175k salary and all gone

[175allgone]

This will ruffle some feathers, but after tax, mortgage , childcare, living expenses….there doesn’t seem much left. SE London, commuting, wrap around care. Whilst I appreciate I’m not having to watch my bills I’m hardly living an extravagant lifestyle.

Are you looking for budgeting tips? Not sure what you're asking.

I think you're going to need to give a bit more of a breakdown for us to tell you whether or not that's unreasonable op. We have 70k take home a year between the two of us and we cover all of those things albeit not in London.

You're either being ridiculous or frivolous.

Take home after tax and pension ~8500. Mortgage 2.5k, childcare £4K, bills and commuting ~£1k

This will ruffle some feathers

You think???

It seems like a lot op. Have you sat down and actually listed everything down to the penny that you spend in a month and categorised it? Often people make lots of little spends they don't even think about and it all adds up. Are you making any savings at all or are you in debt outside of your mortgage?

Well the childcare is taking half your salary! That’s why you don’t feel you’ve got much money left. But presumably they’ll be out of nursery (or is that 4K for a nanny?) and at school in the next few years so that’ll be a big difference?

No to be honest , I haven’t. We’re not particularly extravagant. It all just goes in the joint account. I just don’t understand how anyone survives in the SE!

This still leaves you with 1K spare? More than a lot of people have to live off altogether.
Reduce your mortgage?
Reduce working house or get flexible working or share childcare with friends to cut down on wraparound care?

How are your childcare fees £4k? How many children do you have in nursery? We’re in the south east to, join income less at £6500 a month and once I’m back from mat leave will be paying £1100 a month for 2 DC, one nursery and one school wraparound.

I mean… we earn about a third of your income (£60k) and our bills are about half. Childcare is £2400, mortgage £1000. The numbers are different but everyone is in the same boat. We could ask “why did you get such a big mortgage” but it’ll be the same reason we maxed ours (because we couldn’t afford a 3 bed semi if we didn’t). We count every penny toward the end of the month. It is what it is. But everyone is in the same boat.

ETA we have 2 under 3 in nursery 4 days a week

Islington, 2 kids

How do I reduce my mortgage? Moving house will probably cost ~£50k in stamp duty?

It is shocking that in both examples, childcare is almost double the mortgages.

Is the 175 two salaries? Will you benefit from
The 15 hours in September? Yes £4000 is a lot for childcare but I understand as in London too and my one child is £2000 (and that's only four days a week!)

Where do you work if you’re paying £1000 for commuting? My brother used to live in Islington and he cycled to work. Is this an option?

I mean it’s not mysterious - it’s the childcare. That’s your massive bill. You’ll know better than anyone posting here whether that is reducible and how much longer it’ll be so high. I have a similar income and mortgage but lower take home as I pay into a pension. I have zero childcare so I’m about 4k a month better off.

I’m guessing two DC at nursery age in nursery full time then? It’ll only be for a short time as it’ll drop when at school.

I said bills and commuting…gas, electricity, council tax

I’d feel broke too with 4K on childcare. Holycrap.

Ah sorry, that’s my 2am brain and DH snoring next to me.

1k a month on all bills plus commuting sounds low to me by the way so I think it is a case of gritting teeth and getting through the childcare stage.

Yes I agree, seems simple. I guess I worry next bill is the wrap around care, extra curricular etc

I'm trying so hard but the violin is just so tiny I can't seem to be able to find it.

How do you manage?