To consider getting into debt?

[MumApr18]

DC2 on the way and we either need to think about second jobs or consider getting into debt to get through the next 3 years until 30 hours free childcare kicks in for both. Right now we have a combined income of £3200 monthly. Minus £550 childcare, £500 mortgage, £150 council tax, £80 utilities, £35 tv and broadband, £20 home/contents insurance, £250 for husbands car/insurance (I have a company car), £200 to CMS for stepkids which leaves approx £1400 for groceries, days out etc.
Once I go on mat leave our income will drop to about £2500. Childcare costs will decrease but AIBU to think it's ok to take a loan or something to cover the period until both kids get their 30 hours free, or should I just quit work (or work a second job and never see kids)?

@Flerkin - yes that's super sensible. Luckily we kept most things and will only really need a few basic clothing items and a new crib for the bedroom (we had a really old second hand crib for DC1 from family but it's reached the end of its life now). I was thinking about a Next2Me as I've heard they are great for breastfeeding - they are about £150 or you can get cheaper brands for £60/70. That's my first savings goal :)

Stop buying "stuff" OP - ask yourself before every purchase "Is this essential?"

I think you will be fine. Kids are too young to notice any difference at this age and will be more than greatful for days out to the park and museums library etc. Infact the highlight of mines summer was a trip to none other than IKEA lol they have been on other days out I assure you they have not been deprived haha but they loved going round all the rooms checking out all the sofas and beds and having a little treasure hunt to spot things I gave them clues to !
So if you just budget a little while you are on maternity buy less stuff, do more free days out you will manage just fine !

@NoSquirrels Agree entirely. It's a lot of pressure on DC. I said stepkids but forgot he only "needs" to pay for one of them now as the rest are older - officially he only pays for one but he's forever (rightly!) giving the older ones cash for things but luckily I can't see it being more than another 5 years or so until all his older children are financially independent from him and his ex.

I think you're right - it's going to be a tough few years but eventually his older children won't be so expensive, and our children will either have the 30 hours or be at school. I need to not be so shortsighted

@BitOfAKerfuffle Ahhh I love that, the innocence of kids! Tbf Ikea must be mind blowing if you are little! And the meatballs are amazing and cheap af. IKEA is being added to to cheap days out list! Thanks for your advice.

Not to mention the costs of a new baby

Babies hardly cost anything though, especially second babies. I'd say that in fact it's the cheapest phase of human life.

You are right @1300cakes! I was thinking back to DC1 buying car seats, prams, nursery furniture but, as I said in a previous post, this baby only needs a few basic clothing items and a new crib and we are sorted.

@MumApr18 l haven’t been in Asda for a long time but there are lots of stupidly cheap items in Aldi. We get through lots of fruit and veg, it’s all so well priced. I’m tight and get the wonky fruit which looks / tastes the same as the other stuff from what l can see. The washing liquid and fabric softener are stupidly cheap but smell lovely. I haven’t enjoyed the smell of my laundry so much for a while!

@BitOfAKerfuffle l love the meat balls and Daim bar cake as well at IKEA!

@EL8888 I have a week's annual leave coming up soon so will deffo give it a go - I guess it's the time element (as in having to give up a few precious weekend hours to do the shop) but I'll have a look while he's at nursery and I'm off and can get to grips with it! I love the idea of wonky veg :)

Also, meatballs and daim cake is my go to Ikea restaurant order. Nothing else for it!

Go on Stepchange and do a budget:

www.stepchange.org/debt-info/your-financial-situation/making-a-budget.aspx

You can then work out which expenses are fixed and which are flexible.

Go on MSE for tips on saving money, how to get better deals etc.

www.moneysavingexpert.com/

Balance your budget and avoid debt if at all possible. Debt is miserable.

Oh fab @PencilsInSpace - thanks for the links, really helpful.

I have a family of 4 soon to be 5, we have around £700 a month after bill to cover food and extras. We have a comfortable life, my children 6&8 never go without, I quite often have Costa a couple times a week and we can afford the odd take away. We save every month for the kids and have a just in case savings account.
I would definitely sort your budget now it will be a lot easier and much less stress once baby number 2 is here, and like a PP said I would start living off the £700 now and save the rest.

Why will your childcare costs only drop? Can't you take your child out of nursery until you go back to work, that would be an extra 550 a month.

Babies do not need sensory classes. They will not remember a second of them. Much better to meet your friends for a cuppa.

I had twins in 2016 on top of an older child, starting teacher training next month but was 3 years at home.

Don’t buy online, go and shop in store. It’s cheaper and there are better deals.

See if you can get an evening or weekend job over 16 hours so your child care costs are paid up to 70% for that. If you drive you could walk into a role as a carer because they’re like gold dust.

You may need to cancel the nursery for a year, it might be a bit gutting, but for the good of the family, necessary. Talk to the nursery and see if you can work something out.

You can feed your family well and healthily if you concentrate on pasta, rice, tomatoes, onion and eggs.

Babies do not need sensory classes

Agree with this too. Your baby will be just as happy with a bowl of dry pasta or a washing up bowl full of water.

Pinterest is absolutely brilliant for getting age appropriate activities.

Please don’t get a loan. Getting a loan to cover basic living costs is the best way to get in serious debt.

You have a huge disposable income, just start saving a big chunk of it now and use that during mat leave. But tbh I think your disposal income after mat leave would still be more than you'd need, but I get that people have different ideas about what constitutes a tight budget.

Get a notepad and write down every penny you spend for the next few weeks, you'll soon see where your money goes.

Go through your amazon/ebay/any other site order history for the past year and add up how much you've spent on 'bits', that can be an eye opener.

I used to buy a magazine to read on the bus to work, it was only £2.95 per week, realised that was over £150 per year. Now I get books from the library or rarely buy one from the charity shop. It's all the little things which add up.

Wow OP your disposable income is amazing!

I stopped work after DC1 and our income roughly halved, which was a bit scary but actually we have managed fine and with DC2 too now. Our total income is approx £2100 PCM, so way less disposable income, this thread has made me realise I should calculate what ours actually is!

We still manage holidays, weekends away, days out etc, I am just careful. I buy most of the kids stuff secondhand and sell all our old stuff, I made way over £1000 in my year's maternity leave on FaceBook marketplace sales. It does take a bit of time but it is nice to get cash, clear stuff and great for the environment too!!

I reckon you can avoid getting into debt.

Enjoy your new baby when the time comes :)

Oh good Lord get a grip.

Start a side hustle. Learn to budget. £700 disposable income and you think you need to get into debt? Wow

You definitely don't need to buy new - there's a tonne of baby/kid stuff at charity shops, Facebook marketplace etc, a lot of which has been hardly used, which is dead cheap (and better for environment). Definitely don't buy a new crib, they're always going up for sale! Just get a new mattress for it.

Oh and check your local library, they often seem to have a lot of kid activities for free

Cloth nappies.
Packed lunches for days out
Annual passes for zoo/local farm etc..

You'll be fine

Mine never went to baby sensory. Why will your baby miss out? Is it too expensive? My friends swear by it but it wasn't for me. I go to mother and baby groups for about £2.50 for me baby and toddler. They get fruit snacks, to play and I have tea/coffee and a chat. That's where I met all my mum friends and our kids went to school together.

Meal plan, over cook and freeze.
Keep any clothes that can be passed down.