To ask your opinion re what household income is 'enough' to afford to start a family?

[user1491297286]

We earn just 43k between us and with a £700 mortgage and all other bills and outgoings, it really doesn't feel enough

Have you savings if you don't get full maternity pay. Also what is the daily rate for childcare in the area ?

Nappies and all that aren't expensive. Income loss and childcare is what matters

Not my experience, Tinsels

Many moons ago, we were on around that amount with that size mortgage when we started our family. It was manageable, but not luxurious. We did have a generous safety net of savings in the bank to cover any big unexpected costs (washing machine/car needing replacing etc,) and we had willing grandparents to help out with childcare, which made a massive difference.

Fast forward a decade or so, our mortgage is fully paid off, our incomes have increased massively. We're entering the children's teen years in a very comfortable position indeed. The sacrifice is that we've both worked throughout.

I think how easy you find it will depend on savings, childcare costs/help, willingness to both work (even if it's not financially advantageous to start with, the cost of losing one lot of career progression is massive) and your chances of increasing your salaries in the future. If you're in your late 30s, I'd probably go for it, if in your early 20's I might thing about getting a bit of career progression under your belts first.

Good luck whatever you decide.

No set amount, if you can afford all the bills, savings, childcare and enough for the child to do activities etc without state help it's enough. Varies depending on area etc.

I hate the mantra of you don't need money to have a child, the fact is children are expensive and need providing for.

Depends on so many things:
The rest of your outgoings
Who earns what
Maternity benefits (SMP is hard to live on if you are used to a higher income)
Any savings
Childcare costs (this is what eats into our income - it's like a second mortgage BUT it is only for a couple of years and my job is worth keeping)

My lifestyle changed so much having a child - I no longer bought clothes (for me anyway!) or went out for meals/ drinks as much which offset the cost of most things during the first year. Going to work can actually be expensive (travel, lunches, collections in the office, the "friday treat" ).

once you have a child, your income will take a steep (mat pay instead of the regular salary, maybe a return to work part time) decline and/or outgoings will go through the roof (nursery fees if you go back) so your financial situation will change a lot.

depends also where you live, what lifestyle you aspire for. you will go out less, go on holiday less etc. certain expenditure will go.

but it sounds entity doable. you are hardly poor and once the hard early years are over things tend to get easier financially. if you pay a lot in childcare, you will also get help with tax credits.

I hate the mantra of you don't need money to have a child

I know right? If a poster asked about TTCing whilst swimming in debt someone would still trot out the old "if everyone waited until the perfect time nobody'ld ever have kids, just go for it you'll make it work because it turned out okay for me in the end".

Having kids when you're not on top of your fincances turns out okay for some people, for others it doesn't, it ends in disaster and misery.

It's such incipid advice: "Oh just go for walks instead of holidaying on private yachts! that'll make up for the fact that your income is LESS than your bills& rent…"

We earn similar (42k), our rent is more expensive and we have a DS and we aren't struggling.

I suppose it depends what is important to you, and what your expectation is of a decent quality of life.

My DH and I earn 62k a year combined (so a combined monthly salary of almost £4000) with a tiny mortgage and plenty of parental help (we both work full time) the child benefit almost covers a day a day a week at a childminder. If you're lucky enough to have help then it's value is above the price of rubies.

It is expensive and you'll make sacrifices. You need to sit down with a pen and paper or a good excel spreadsheet and work out what you can afford

I had a baby when I was in debt and shit with money - it worked out beautifully!

No it didn't actually. It was bloody awful. Caused endless rows as we were both shit with money. Credit crunch kicked in. I would urge anyone to have a strong look at real figures and make choices based on it.

Wet walks and thermos flasks get very tiring after a while.

I was isolated and depressed.

Things have turned around. I have remarried and now have 3 part time jobs. We have a good standard of living. But when I look back I think I was so bloody naive.

And yes EVERYTHING was 2nd hand. I carried on trying to breastfeed as I was worried about cost of formula. Drive myself crazy trying to use washable terry nappies (this was only 8 years ago - not the 1970s)

So @TinselTwins is spot on. Do have children but recognise that you're doing the right thing by trying to get your finances in order. Good luck!

If your mortgage is only 700 then it's not an issue. You could surely pay £700 off whilst pregnant

Im raising two kids single handedly on benefits. life happened and its crap but financially whilst we dont have luxuries we do always have plenty of food, bills paid and clothes to wear. there is no right income, its being able to manage with whatever life throws at you

Ignore my post. I have been very stupid.

its being able to manage with whatever life throws at you

Yes I agree, there is no threshold: like >49k and you'll be singing,