To go part time

[Depressedanduseless]

I work full time in a really stressful job, earning 30k.

I have a 4 year old DS, who is due to start school in sept, so childcare costs will go down.

DP earns much less - £23k.

We've just bought a house - mortgage 638 pm.

I have talked to my boss about dropping to 30 hours per week, very affordable. He says no. I can either drop to 18.5 or I have to do full time.

I also receive £200 per month in maintenance from exH.

We could just about manage if I was doing 18.5, and I mean just about. This includes paying of a small amount of debt (3k) at £150 per month. There would be no treats, nothing for savings. But I've been a single parent and this would be the same income as when I was on my own...

We would not be entitled to any tax credits or things.

I am so, so stressed. I want to be there for my little boy. I hate working full time.

BUT we would like to have another baby in the next couple of years, so is it just a terrible time??

AIBU to think we could make it work?

I don't understand why there wouldn't be any money left if you went part time? My dh earns £25k and I work 16 hours and earn £11.5k. We have 3dcs, a mortgage of £700 and still have £700 left over plus child benefit.

Stressed

I need to do a proper budget I think.

Definitely agree OP.

If you're going to be on 15k, all in you'll have about £2800 a month. With a mortgage of £650, debt of £150 and no childcare, I just can't see how that will leave you with no money left over. Your utilities and commutes would have to be massive. Even the cleaner wouldn't put a particularly big dent in it .

How much are your other bills?

We don't have shared finances as yet - DP contributes £500 per month to pay proportion of the mortgage, bills, and food.

So my income would be around 1,100, plus 500 +200 maintenance from ExH, + CB

Mortgage 640ish
Council tax 130
Gas and electricity £80
Virgin £20
Mobile £50 - this will be reduced in Nov!
£150 cc repay
£75 - savings account
Car insurance £50
Car Tax £25 pm
TV license - £12
Water - 50
= 1860 before food.

DP can and will contribute more, but until now we've worked it out proportionately because obviously I earn more.

Ok. Well the problem here seems to be the non-combining of finances and him only paying £500. Part time on that income and with those expenses most certainly can work, we've lived comfortably when doing similar, but we thought of it as all one pot.

So what I see from that is that DPs extra 1k would fund the food plus everything else nicely. I know there are arguments about combining finances, especially with blended families, but it appears you already have really, if you're both paying proportionate to income.

OP your list of outgoings adds up to 1282.

Checked as I earn 30k and have similar mortgage and I'm fine.

I didn't even notice that!

To be quite honest OP it sounds like you can well afford this. The financial issues to consider, then, are ok going maternity pay and pensions. Obviously if you're one of the local authorities that only do smp now, the former is less relevant.

peanut yes, you're right. I thought it looked higher tha Id thought!

I'm terrible at finances, can you tell?

Looking at the figures I am sure that you could manage it reasonably well. We do combine finances though.