Baby Costs - !!!!!
Discussion
Did OP tell us where he lives?
For all we know he's got a massive mortgage on a place in SW London? That easily could be £2500, and if he is on London then its likely there is another £250 of travel each month on that, maybe student loan commitments too?
I think a lot of people on here are frothing at the mouth seeing the salary vs their own rather than thinking about the possible other outgoings?
For all we know he's got a massive mortgage on a place in SW London? That easily could be £2500, and if he is on London then its likely there is another £250 of travel each month on that, maybe student loan commitments too?
I think a lot of people on here are frothing at the mouth seeing the salary vs their own rather than thinking about the possible other outgoings?
BoRED S2upid said:
Exactly! The nanny can take the kids to play groups tumble tots whatever I was throwing into the pot the simple fact that they do get ill and have to miss nursery with no grandparents to help and busy jobs the OP needs to factor in situations like this. Do their jobs allow them days off at very short notice if the children wake up sick? No then a nanny may be the best option. With clear instruction what to do with them so they don't become socially inadequate.
As the thread is about money, and the OPs missus earns £45K gross, does a full-time nanny make financial sense? They can't just be paid cash-in-hand any more, it's got to be done properly so I can't see that they wouldn't be in "negative equity", just on salary / employment costs.I saw a TV programme about nannies and one family was miffed that the nanny who'd accepted the job went somewhere else because the other one offered a better car.
Sheepshanks said:
As the thread is about money, and the OPs missus earns £45K gross, does a full-time nanny make financial sense?
Short term perhaps not but you have to consider lifetime earnings not just until the little buggers hit school age.Relevant: http://www.theguardian.com/commentisfree/2015/apr/...
okgo said:
Did OP tell us where he lives?
For all we know he's got a massive mortgage on a place in SW London? That easily could be £2500, and if he is on London then its likely there is another £250 of travel each month on that, maybe student loan commitments too?
I think a lot of people on here are frothing at the mouth seeing the salary vs their own rather than thinking about the possible other outgoings?
The OP posted the below comment several pages and days ago, which made me query what the point of him starting the thread was:For all we know he's got a massive mortgage on a place in SW London? That easily could be £2500, and if he is on London then its likely there is another £250 of travel each month on that, maybe student loan commitments too?
I think a lot of people on here are frothing at the mouth seeing the salary vs their own rather than thinking about the possible other outgoings?
Lotus82 said:
I am not going to outline my financial situation. Well aware not sharing these figures may annoy some but I fear it will only stoke the fire.
okgo said:
Well he could be a collossal tit then if he lives in some w
kpit in Worksop. Or he could be genuinely feeling a pinch if he lives in Barnes in a 3 bed cottage, who knows. Stupid thread if not going to provide any detail on the biggest outgoing most people have in their mortgage.
If he lives in Barnes in a 3-bed cottage he could sell up, move to somewhere reasonable and retire.kpit in Worksop. Or he could be genuinely feeling a pinch if he lives in Barnes in a 3 bed cottage, who knows. Stupid thread if not going to provide any detail on the biggest outgoing most people have in their mortgage. 
You didn't go to nursery did you swerni? Never learn't that it's not all about YOU?You see the discussion was a general one about costs/benefits of nursery vs costs/benefits of playgroups and nannies and such.
If you think your 'montessori' wife is typical of what's being provided by playgroups and glorified direct sellers like TumbleTots then that might have been relevant to the overall point but as I suspect that is not typical at all it appears you are simply citing an exception as the rule.
Ok, whatever, it's certainly not my experience but no matter. Perhaps you could just accept on the evidence of this thread if nothing else that SOME people chose to put their kids in nursery for a part of the week to provide the balance of experiences offered and socialisation that comes with that - regardless of financial position.
The OP's apparent surprise at the position he's approaching may be an example of the complacency with which people now take on huge mortgages relative to their earnings. Huge liabilities are still the norm even after the credit crunch which one might have hoped would recalibrate our collective sense of financial risk.
If the big fixed cost that is consuming the OP's earnings is the mtge, then, painful as it is, he might want to consider selling and buying something more affordable. Best to take a dispassionate look at expected combined income for next few years versus what your mtge costs might be. If interest rates were to start rising, might you become a distressed seller? If there is any possibility of that for you, you can be pretty confident that there will be other people in the same position too with the consequences that'll have for prices.
If you've got a sprog on the way, personally I'd be thinking about the next few years in terms of risk management rather than stretching myself to get onto or up the property ladder.
If the big fixed cost that is consuming the OP's earnings is the mtge, then, painful as it is, he might want to consider selling and buying something more affordable. Best to take a dispassionate look at expected combined income for next few years versus what your mtge costs might be. If interest rates were to start rising, might you become a distressed seller? If there is any possibility of that for you, you can be pretty confident that there will be other people in the same position too with the consequences that'll have for prices.
If you've got a sprog on the way, personally I'd be thinking about the next few years in terms of risk management rather than stretching myself to get onto or up the property ladder.
ATG said:
T personally I'd be thinking about the next few years in terms of risk management rather than stretching myself to get onto or up the property ladder.
Next couple of decades...... Dont leave senior school till 18 IIRC now.On a similar note, we are selling to move within a better school catchment area. f
king ridiculous really as we are on the wrong side of the road for one, but unable to apply for another that is closer than the primary he is in, due to us not being "in the catchment area". Obviously, houses in the areas we are looking at are all £75k+ more than where we are now. This is an expense we did not consider having a child!
Now my son is 8, its funny how much you waste on buying on what is sold as high quality kit when something else, often 1/10th the price will do.
Sounds very un-PH, but as an example, we bought this fantastic £500 Jane pram/puschair thing with removable wheels etc etc. Very techy. Truth be it really never got much use, a £75 maclaren buggy was lighter, easier to use and thrown into the back of the smallest cars rather than take up the whole boot. Plus you had to be fairy intelligent to fold the Jane down and have a good back to load it in the car!
With these feet said:
On a similar note, we are selling to move within a better school catchment area. fking ridiculous really as we are on the wrong side of the road for one, but unable to apply for another that is closer than the primary he is in, due to us not being "in the catchment area". Obviously, houses in the areas we are looking at are all £75k+ more than where we are now.
This is an expense we did not consider having a child!
In PH land that's a not a problem as private schools don't have "catchment areas." king ridiculous really as we are on the wrong side of the road for one, but unable to apply for another that is closer than the primary he is in, due to us not being "in the catchment area". Obviously, houses in the areas we are looking at are all £75k+ more than where we are now. This is an expense we did not consider having a child!
okgo said:
Well he could be a collossal tit then if he lives in some wkpit in Worksop. Or he could be genuinely feeling a pinch if he lives in Barnes in a 3 bed cottage, who knows. Stupid thread if not going to provide any detail on the biggest outgoing most people have in their mortgage.
I have a 4 bed detached in Knutsford, Cheshire. Purchased in 2010 with 18 years and 79% of the mortgage remaining.kpit in Worksop. Or he could be genuinely feeling a pinch if he lives in Barnes in a 3 bed cottage, who knows. Stupid thread if not going to provide any detail on the biggest outgoing most people have in their mortgage. Since original post have researched mortgage extensions. Extending the repayment period is a viable way to reduce costs for however long is necessary.
Edited by Lotus82 on Wednesday 1st April 19:59
I've been meaning to reply to this thread for a few days now but as the OP will understand, being a parent to twins can be a little busy. Our boys are 11 months old now and we're about to put them into nursery on a flexi deal. 8 days a month. The costs when weighed in with everything else are all starting to catch up with us and we're feeling it. We too, had a similar combined income of £100k ish. With that, pre kids, we bought a decent house, couple of new cars, nice trips away. My wife is a nurse and needs to go back to work for a minimum of 3 months. After this we'll reassess it if it's worthwhile. I think it is, as mentioned previously, the social aspect will be good for them. Although the advantage of twins is they always have a pal in the house.
Financially though, we have cut back in different areas, some because we have no choice now, such as cheeky weekends away to a nice hotel have stopped. Shopping, we have moved our main shop to Aldi and Lidl, which is conveniently located 5 minutes away from our house, and only go to the bigger supermarkets for the few things we can't get there.
We did try to get a nanny and we are employing one on a part time basis when I'm away with work but they are few and far between especially here, in Perth.
It will get easier, I hope and I don't regret a thing. Life is different now and I wouldn't change a thing.
Financially though, we have cut back in different areas, some because we have no choice now, such as cheeky weekends away to a nice hotel have stopped. Shopping, we have moved our main shop to Aldi and Lidl, which is conveniently located 5 minutes away from our house, and only go to the bigger supermarkets for the few things we can't get there.
We did try to get a nanny and we are employing one on a part time basis when I'm away with work but they are few and far between especially here, in Perth.
It will get easier, I hope and I don't regret a thing. Life is different now and I wouldn't change a thing.
tighnamara said:
PugwasHDJ80 said:
which is far better than most SMEs will pay.
My wife got statutory- that was it- nothing on full pay at all, no sliding scale, nothing.
She took 5 months off work- I didn't take any!
We're both keen to have another, but only if she can find somewhere with better maternity pay/
Sorry but that statement is quite unbelievable, you are only going to have another child if a company pays better maternity pay.My wife got statutory- that was it- nothing on full pay at all, no sliding scale, nothing.
She took 5 months off work- I didn't take any!
We're both keen to have another, but only if she can find somewhere with better maternity pay/
If you do get what you wish are you going to say to the child later in life " your only here because your mother got a great benefit package from company X"
I'll either not have any more children because they are unaffordable, or my wife will move into a better paying job- why is that not sensible?
Would you rather I just bought children into the world with no thought as to how to support or pay for them? Maybe this is why we have such a persistently strong benefits culture!
PugwasHDJ80 said:
Why is it unbelievable?
I'll either not have any more children because they are unaffordable, or my wife will move into a better paying job- why is that not sensible?
Would you rather I just bought children into the world with no thought as to how to support or pay for them? Maybe this is why we have such a persistently strong benefits culture!
Just thought maternity pay is a bit different than being in a better paid job.I'll either not have any more children because they are unaffordable, or my wife will move into a better paying job- why is that not sensible?
Would you rather I just bought children into the world with no thought as to how to support or pay for them? Maybe this is why we have such a persistently strong benefits culture!
If you can't afford to have another kid unless your wife is paid while she is not working and not getting any maternity pay maybe you are not in a position to support another child.
You specifically said your wife was looking for a position with better maternity pay, nothing mentioned about looking for a better paid job.
Maybe crossed wires but personally I still think it is unvelieveable / bizarre that having another child would be based on the level of maternity pay.
Just saying and everyone is entitled to an opinion...........
Is maternity pay not a benefit ?
Edited by tighnamara on Thursday 2nd April 21:10
OP: Are you aware of the Tax-free childcare government scheme which is due to come into effect in Autumn 2015?
It aims to specifically cater for working parents whose employers do not offer a childcare voucher scheme, and so could save you quite a bit of money.
https://www.gov.uk/government/news/millions-of-par...
It aims to specifically cater for working parents whose employers do not offer a childcare voucher scheme, and so could save you quite a bit of money.
https://www.gov.uk/government/news/millions-of-par...
I just want to know what I was doing with all my money before I had kids.
I know how much school/nursery costs because I get a bill, I'm not earning that much more now so what was I doing with all my money?
And this is think is ultimately the issue, you can't spend at the same rate as a parent, priorities need to change.
I know how much school/nursery costs because I get a bill, I'm not earning that much more now so what was I doing with all my money?
And this is think is ultimately the issue, you can't spend at the same rate as a parent, priorities need to change.
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