paid for so just pay fuel 60 quid a week (and tax and insurance etc but not sure how much this costs as oh sorts car stuff ). we managed to save 1000 last year so are going to redo our bathroom! can't imagine having that much money or what xwoulddo with it.

and have a 3year old and 18month old!!

hlipop are you talking about £19k net income then?

So £19k coming in after taxes, etc?