How much do you need to earn for 3 kids?

[Allthegoodnamesaregonegone]

When you don’t live in London and have very average expenses?

for arguments sake, I googled and saw the average mortgage is £1400
average heating for 4/5 people is £200 a month (British Gas website)

assume no ‘bad debts’ and no private school

id love another kid, if possible, but I do see on here often on the cost of a third and that being a large factor, so I’d like to understand what is the amount people think you need to earn pre tax to live comfortably with 3.

If you want something you can make it happen. Personally parenting two is QUITE enough for me on every level and I fear I would be feeling jaded and even resentful if I had a 14 year old to deal with as well as my 18 and 16 year olds. Have a strong urge at 50 to do my own thing I can’t explain it really maybe hormonal. But you may adore parenting teens so much this won’t apply!

🙄 saying my stance isn’t getting cross

I’ve definitely found life more expensive since my children became teens…they inevitably want the branded stuff because fitting in is everything to them.

They didn’t need pocket money when younger, but now they need an allowance to be able to socialise at weekends. Makeup and skincare are a new expense for them (also covered by allowance).

Then monthly bus passes to get to school (primary was a short walk). They also start eating so much more post Year 6.

One will soon be starting driving lessons and is planning to go to university. She is intending to get part time work after GCSE’s but that obviously won’t cover all expenses.

Considering how much more families tend to spend on kids as they get older is important I think - I’m glad we stuck with two, though our income is lower than OP.

Did you trawle through other threads to find personal comments to make?
Most of the people I know who went to uni went to one nearby and stayed at home or they got a job and rented a flat that they shared with other uni students and split the rent. And not everyone even goes to uni.

All I'm saying is basing your decision to have a third child on whether you can afford their uni fees is ridiculous. Food, nappies, rent and bills are of course reasonable but uni fees is ridiculous.

but uni fees is ridiculous.

It is not ridiculous. If it is not important for YOU that is absolutely fine, but for some people, they have a clear idea of what they want to provide their children into adulthood and they will size their family accordingly, that is not ridiculous, it is entirely sensible, raising children is about a lot more than just nappies and you'd know that if you had a child over 10. People are obsessed with early costs but rarely consider the time and money it takes to raise teens in this generation, that's not to say it is NECESSARY, but we should all think about what we want to provide.

It is free will, what we all have. OP asked people's opinions, some have said much lower incomes, others have said higher incomes, there is no right answer.

So those who intend to fund/ part fund their child through uni. How are they doing so?

through savings or through their income at that given stage?

if you are saving, how much are you saving a month?

@Allthegoodnamesaregonegone I had my kids young so I have to put my hands up that it wasn't something I pre planned, but suddenly panicked about as we hit the teen years 🙈 (but did then play a part in our decision to stop at 2, though not entirely of course). For me I am paying over £400 a month on my student loans (didn't pay much in my 20s due to being low income, part time with kids etc) higher earner now so paying it down very fast, due to stop paying it soon and going to put what I was paying straight into savings for the kids. Basically if we keep paying that £400 a month (that we won't miss) into savings (or directly to them them when the savings dry up in use) right through to the youngest being 21/22 it'll cover the c£36,000 deficit for 2 kids doing a 3 year degree.

Not yet sure if either will go to uni, but I don't my finances to be a reason they don't go, but I do feel similarly to you about uni and won't support a piss up degree without any thought, a degree should be a necessity for the career they want, not a doss when they're not sure what to do.

We’ve saved £250 a month per child specifically for university since I think 2011 when the Conservative government brought in the new tuition and maintenance fee prices

The job market is TOUGH atm post university those without a degree get sifted out.

Homestly the other reason I’m glad we stopped at 2 is I only have to worry about 2 going into young adulthood. It’s not just the money.

I’ve started a business and upped my earnings so can cover uni otherwise we would have had to put on stop on holidays for 6 years probably .

I think it depends on the industry, the big 4 removed their degree requirement and more and more big firms offer degree apprenticeships so an alternative channel to getting the degree through work, which seems amazing tbh

there are many people in more senior roles than myself (of my same age demographic) without degrees. Obviously this is field and industry dependent

were Your children born in 2011? Or was it in anticipation of future children

I would implore anyone, wether they have one or five kids to prioritise life insurance while they are under 18. I’m always amazed how many parents don't plan for the worst disaster. It should be top of any financial necessity list.

We’ve been to two funerals of parents in their 40’s this year, one parent of two with generous life insurance. His wife though devastated, isnt worrying about paying bills. The other, unfortunately had none, Dad of three, his wife is having to move closer to family in a cheaper area, kids moving schools, she’s having to leave her job and friends. So sad.
Plan for the worst, hope for the best!

Yes there are more apprenticeships even in law: I would be slightly sad if mine didn’t get to experience university though.

Hopefully anyone with a mortgage will have been spoken to about this and a lot of work places over death In service. Dh and I get 12 and 10 times our annual salary, then a separate policy for the mortgage. But completely agree but not just for life insurance for critical illness and income protection too! Likewise for the children the impact of one of them becoming critically ill is also huge and would mean a loss of earnings

So my eldest was 2005 so started saving for her for uni from 2011, with my other two started saving for uni since they were born (just in case).

also lucky eldest will be there on her own where as if other two go they would be at uni at the same time.

my eldest is doing a degree in a subject that is my line of work that I do not believe you need a degree for and I offered to hire her as an entry level. But she insisted on going to uni. I hope when the loan payments start she doesn’t regret it. She seems to be having so much fun so I’m happy she is happy.

But why can't she have a £10 coat off marketplace now?
£99 on a coat?!? You don't need to spend anything like that, especially for a 12yo!

Really don't understand why people seem to think teens having a job at uni is a bad thing nowadays.
I had a job at 14. I had two when I got to 16. Had a job by the end of September when I started uni. I've always worked. I also got 3 good a levels, into a very good uni in London and then a 2.1.

When my kids are teens they can have an allowance and any expensive skincare or clothes they want over that they need to get a job like I did.
Working from a young age has meant I've been good at keeping track of my finances even though I've never earnt that much and I've always managed to save.
I went to uni with lots of people from very privileged backgrounds who didn't need to work and most of them were well into overdrafts by the end of term and constantly blowing money on one night out/expensive purchase.

@Allthegoodnamesaregonegone what did you decide in the end?