Can't afford a baby. Nearly crying as I type this.

[arimelda]

Honestly, HOW do people afford childcare costs?

I have an awesome job that I worked very, very hard to get. I have guaranteed potential to move up once I've completed my degree. I don't want to sacrifice my job. I'm also the breadwinner.

We only have £700 a month leftover between us after all bills have gone out. We only have one car that we share. We can't cut anymore costs unless we started eating air.

We wouldn't be able to afford the £1000 per month for daycare. If one of us stayed at home, we wouldn't be able to afford to eat.

No grandparents who can look after the baby because they can't afford to retire.

I know people talk about tax credits for childcare, but what do these actually do?

I'm nearly 30 and beginning to wonder if my financial position will improve in time to beat the biological clock...

Thank so much....

Having large guarding breed dogs that won't let a nanny in the house sounds like absolute madness with a baby anyway ... And I'm a dog lover.

If your mat package is good you may get a year away from work. You'll often find nursery care decreases slightly for over ones.
That means finding a way to get to three for subsidised childcare then school at 4.
Once you are pregnant you'll be able to connect with others locally in the same boat and there may be a way to figure alternatives out such as sharing a nanny perhaps?
It's a short time so if you can put some money away that will help.
Flexible working such as reducing your hours slightly each day or compressing for a day off may also work out.

As a minor point in your outgoings - I have a big dog, and she's on Harringtons. I get 18kg bags from Amazon which last about 7-8 weeks each, and it costs me £27.

It's topped up with treats / some human leftovers for variety.

@JuanSheetIsPlenty why do you recommend getting married beforehand if you are considering going part time or being a SAHM? Is there a financial benefit to it?

I would just go for it and things will work out. I doubt there is more than a tiny handful of parents who could actually afford to have a baby when they got pregnant.

But if you have debts to pay off, do make sure you've done that first, using the £200 you're saving for a mortgage and the £170 spending money.

If you're the higher earner then it would make most sense for your dh to go part time to reduce childcare bills? Stop saving for a few years, use the savings you currently have to cover mat leave. So £170 pm, plus £200 pm, plus £80 child benefit gives you a £450 childcare budget- look at childminders (they look after dc in their, the cm's, home not yours)and tax free childcare. It could be fees able if you can compress your hours?

£200 savings towards getting a mortgage
You can’t have everything. That’s a quarter of your childcare bill right there. Add the money you’ve put aside for birthdays and outings - there’s half of your childcare covered. You won’t be able to go out anyway if you have a baby. How much have you saved for a mortgage? That should cover at least a year’s childcare?

why do you recommend getting married beforehand if you are considering going part time or being a SAHM? Is there a financial benefit to it?

Yes. As an unmarried couple- if OP leaves her job she is financially dependant on her partner. If the relationship breaks down he can walk away leaving her with no way to support herself other than the legal minimum child support amount. She would have to apply for benefits to house and feed herself and her child.

As a married couple, whilst she would still be financially dependant on him, should he leave, a court can order him to pay spousal support, as well as child support. OP would also be entitled to a split of any assets and some of his pension. (Because she will no longer be paying into her own pension due to giving up work to care for their child) and if they have a mortgaged property it may also be possible for her to stay in the home until the child leaves full time education.

£200 savings towards getting a mortgage

having a baby and needing to pay for childcare really is not the best time to save unfortunately!

I’d reccomend posting on the moneysavingexpert forums- someone there will be really clued up on how the universal credit childcare element is calculated and they’ll help you trim your bills if you list them out too.

Second the childminder idea- they’re about 4.50 an hour in my area (NE) so definitely works out cheaper than nursery

Where do you live? Which City?

I'd also second what InDubiousBattle said. Look into the possibility of compressing your hours. I still work full-time but over 4 days rather than 5. kids are now teenagers but when I needed to pay childcare it saved quite a bit, as well as not having commuting costs on those days.

I'd buy a house before having a baby but that's just my opinion.

It seems impossible and definitely at first there's a big moment of panic but it does somehow find a way of working out. I split from my ex when pregnant with our second and got very little financial help from him. I was convinced I'd never manage but I somehow did when I went back to full time work after 5 months off by being very careful with spending. Now me and my partner are expecting twins. we've had a panic about full time childcare but have started throwing a few ideas around and things don't look so daunting. Especially when we remember its only really tight until they get the free hours at 3 years old.

Those dogs must cost a fortune in insurance etc. If you rehome the dogs and don't save £200/month that's a start. Childminders usually cheaper than nursery.

I'm more worried about your guardian breed dogs whatever they are. Sounds awful with a baby.

I had to give up my teaching job when number 2 came along as childcare costs for 2 wiped out my salary and the stress of them being ill etc wasn't worth it. My husband and I were equal breadwinners so losing my salary was a massive blow but to get by, I've taken a retail job in the evenings/weekend to tide us by. It's not great money and pretty boring but it's what's best for our family at the moment.

Hard to tell without knowing what your actual income/outgoings are.

But.. 50/month on dog food seems a lot but also the vet bills, insurance etc. All adds up

You can both condense your, basically you do 4 longer days which allow you to take a day off. Rather than go part time.

The first year will be on maternity anyway so no childcare costs there.

Clear debts first and get a mortgage which is cheaper than renting.

Chilminder is much cheaper than nursery.

Tax free childcare vouchers, does your employer run the scheme?

Also not sure if you have sky, broadband, mobile bills etc to pay but you can always reduce it down

Every year I do a song and dance with virgin threatening to leave and end up saving £20/month for broadband!

You’ll get about £1k child benefit per year plus tax credits to reduce your childcare bill by £2k per year.

As pointed out, there are no more tax credits. They are long gone. And the threshold for Universal Credit is pretty low.

I'd get rid of the dogs, too. A large breed guard dog isn't good to have around a baby, either.

YY to being married if you plan to go PT or reduce hours or compromise your earning in any way.

My DH and I worked opposite shifts to each other for some years. Tough but we're a team.

Popped on to ask if you were aware of tax-free childcare.
www.gov.uk/tax-free-childcare Think a PP already added the link.
We only recently discovered it. It's an extra £500 towards childcare every 3 months.

£100 on food for you feels very low?

Especially compared to £50 for the dog food 😂

You have debt, you’re currently working and studying and you rent. Maybe wait a few years until you’ve cleared the debt (children cost money) completed your degree (so you know you have your qualification in the bag rather than postponing it) and you’ve bought your house (so there’s no risk of your landlord putting up the rent or ending your tenancy) before having the baby.

Become the Childminder while they are still young, that is how we did it!