So DH and I live in North London. We have a ds, 3 and are expecting dc2 in September. We are both 30, DH is a lawyer in the city, I am a qualified primary school teacher and have worked part-time since ds was 1 but have just been given voluntary redundancy from Sept due to school restructure.
DH currently brings home about £4800 a month, mortgage is about £1500 a month, bills at least £500/month, groceries, petrol etc at least £800/month.
So ds is due to start nursery from Sept and has a place at both a local prep school and the very local state school and I keep swinging between which the right decision is.
The prep school is comparatively very good value at around £3000/term all the way through the school. They get very good results (a large proportion get into the grammars) and it had a very nice, non hot-housey atmosphere, with of course smaller class sizes.
Although it is comparatively good value, this will still be a stretch for us- an additional £800 a month we reckon and we will be losing my £1000/month salary ( we basically have no childcare costs) at the same time. There are certainly many areas that we could make savings in our lives...we don't live extravagantly but live well (i.e. Don't really think about how much we spend on shopping, go for meals out etc) so could easily cut back but not sure quite how good we'll be about that having not really had to do so before, and also lived near our overdraft limit even so the majority of the time.
The state school is very near and has a very good reputation. It is ofsted outstanding (multiple times in a row) but is positioned literally right at the side of one of the busiest roads in London and has very little outdoor space for sports etc. I also (as I'm sure lots of parents must do) think that ds might well be quite bright and I do worry about him being 'lost' in a class of 30 and not achieving his potential, especially as the catchment secondary school is AWFUL here so we would definitely be wanting to look to grammars.
I just can't decide whether it is worth the lifestyle sacrifice or not... Also since we are both relatively young there is quite a lot of scope for career progression for DH, and is it worth the sacrifice now if we can afford it a lot more comfortably in a few years time? I could work again part-time but don't want to be tied to it immediately and I'm not sure it would work logistically with the school run (a short car journey) to the possible prep school and we would have childcare cost for dc2 to factor in (my wage only just covered these between age 1-2 for ds). We are also considering having more than 2 children.
Anyway, sorry for such a long post, but does anyone have an opinion?!