Partner's salary/stayathome mum

[calistassouth]

Hi!
I've stopped working due to us being due in March with our first baby.
My husband has said it's fine that I am a stay at home mum and he will support us.
I feel happy to do this, but I'm worried that his salary will end up being too little to support a whole family of two adults and one baby. Or will become an issue as baby gets older?
He makes £24,000.
Does anyone have any thoughts on whether this is going to be enough for us to live comfortably?
I know there are other factors, like mortgage etc (£480 per month)
but in general, is one salary at this bracket enough to be okay..?
Thanks!

That's reassuring, thanks! Do you live south or north?
South West.
We have more money now and life is easier. We had no car when the DCs were little which was hard living rurally. But it was still great. We never went without food or warmth. We live in such a wonderful community too, which helps massively. DCs clothes get passed around for years. You often bump into a child wearing your DCs clothes from years ago! I love it.

Everyone is different. It worked for us though.

@calistassouth

If you have a car then running costs could pretty much wipe out the rest of the money then

You'd probably have around £300 a month for clothes, gifts, holidays, days out, house and car repairs and entertainment. A big car repair could be difficult.

I have a db with a dw and one dc.
They have a car but don't use it much as they have good public transport.
They earn about the same and manage fine.
Pre covid they had 4 days away in summer in the uk.
They're not spenders though.

Very eco friendly and also vegetarian.
I often envy their simple life.

Surely the answer to this question in terms of pure breakeven financial terms is for the two of you to draw up a budget of your actual costs rather than relying on random estimates from strangers?

How well did your budget balance when you did that?

The other factors are a different question.

Also, what happens if the car breaks down or needs work?

Make sure one of your monthly outgoings is some payment into a pension for you.

Maybe consider life insurance and critical illness cover. What would happen if either of you got sick or passed away.

If it is a short term stopping working then cool but maybe look into pension provisions and National insurance contributions.

All very unromantic but things I have been thinking of if I give up work when my baby comes in March.

@ivfbeenbusy

£24k salary £1,600 a month take home pay

£500 mortgage
£120 council tax
£100 gas/electric
£50 water
£25 house insurance
£100 for Tv licence/broadband/subscriptions?
£60 for mobile phones for 2 adults
£400 food
Total = £1,355

Leaving £245 a month for incidentals
You'd get child benefit of course which is £80 but honestly a baby costs more than that a month with the nappies, clothes, formulae if you don't breastfeed?

You'd be on the bones of your financial arses. There is living frugally and not having a car or holiday and then there is putting yourself in a vulnerable financial position as you would be?

How does your partner get to work? Do you really not need a car??

Monthly savings for birthdays and Christmas Petrol Car tax Car insurance Car servicing Pension Clothes Shoes

Wouldn't work in this house.

I'm single live in the south east and it wouldn't be enough for me. It would be very tight for 3 people.
Have you got savings ?
Why didn't you leave after you'd have the baby then you'd have had some maternity pay ?

Pension

New boiler

We live in the HC and our council tax is £249 a month, so if a move south is feasible do your homework very carefully.

I personally couldn’t live on that but if you work out a realistic budget and are happy living without luxuries then why not.

I would not give up work as it is too hard to pick back up again. There’s so much competition for jobs these days.

Do have savings though for emergencies essential appliances breaking etc.

Surely you would get tax credits on 24k

There is probably some that could be shaved off that such as the subscriptions and phones, but you also need to allow for

Dentists costs for DH, days out, house maintenance, such as an electrical fault, plumbing emergencies, leaking taps/ toilets, broken appliances, entertaining when you able, extra food and drink for special occasions, the little luxuries such as takeaways, presents, toys,

All sorts of unexpected items come up. Does your DH get paid sick pay?

I think you should work if you possibly can as that income leaves little or no room for slack in the form of a broken car/boiler/rainy day expenditure. All of which can happen. It also takes you out of the workplace at a time when the economy is pretty rocky. It's hard working with small children but doable and will give you a bedrock of savings. Children become more expensive as they grow older and it is good to have money tucked away for school trips, shoes, visits to museums, etc.

Its up to you of course OP and if you've priced it up and you can afford it why not. We don't have an extravagant life but I cannot imagine living as a family on £24K (our mortgage is a lot higher than yours though). Do you want more children? Could you still afford them on your husbands salary? I have gone back to work part time and absolutely love it obviously more money helps and I like being financially independent but also I feel better paying into a mortgage and much prefer the balance than when I was on maternity leave. But to be fair I dont think I was ever cut out to be a SAHM and a lot of my salary was eaten up with childcare which you wouldn't need!

We are Somerset and would struggle on that. Are you thinking of buying in the South West? It would be a push to get a mortgage on 24k without a sizeable deposit

Is your husband's job safe? Will his salary increase?

Are tax credits applicable if one person voluntarily gives up their job?

I've been broke before and it is horrible. I remember dh and I having to use the launderette for weeks because we couldn't afford to buy a new washing machine to replace our broken one. And, ironically, a launderette is really expensive!

I couldn't do it, couldn't live with the precariousness of it.

I've just had a peek at rightmove at 2 or 3 bed rental property in Bristol. You would be looking at £750 pcm minimum for a place in a not so nice area of the city.

Our combined income is £80k but I'd panic if one of us stopped working, we're in Surrey.

Seems tight to me, do you have savings if a boiler breaks etc Babies don’t cost as such but you will want to spend money to take him places- Would you want family holidays ?

I’d carry on working if you can. It’s not just about your outgoing now it’s about trying to save for the future. Think of all the things you might need money for in the future? You will make yourself less employable by having time out. What about part time work?

I'm in North Somerset. House price by me are high think £250000 for a two bed. Depends really on what your other outgoings will be and whether you DH can get a job with the same pay of you move.