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)?

How much is he there currently? I'm hoping to keep my eldest in childcare for maternity leave if possible, but he only goes 8-4pm twice a week and I may cut it to one.
A day or two gives you some time with the new baby alone and keeps his place and friends, you don't need anymore than that surely.
Presumably you are getting a bit of help towards childcare costs? (taxfree childcare account/vouchers?) we applied for the universal credit childcare element. We earn too much currently but will get it when I'm on maternity and have two kids.

@QforCucumber Yes, well I only counted one child but another poster advised I get extra for 2, works out about an extra £50 a month so that's good :) I do use tax free childcare, it's great.

@MumApr18 Oh no! That’s a bit of a pain, I don’t suppose there is any way to stop the company car? I never took mine from work so never looked into how they work, sorry if that’s a stupid question! I also have a red book that I write down every penny we spend, even down to my husband spending £2 at work in chocolate, it just helps me keep track of everything and I find we all spend less if we have to physically acknowledge what it is and how much it cost!

@platform9andthreequarters At the moment he is there 3 full days - I think i will cut this to a day and a half or 3 mornings. Technically to keep his place he needs to be doing the equivalent of 2 full days but I'm going to try and negotiate considering I will be putting DC2 there at some point too! We use the tax free childcare account and would be entitled to about £21 a month UC while I'm on mat leave. I need to look closer at the rules for this though as I'm not sure if you can claim while you're on mat leave/when you actually put in the claim.

You're right though. I do feel it benefits him immensely but I'm also conscious of the fact that I might need a bit of a break as well.

@YouDoYou18 It's an option but we live quite rural so it would really cut us off! I feel like, especially with 2, buses won't be as manageable and, around us, there is only one bus an hour. I feel like I need the car :(

But toy said toy can reduce the childcare hours to £90 per month. That's a £190 saving.

And as a pp said, you get extra cb for two children.

I think if you intend to go back to work, that keeping your eldest's place whilst on maternity leave is really sensible. I used a childminder at that stage, so much more flexible and room to negotiate, but we kept on with one full day a week regardless - and I really needed that day! Continuity of care was really important too.

Try to average out your salary whilst on leave. Add up what you'll get in total for maternity pay: the 90% for 13 weeks, then 33 weeks at £X, and then the unpaid 6 weeks. Then divide by 12. What will you have to live on as an average? Then figure out how much you need to save to cover all your outgoings.

with double the childcare bill, if I quit work completely we would only be about £100 a month worse off and I would get to spend time with my kids. Tricky decisions.

When making those decisions, don't forget to factor in the impact on the pension that you are hopefully paying into at the moment. Have a read of this thread, then if you make the decision to become a SAHM for a number of years, do it with your eyes open and a plan about how you are going to cope when you retire: www.mumsnet.com/Talk/am_i_being_unreasonable/3667947-To-think-that-a-lot-of-us-will-be-in-trouble-when-we-retire

You don't need a loan you need to learn to budget. That loan will need paying back the month after you take it out- so instead of 'giving' yourself more money you will actually just be increasing your outgoings. This makes no sense.

From your further posts you basically just want to make sure you have enough surplus for "stuff" that you are too scared to actually total up what and where you are spending.

Please learn to budget don't borrow from your future self. This problem won't go away after maternity leave because your childcare costs will rocket.

Is this serious???? You have £1400 atm as disposable income and your moaning??

How about saving???

Cut down your nursery days to reduce the cost?

£1400 is more than I make working full time!!!!

Budget!

These posts annoy me! If you can't work out how to budget and not get a loan out then don't have another baby!