Help. Finances for twins! First time parent.

[Twinning1985]

We've just found out that our baby is now babies - and although looking at budgets for one we were comfortable, but now panicking about having two!!

I earn more than my partner so will need to head back to work full time, but we both need to work full time ideally.

I realise that we are a little way off from this yet, but can anyone advise what government support is on offer for childcare for 1 year olds? I've been reading all the websites about free child care for 3-4 year olds and tax credits but am just getting a bit confused but there's not much about small children. My family live overseas and I am worried his parents would struggle with two small people.

Just trying to plan for the future and reduce my stress levels a little!

Thanks in advance for any advice!

Congratualtions.

Not much unfortunately. There is only the childcare tax scheme which is worth up to £2k a year towards childcare and child benefit if either of you are on under £50k to a sliding scale of £60k.

You'll probably get a sibling discount - 5% from one set of fees.

I went back to work when mine were one and we were paying £1200 / week.

You can claim tax free childcare for both children which will give you 20% off nursery fees

£1200 a week? We don't earn that a month between us...

I may have to rethink this...

£1,200 a week is £120 a day per child, that's the expensive end of childcare. Childminders tend to be cheaper and nursery prices depend where you are in the country, they're around £60 a day here.

To minimse the costs if you could both work 4 long days you'd have 2 full time wages coming in and only 3 days of childcare fees?

If you are the higher earner and you only earn 1200 pm between you then I am guessing you are both on fairly low wages? You need to be earning more. Can your DP try and get a higher paying job? If not, can he give up work to do full time child care to allow you to work full time and maybe you can try and find better paid work? It's not going to be easy whatever you decide to do but I am sure you will get there.

If your income is that low you will qualify for universal credit which pays up to 85% of childcare costs. Plus a child element for each twin a couple allowance and a work allowance.
Plus child benefit.

@trilbydoll - Yep Zone 2 London.

£1200 between you?

Apologies, we are not low income £1200 a week for childcare though would be £4800 a month which is more than our take home after tax. Maybe the four day week option might be a solution so its only three days at nursery.

Thanks all - best start saving now.

Make sure you ask for twins discount everywhere as often it's offered but not advertise...e.g. 50% discount for twin. Join a local twin group to see what's in your area.

I pay £45 a day for nursery (in the north east - probably the cheaper end of childcare!). But for 2 that would still be £1800 a month in childcare, with 20% about £1400.

If you only earn £1200 between you and have no family support then, with the best will in the world, I don’t think you can afford childcare for 2 children.

Going on the 1200 between you I would assume you're both part time atm?
I don't know where you work and lots of jobs are up in the air at the moment but ideally one/both of you will need to try and go to full time.
You would be entitled to some top ups via universal credit and also help with childcare costs on that income, you could do the entitled to calculator putting in income and the babies to get a hypothetical rough idea of what you may be entitled to.
Oh and congratulations 🥂

You need to look at the costs local to you. Nursery costs in London are very different to the costs in the north east!

@Twinning1985 I see what you mean now! Sorry. I think trying to cut down days in work if possible would be the best option.

@PotteringAlong yes £1200 a week sounds a bit extreme, I think £60 a day might be a better average to work by. But I'll start having a look at nurseries near us to get some prices.

@AvoidingRealHumans apologies for the confusion, we are not low income. But £4800 a month on childcare would break us :)

I don't have experience of this but I've read on other MN threads that sometimes getting a nanny can be cheaper for multiple children than a nursery. So it might be worth looking into that as an option. I would really not count on childcare from relatives with twins tbh I can't imagine many grandparents would be up for that, totally understandably. You will likely also find people say they will and then when they see the reality of caring for a baby again that they'd forgotten in their nostalgia they may make a U-turn. I've seen a lot of this personally and in my social circles and that's not even factoring in twins to care for.

If you're not already claiming tax credits you can't make a new claim now. If you're already claiming then I don't think having children moves you to UC but not 100 per cent sure. If you say on TCs you can get some money towards childcare, I think it's up to 80 per cent of the fees up to a cap? UC has a similar childcare subsidy scheme I think. I would definitely think about ways to reduce your childcare bill by moving your hours around e.g. the lower earning partner reducing hours and/or one or both partners working compressed hour or parents working some opposite shifts. Although compressed hours certainly isn't an easy option, can be utterly exhausting, and same with alternating shift patterns. I know a family who are doing these with some childcare provided by a grandparent and they were very optimistic at the beginning, when their daughter was 9 months old, but not so much now their daughter is 18m as it has gradually been taking a toll on them - exhausting long hours + plus commutes + only one day together as a family every week and they never see each other otherwise. Not a good quality of life. However they could afford to do otherwise (nursery etc) they just don't want to pay fees/use external childcare so that's their decision.

Its £1200 per week not per month.

Also FWIW our DC goes to a private nursery and we pay more like £50 a day and that's one of the most expensive nurseries in the city I think. For 8am-7pm care with 3 meals and snacks, the only extra we have to provide is nappies.

We use a childminder four days a week in the north west and is around £1000 a month for our twins. Some Childminder's will offer the option to use tax free childcare and then offer the 15/30 subsidised hours once they turn three. Other local twin friends have nannies or use nurseries.

I don't know why people think not being about to afford 5k a month on just childcare makes someone a low income family. That's 60k a year before a bill is paid or a belly filled. Some of you mustn't be able to see very far below from the lofty heights of your mansions.

OP def look at doing 4 days or dep on how the costs work out, do going part time.

Lots of sites like Sphock sell baby basics second hand for a fraction. We had them in moses baskets down stairs and compact cots upstairs due to space until we can move but if you can go straight from Moses to Cotbed it will be cheaper. Just mattresses needed to buy new.
There's twin groups of FB that also sell bundles of clothes and other basics. Thry weat so much and go through it so quick it's honestly worth getting some decent second hand stuff when they're small.

The initial period will be very expensive, you need to work out if it's financially better for one parent to stay home vs pay the childcare. My DC started at pre prep age 2, I tying from memory this was around £3000 per term so obviously a lot cheaper than £1200 per week. I'm SAHM but families where they both worked then had/have a nanny for school holidays and pick ups if necessary.

You should consider a nanny. We found it much cheaper when dc were tiny - plus it's more flexible. I spent all my salary on the nanny for a few years - and realise I was lucky enough to be able to do this - but it was worth it it the end

We pay £96 a day for our twins to go to nursery but get the tax free childcare. We get their 30 hours in September and can’t wait!
We bought our Pram second hand to save money, most clothes second hand too.
Congratulations, twins are amazing!

I don't know why people think not being about to afford 5k a month on just childcare makes someone a low income family.
Nobody thought that, there was confusion that op’s income was less than £1200 a month.
@SleepingStandingUp