Family of 3 budget

[mayflower21]

Toddler is young not eligible for any free hours at nursery.
How much basic income do you think a family of three would need including to rent one bedroom, pay childcare etc?
Live around London
Currently have some external support

It's very dependent on housing as you can have a much lower budget depending on if & when you bought your house.

How much is the rent? Is the nursery full time?

So many factors. When you say 1 bedroom, do you mean a 1 bed flat, a house or literally just renting one room in a house share?
Childcare, for how many hours a week? Just a couple of mornings or days or fulltime ?
London, central, zone 6 or further out?

Will you need to factor in travel costs to get to work?
Are you entitled to any universal credit or any other benefits?

@xyzandabc

So many factors. When you say 1 bedroom, do you mean a 1 bed flat, a house or literally just renting one room in a house share? Childcare, for how many hours a week? Just a couple of mornings or days or fulltime ? London, central, zone 6 or further out? Will you need to factor in travel costs to get to work? Are you entitled to any universal credit or any other benefits?

Yes lots of things I didn't mention Not entitled to any UC. Zone 6. nursery full time. I mean flat - I suppose that'd be the cheaper than a house

Nursery full time MOST people are entitled to help from the government to pay 85% of childcare fees, unless you're earning ALOT but as you're asking this question id guess not? So double check this. My sons nursery is £60 a full day which is £300 a week, so would be £1300 pcm so you would have to pay £195 towards childcare. Rent for a 1 bed flat I'm sure you'll be able to find on Rightmove a rough price but probably £1000 if anything like Sussex? Then you have food, nappies & household bits probably £50 a week minimum So £200 a month ish. Gas and electric in summer probably £100 a month min. And then WiFi & Sky- £55, Council Tax is around £120 a month. Obviously other bills but I'd guess outgoings with childcare paid for 85% by the government would be around £1770 per month (depends on rent mostly obviously). So 45 hour week for one person or 22.5hrs each to cover it.

Do an 'entitled to' calculator online for what you will be earning/what your rent could be/what childcare costs could be, and then this will give you an accurate figure. You may not be entitled to anything now as your not basing the figures on what they COULD be.

Hope that helps.