Average savings and debt levels when working part time with a toddler

[Kittenmum89]

I currently have £2976 on a 0% credit card (paying £300) at the moment. Around £450 on finance for bedroom furniture and about £96 on my very account. I have £290 in saving but also hope to have this to £1000 by May. I was just wondering what does the average person have in savings in debt ? I feel this overwhelms me. I only work part time as have a DS who is 20 months.

I think for advice to be helpful on debt/savings your income is relevant, in terms of a ratio.

You have about £3500 across your 3 debts, if you earn £3500 a month then that’s not too bad, if you earn £500 a month then it’s a different story. Same with savings. Debt & savings alone aren’t a great measure.

Never had any debt, maternity leave dod wipe out my savings though and was as only in a position to start rebuilding them once dd left nursery. We received very little finding though. Now both dc are at s school I aim to save 15% of my.income every month

If you’re working part time then assume your net monthly income is low in which case £300 per month is a lot to service your debt

Are you a single parent? Obviously it is easier in households with 2 incomes.

We made "big purchases" and saved before having children so at toddler stage we were only aiming to live (just) within our means. Couldn't have managed paying off debt or to increase savings.

Is it just you or is there a partner? We didn't have any debt other than mortgage at that stage and we were earning less than we are now and funding for under 3s wasn't a thing. As soon as I found out I was pregnant we tried to live mainly off DHs salary and save 70% of mine to cover any shortfall on mat leave (I'm the higher earner). I also went back full time after mat leave

these are the expensive years with childcare and PT working most of your debt is at 0% so £300 a month will be debt free in a year, also £1000 is a good starter emergency fund, ( will pay for a burst tyre a brokenwashing machine etc.Once you are debt free, you can build that up to 3-6 months living expenses. unless you plan on another baby in under 3 years, sell baby stuff as soon as it is outgrown helps buy the next size up,
Good luck getting out of debt is about 20% Maths and 805 attitude values and emotions,

personally I think for a relatively small debt but from your OP it is obvious it worries you, it is worth being really frugal for a few months with one month off in the summer for a bit of fun to get debt free asap, the peace of mind will be great for you

I have a 2 year old and work 4 days a week. DH also works 4 days a week, and we use nursery 3 days a week. Nursery costs £375 a month with the free hours and tax free childcare. But we do earn fairly well (both on around £70k for 4 days so household income is c£140k).
We don’t have any debt apart from the mortgage, and have £104k in savings, but this is mainly because I inherited a lump sum last year.
If you are younger, work less hours or earn less you are not in too bad a situation. We aim to live on what we earn and save £250 a month for the long term and £500 a month for medium term (Xmas, holidays, insurance etc).

What do you mean by part time? I only dropped to 80% which worked out as a 10% reduction in take home pay, with the loss of one day in nursery the "cost" of that one day less a week was ~£100 a month and didn't trigger a significant difference in lifestyle. We were a two professional household too on good wages so our situation probably isn't relevant.

I do think it is worth exploring what you mean by "it overwhelms me" what bit is the overwhelming bit? The amount of debt? The cause of the debt? The monthly cost of the debt?

Thanks for all your replies. My DH works he earns a very healthy salary as works offshore. I earn £1554 and only work 3 days a week. Very fortunate to have family help with childcare. Debt was from Mat leave spending a bit here and there on credit card. I have already reduced it from 4126 since December. I think I have just been a bit worried about it but these replies have reassured me. Sounds silly but made me have a bit mum guilt for having it. Silly isn’t it the things we get mum guilt for! Think I will feel a bit better once I have my savings up a bit more tbh. And the card down more by the end of May.

Would it be helpful to have a sit down with your partner next time you are able to and go through your joint costs and work out a sensible budget for getting the credit card down and the contingency funds in better place.

Just to clarify, is this debt you accrued as a household when you were on mat leave or is it debt you accrued trying to continue to pay your share whilst on maternity pay?