Do we have enough for children

[Enoughfor]

My DH and I are now 33 and wanting to have children. However, and I am probably being unreasonable but am a bit worried about our finances and whether it’s ‘enough’ or if we need to try and climb the career ladder and get payrises first. Our total household income after tax is 3k.

I have (many) twins in the family so am trying to figure out if we could afford 2 kids if that happened.

We have household outgoings of about this 2.2k currently. Do we need to make more first or is this a reasonable sum for children?

The major costs to consider are:
Change to income- part time, stay at home parent, nursery fees.
House/car size: Do you need bigger in the foreseeable?

It's possible to spend very little on children, while still giving them a lot. They cost more when they stay attending clubs etc.

To give you a rough idea, childminder rates where I live would be about £250 per week for a 5 full day week. But look at nurseries and childminders near you. We have always had flexible working and my parents to take on some childcare so have only ever had to pay up to £585 a month for 2 kids.

Children contrary to the belief of many are not that expensive unless you let them be, especially as little ones. We lived on a very low income and I stayed at home until they both were in school. We only spent what we had to - I breastfed, slept in the bassinet from the pram (mum bought it) travel cot after outgrew, no special furniture just a mat on the chest of drawers, lots of second hand stuff, cloth nappies ... can be done but only you know what you can manage

I think it depends whether your outgoings are flexible and what your childcare arrangements are likely to be.

If you have to pay for nursery for 2 kids full time that's expensive - look locally to find costs.

Separately I have 3 kids and probably spend £70 a month clothing them (and everything that can be passed down is so it'll cost similar for twins or more I'd expect), we've added £100per month to the food shop (they're 8m, 3 and 5) and they need stuff (furniture, duvets, school trips, toys, educational experiences etc)

But as pp have said people do it on much less

Child benefit is about £85 per month for one if I remember correctly and it is £140 per month for 2 (or more)

Tbh I don't think most people go in to it with their finances perfect unless of course they're very rich. I'd say if you want kids then you'll make it work because truth be told if everyone made a list of pros and cons r.e. having kids the world population wouldn't be in the billions.

Don’t put it off - you’ll figure it out.

Make sure you’re saving all your excess income now though. You will, quite literally, never be as well off as dual income no kids yet.

You'll make it work.

The 180k doesn't have to be paid upfront given your age I would get cracking in your shoes. You make it work. Not everything has to be brand new.

As others have said the main thing is how you will manage work and childcare. Once children are in here you naturally spend less money on yourself so that covers clothes etc. Will you want/need to continue working full time? Will you have to pay for childcare or do you have other options eg family. Would you be prepared to put your job on hold and work evenings and weekends to avoid childcare costs? Those are the things you need to consider

Depends on your childcare costs and if you reduce your hours at work. So impossible to say.

Kids don't need much stuff. The only budgeting you need to do is to do with childcare. If one of you earns a lot less than the other or may be worth them changing to more flexible work (or even the one who earns more if the seniority makes it more of a possibility). If you both wish to stay in your jobs then it's a case of putting childcare into your budget. Google a couple of local nurseries for an realistic idea.

Other than that you don't need to worry. Clothes can be got second hand for pennies and they don't really need all the stuff the media tries to tell you they do (except a car seat. Buy one of those new. They all meet the safety standards). One you start paying out for clubs etc they'll be at school and your childcare costs will drop.

We're a one- income household (me, ~£2k after tax) and we manage just fine with our child. He goes to nursery 3 days a week and has enough clothes etc. It's not a struggle and, if it were, I'd just cut back elsewhere.

Child benefit is around £80 a month and you can buy clothes cheap (unless you're someone who feels they need designer stuff, rather than supermarket stuff). Lots of preloved sales and things for toys etc.

You'll be fine. Just stop over- thinking it!!

Well, I did a full budget before each child. I can’t remember how much we took home at the time but were both on £37k ish gross for baby 1 and £50k and £30k for baby 2

I took our fixed costs per month and our income (mine massively reduced as I only had SMP) and worked out what was left then did the same for when I was back at work including childcare and my increased salary.

I use the same spreadsheet now 8 years later for our monthly budget.

As soon as I got pregnant we moved to pooled money.

It’s not rocket science.

You have to buy baby clothes and consumables on an ongoing basis and ‘stuff’ as a one off (cot, steriliser etc), formula if not BF etc.

What I would say is I spent nearly nothing during mat leave and had £100 ish to spend on coffee, soft play etc.

How is the 3k income split between you both?

how much do you and your partner each earn, and what is your plan for returning to work and childcare once you finish mat leave?

You say your outgoings are £2.2k, does that mean you only have £800 left each month?

Full time childcare will likely cost more than £1k so do you have enough for this?

Just get on with it. If you faff around trying to figure everything out you might end up leaving it too late or having children later in life when there are increased risks of complications. Medically speaking, 35 and over comes with increased pregnancy risks.

Childcare is expensive for babies under 1 because if the staff ratios. Then a bit cheaper when they are 2. At three the cost goes down because the ratios change again and because the free childcare hours kick in.

Factor in Child Benefit.

And the savings on nights out, weekend city breaks etc.

But you can get childcare vouchers as a salary sacrifice, and thus save the tax on that amount.

To be honest if you’re 33, I would crack on. It sounds as though you are very sensible to be considering it. Ultimately, you will budget according to your needs.

@EdgeOfTheSky

But you can get childcare vouchers as a salary sacrifice, and thus save the tax on that amount.

Not open to new joiners - will have to be Tax Free Childcare

You won't be able to afford childcare on that.

You'd make it work if it were to happen, but ....... our nursery fees (full time) for one baby are £1700 a month (South east England). But if you or your partner decide to stay home you wouldn't have that outgoing but of course you take a hit on salary.

At 33 I think you should crack on. You will make it work one way or another.

Deciding to stay at home to avoid childcare fees can turn out to be a foolish and very expensive mistake unless you are financially independent yourself. It’s not just about your take home pay. You are also losing out on pension contributions, ability to progress and earn a higher salary at work over time. If you decide to stay at home, make sure your partner pays pension and NI contributions for you as well as ensuring the household expenses are covered. Otherwise if shit hits the fan later in life, you will have no money