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Financial mess impacting TTC

80 replies

Thursday37 · 03/11/2017 17:28

Please bear with this – it is quite complicated but I’d really appreciate other people’s views.

My OH now earns less than half of my salary and he was made bankrupt 2 years ago due to a failed business (he did nothing reckless, it just failed and he spent too long trying to prop it up personally). He is generally poor at managing money although has made big efforts to rein things in. I manage all of the money so that a) it all gets paid and b) I can sleep at night

At the moment we each have our own bank accounts and I have another account that is dedicated only to all of our household bills. We cannot have a joint account due to his bankruptcy – I have an excellent, unblemished record whereas his is as bad as it can be so we can have no financial associations.
He pays all of his salary into this “bill” account (it is like a joint account but not) and uses one of my credit cards (as an additional account holder) for his spending and joint things like grocery bills which I then pay in full out of the money he pays into the account. It means he has no cash, but also means he can have no debt.

I also have a horse which is expensive so although on paper I earn a lot more, I have an expensive commitment that costs as much as another mortgage, so my disposable income after I pay 50% of the household bills is negligible (usually less than £50).
I also have all of the liability because he can have no credit, so the mortgage etc is based only on my salary and we have a small amount on a 0% credit card from our new bathroom (circa £3k left to pay off).

The non-horsey might say “get rid of the horse” but that is not an option, she is an older horse, had lots of injuries and aside from OH she is my best friend. She is with me for life. Getting another after she is no longer with us will be a different decision but that is hopefully years away.

Currently we pay house bills and groceries inc. mortgage (which is in my name only) 50/50. Arguing about money (lack of) has become a huge issue in our relationship – much worse than the bankruptcy itself oddly.

Currently we can’t TTC as I just don’t see how on earth we can find the money. He can’t contribute more, I can’t afford to earn a penny less. It is not like we are on dreadful pay either (I earn around £48k, he earns £22k) but we have a large mortgage and no savings now.

On almost every post about money I see people pay a proportion towards the bills that is based on their salary (although more often than not the wife earns less and does the childcare)– but there is just no way we can do this as the sums don’t add up. So do you think it is “fair” that we split bills 50/50 or should I be paying more? At the moment I can’t see any way forward. If we had a child there is no way by OH would become a stay at home Dad, so I’d be the one working full time still to earn the money to keep the mortgage etc. But that would mean full-time childcare, so another £800pm to find. We qualify for absolutely diddly squat (no tax credits, no child benefit etc).

Feels such a mess. And I am approaching 40 so not as though we can afford to wait.

Does anyone have any pearls of wisdom or been in a similar state?

OP posts:
SummerRains · 03/11/2017 19:29

So:
£100 current surplus a month
£230 you say if you stopped riding lessons, no sky , no cleaner
£20.70 CB every week ( round it to £80 a month)

Suddenly there is £410.

You reducing your income does not affect your mortgage.

What other luxuries can you reduce? CRedit Card bill will be paid off so more surplus income. How much would that be once bathroom would be paid off? What other luxuries can be cut? Easy to ge tthat figure up to £500 a month without selling your 2nd home. Plus workplace childcare vouchers etc can reduce cost of tax/childcare a small amount.

Appuskidu · 03/11/2017 19:30

I don't know anyone that didn't make substantial sacrifices to have a baby. You sound a bit like you don't want to make any.

RandomMess · 03/11/2017 19:30

I’m shocked you are choosing to keep BTL over trying for a baby!

Callamia · 03/11/2017 19:34

I totally see that the horse needs to stay.

But, I think you should reconsider feeling so woeful about being the main breadwinner thing. I am, I earn three times what my husband does, and I am currently on maternity leave. We share parental leave to avoid losing my salary - and this works well for us (this is the second time we’ve done this).

Childcare IS expensive, but it’s temporary, and reduces as your child gets older. It’s two years of hard times, and then it gets better. Can you see a way to manage that?

HeadDreamer · 03/11/2017 19:35

Of course you can afford a child. The £600 a month on it is the answer. Nursery full time is more than that initially. But once they turn 3 you are going to get near to that for childcare.

You know the answer already. You have a good income it’s just the expenses is too large.

And it shouldn’t be 50/50 on expenses. You should both put money in and then get equal shares out for fun money. Given your earning differences, I would imagine the only way childcare is going to work is if either you both work FT or he goes PT or SAH. If any women with childcare duties asked if they should contribute 50/50 and then their DH spends £600 a month on a hobby, what do you think the responses will be?

helterskelter99 · 03/11/2017 19:39

Honestly at your age I would start trying to get pregnant and see what happens, a lot can change in the time it takes to get pregnant, the duration of the pregnancy. You can then sell the BTL if you need to but you probably have a min of 2 years before you get to that point.

Mat leave and childcare are a struggle I think it's been worth it but I am glad we only have one on reflection although I would have loved more

MaverickSnoopy · 03/11/2017 19:46

Honestly, you would and could make it work. It's all very well hanging onto your BTL.. but is your BTL worth more than your children? I would gladly loose my house and equity for my children. Perhaps though you don't want children that much?

You would be eligible for childcare vouchers, saving each of you about £60/month if your employer does them. IF you had a summer baby then you have one year less of childcare to fund and if you took a year of mat leave then that's even less to fund.

EnthusiasticEdna · 03/11/2017 19:50

This may sound harsh but is it possible that you fear regretting your lifestyle choices and would rather pin your decision not to have children on your partner's poor money management? And is it just a tiny bit the case that you're not really convinced you've found the right person to have dc with?

NapQueen · 03/11/2017 19:55

OP your current lifestyle could not facilitate a child.

However you have two homes, a horse, other various pets, two cars and arent in debt. Can you just stop and think for one second how utterly well you are doing and stop claiming hard done by?

You do not need chickens. Or a garden. Whilst I understand you not wanting to part with the horse why are you doing lessons etc abd could the horses costs be lowered?

You dont need to live rurally.

And did I read right that you have 180k equity in your property? Spare me.

chocchocpop · 03/11/2017 20:09

If I were in your shoes I would seriously consider your horse situation.

I understand that the horse is like a family member however given the age of the horse how long will it realistically have left? And then what? You can’t then have a baby. You may regret that forever.

SchadenfreudePersonified · 03/11/2017 20:10

I think many people re being hard on OP.

Personally I find it refreshing that someone isn't prepared to dump an animal because it's costing money they can afford, but which limits them in other areas.

SchadenfreudePersonified · 03/11/2017 20:11

given the age of the horse how long will it realistically have left?

10-15 years.

Ecureuil · 03/11/2017 20:15

Personally I find it refreshing that someone isn't prepared to dump an animal because it's costing money they can afford, but which limits them in other areas

I also agree that you shouldn’t just dump an animal. However life is unfortunately all about choices. Choosing to keep her horse is a perfectly valid choice. But that may mean she can’t afford to have a child.

MudCity · 03/11/2017 20:23

Keep the horse (no doubt about that).

Sell the BTL.

BusterBluth21 · 03/11/2017 22:14

Hey OP - like others have said I don't think you should give up your horse (I know that pets are family) but there are definitely things you can be doing now to help with your dilemma.
You say you'd save £230 if you cut sky/cleaner etc - do this now! Say best case scenario you get pg straight away - that's £230 x 9 you can save = £2070. Plus the £900 surplus you would have each month. This can go towards childcare when you have the baby. Realistically it will probably take longer to get pg so you can potentially save a fair bit more!
Also start budgeting in terms of food spend - do you also have a budget for 'luxuries' such as meals out, clothes etc? If so cut this and save it!
Sell things you don't need and see if any skills/hobbies you have can be utilised to create a bit more cash.
It sounds like you have the means so ttc but not the will to sacrifice your current lifestyle.

sashimiyummies · 03/11/2017 22:15

Start ttc first and see what happens. If you get pregnant, sell the btl. If you don't get pregnant, you won't have lost anything.

WitchesHatRim · 03/11/2017 22:18

Are you married and has your OH been discharged from his bankruptcy

eurochick · 03/11/2017 22:45

You don't seem to realise you are currently choosing your horse/garden for the chickens/btl nest egg/Sky tv and cleaner over a baby. But that's what it comes down to. Make your choice and live with it.

Babytalkobsession · 04/11/2017 07:43

To be quite honest you are both clearly poor at managing money and are a bit out of touch with reality.

You have 2 houses. A horse. Sky. A cleaner. You also say you have card repayments indicating more debt yourself.

We have similar household income to you and are comfortable with 2 kids. Nursery bill is crazy though, it was £980 a month for our first full time, now he qualifies for preschool hours and I dropped to part time but it's still £660 for youngest.

This is the reality! And what about maternity leave? Will you get more than statutory pay? If so that's a chunk to save for.

Simple solution is sell second house, put capital into clearing debts and bringing down mortgage and adding to savings to cover the early years.

If you REALLY want a child you have choices. You're luckier than many.

Also, why £80 a month for lessons? And have you looked at cutting sky right back? We halved our bill recently (although this is a total luxury and we wouldn't have at all if we had any debts)

Ellisandra · 04/11/2017 09:05

Why on earth did you spend over £3K on a credit for a new bathroom?
Absolutely not essential to spend that much.

Two houses, a horse, Sky, a cleaner, loads of pets...

This thread is laughable.

Anyway - money aside. do not have a child with a man that you are arguing with.

You don't have a solid relationship, and he wouldn't be prepared to make the financially sensible decision of being the parent to take paternity leave. What's the point of having a child with him?

Ellisandra · 04/11/2017 09:06

Oh yeah, and the £80 on lessons.
You've had this second best friend for so long that you cannot possibly give him up - yet you can't even ride him properly yet?

Give me strength.

MoreProseccoNow · 04/11/2017 10:00

To be honest, I would not be having a child with a man who could not manage his finances & was made bankrupt. You would be better off going it alone as a single parent.

Ilovetolurk · 05/11/2017 06:12

OP I am late to this thread but my random thoughts are

If you want to TTC and you are successful the finances will tend to fall into place as you will have your hand forced to some degree

Your BTL may not be a marital asset now but was the advice based on potential divorce? I am surprised you were advised he has no entitlement to it. After a long relationship (including time together before you married) of around 10 years entitlement starting point is 50:50

Bunnychopz · 05/11/2017 06:31

See if someone will share the horse and the cost of housing it.

Bunnychopz · 05/11/2017 06:39

I agree there’s no real financial mess. Your outgoing are just too much and cutting right back and not putting anything on credit will resolve the issue

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