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AIBU?

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Original poster

Is this enough money to have children

70 replies

Lainey1988 · 21/03/2022 20:55

Me and DP both would like children. I’m in my thirties and am thinking about our finances.

We both earn about 25k per year so take home is about 3k after taxes and pension. Is this enough? I want to ensure we can give the kid a good life.

OP posts:
Original poster
Lainey1988 · 21/03/2022 20:56

Our outgoings are probably needed and these are about 2.3k per month right now.

OP posts:
Woeismethischristmas · 21/03/2022 20:56

It all depends on your outgoingsand potential childcare costs surely?

piglet81 · 21/03/2022 20:56

Impossible to say. What’s your rent/mortgage and bills? What maternity pay would you get, and have you costed up childcare for when you return to work?

Original poster
Lainey1988 · 21/03/2022 20:56

@Woeismethischristmas yes sorry needed to include this and have above!

OP posts:
Original poster
Lainey1988 · 21/03/2022 20:58

I don’t honestly think I would go to work until the child was at school as I think nursery would be about 1k per month and I earn 1.5k

OP posts:
JustWonderingIfYou · 21/03/2022 20:58

Depends where you live/ your lifestyle/mat leave package/ childcare plan etc.

I'd say not if you live down south and want to be a full time mum.

Absolutely fine if you live somewhere cheap and have family willing to do free childcare.

Woeismethischristmas · 21/03/2022 20:58

Ah sorry crossposted. It’d be tight if you needed to pay for childcare full time. Do you rent or own? Maybe check an entitled to website for a benefit check if you had a child.

OutlookStalking · 21/03/2022 20:58

Well its more than average!

But noone can say. A lot changes with having kids. Will you both stay fulltime? Same expenses? We used to eat out and go out and dont now, but clothes etc add up now they're early teens!

Lots of families under around 30k are on universal credit and manage...

HumptySumptious · 21/03/2022 21:01

OP, please be aware that this can be a short sighted view - thinking about childcare costs as only coming from the mother's wage, therefore it isn't 'worth' working. It would be financially worth working, as it would be worth £500.

Do either of you have scope to progress your careers so that you can earn a higher salary? Mothers often take a hit to their careers during the early years, and then never fully recover.

Ohdoleavemealone · 21/03/2022 21:02

Well if your outgoings are £2.3 and you are not going to return to work then no because according to you only earn £1.5k a month each. So you will be 800 a month short before the cost of a child.

Original poster
Lainey1988 · 21/03/2022 21:02

Trying to answer all questions so;

Mat leave from my job is good. It’s not the first year I’m concerned about as we have some savings and could ‘do a year’ on my reduced earnings. It’s more about after that.

We own our house and have a small mortgage of 450 per month

OP posts:
Original poster
Lainey1988 · 21/03/2022 21:03

It’s a 2 bed house with potential to convert to a three (loft, though of course that would cost money)

OP posts:
Original poster
Lainey1988 · 21/03/2022 21:03

Not intentionally drip feeding, just answering questions as they come up!

OP posts:
Boating123 · 21/03/2022 21:08

You could take 1 year off (maternity leave) and I think everyone gets 30hours childcare when the child turns 3.
So it's "only" really 2 years things maybe tighter than you would like them to be.

If you do have a baby I wouldn't give up work completely, even if it feels like its not really worth it for a couple of years.
I think it would be hard to go back to work after a long break.

If you both want a baby - have one (if possible). I think if you both want a baby you are more likely to regret not trying for one, than trying.

EmeraldShamrock1 · 21/03/2022 21:08

Yes, it is a how long is a piece of string question.
Your earnings potential could increase or decrease.
It could take a long time to conceive.
Not to be a traditional pain however I'd advise you to get married if you're serious about commitment.
If you do have a baby keep your job at least pt, study too to increase further earnings.

853ax · 21/03/2022 21:09

I think you would be better off keeping job even part time, much harder to get back into work.
Employer may offer childcare vouchers so some cost deducted before tax. You would get child benefits and possibly other benefit available as low earning family.
I do think you can make it work.
Obviously you don't know how your journey to having children will go may not be easy
, Could take years ECT never a right time.
Wouldn't want to run out time then win the lotto !
Good luck

WhatNoReally · 21/03/2022 21:12

I think you'd be crazy to let your finances dictate whether you have a child. My dad was a milkman and mum stopped working when I was born. The house we lived in was unheated and without a fridge. We're all now comfortably off and and my siblings and I are happy to be here! My parents never regretted it even though money was tight during my childhood.

Anchoredowninanchorage · 21/03/2022 21:15

Gosh I never even thought about wether I could afford a child. They need very little when small. We just live very simply, but second hand & worked part time / full time and have camping / youth hostel holidays . We got tax credits they went towards nursery fees for 2 days and grandparents did third day. Now kids are teens things look to be costing more so it’s managing expectations I guess

bumpermom · 21/03/2022 21:17

Umm... no one can afford a child. We just blag it 😂 seriously though, so many variables. On the surface of it your a lot better off than some.

Snoods · 21/03/2022 21:17

I suppose if you don’t work until the child is it at school and you only have DPs wage until then, you are in a minus each month. Unless of course you can top DPs wage up with any savings you have. Maybe look at part time work and part time child care to see if this at least covers all outgoings. Then savings there for luxuries or if something happened where you needed money urgently.

Everyone is different but personally I would want some money left over each month to save for Christmas and birthdays, in case something in the house needed repairing or if the car needed repairing.

I’m terms of giving a child a good life, as long as they are fed and loved they will have more than many … best wishes in whatever you decide Smile

EasterIssland · 21/03/2022 21:18

If your company pays enhance maternity and you don’t return they could claim it back.

Also currently outgoings of 2.3. Will you be able to afford that on a single salary ¿

ChairCareOh · 21/03/2022 21:20

This reply has been deleted

Withdrawn at the user's request

CoconutQueen · 21/03/2022 21:21

Your mortgage is tiny; compared to your income, by most people's perspective, you are rich. Nothing at all to stop you. Good luck.

Ihaveroyallyscrewedup · 21/03/2022 21:21

Outgoings of £2300 when the mortgage is only £450 seems very high, I would be looking to see where savings can be made to ensure you are not struggling during maternity leave and for childcare costs in the first five years.

red30505 · 21/03/2022 21:22

thats what DH and I are on.

£1000 nursery a month is crippling (15 weeks til she starts)
But it is doable and longterm will be worth it earnings wise
On mat leave atm and its ok.
I wouldnt change having my girl for the world.
You make the lifestyle work.

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