Can I afford to start a family ?

Ok so I was not sure what forum to go to for advice so I just thought best to stick to the site I know - I am sure there are lots of parents on here so here goes....
Basically my fiance and I are planning on trying for a baby however we have some concerns re finances that hopefully somebody can advise on - Maybe someone who has been in a similar situation.
Currently we both work full time with me on £18k and the missus on £19k, Our 2 bed end terrace costs £400 a month mortgage (with £90k remaining & house has been valued at £120k not sure if this info is useful?) - Benefit of living in the Midlands
.Neither of us are big into clothes or drink/smoke etc and as such we have a very modest lifestyle - I am also super cheap with the leccy and gas (still have not put central heating on yet).
I won't bore you with the full break down but after everything has been paid we have roughly £500-700 a month of disposable income depending on if we have been out for a few meals / nights out etc. Neither of us save anything ( I know we should but at 0.5% interest or whatever seems little point rather pay off more on the mortgage).
If we were to have a child then we don't want to pay for childcare as based on our income I have been lead to believe that one of us would effectively be working for just a few £k a year so one of us would be staying home and given that I earn the least and work for a small company (not much room for progression) it would be me who stays home which is fine by me
Do you think based on no childcare costs would our budget work ?
We are both totally aware that any luxuries like meals out / holidays etc would be out the window but just want to know if its possible without having to live hand to mouth or take loans or downsize and still be able to have a comfortable lifestyle. If the general opinion is that we will be living on beans on toast then we may have consider waiting a bit until the missus gets a promotion.
There is a possibility of me working part time from home via remote connection but I am after advice based on just the missus working - If I get to keep my job and work remotely from home then that is a bonus & I don't think money will be an issue.
Anyone in a similar position who can advise ??
Ta.
Basically my fiance and I are planning on trying for a baby however we have some concerns re finances that hopefully somebody can advise on - Maybe someone who has been in a similar situation.
Currently we both work full time with me on £18k and the missus on £19k, Our 2 bed end terrace costs £400 a month mortgage (with £90k remaining & house has been valued at £120k not sure if this info is useful?) - Benefit of living in the Midlands

I won't bore you with the full break down but after everything has been paid we have roughly £500-700 a month of disposable income depending on if we have been out for a few meals / nights out etc. Neither of us save anything ( I know we should but at 0.5% interest or whatever seems little point rather pay off more on the mortgage).
If we were to have a child then we don't want to pay for childcare as based on our income I have been lead to believe that one of us would effectively be working for just a few £k a year so one of us would be staying home and given that I earn the least and work for a small company (not much room for progression) it would be me who stays home which is fine by me

Do you think based on no childcare costs would our budget work ?
We are both totally aware that any luxuries like meals out / holidays etc would be out the window but just want to know if its possible without having to live hand to mouth or take loans or downsize and still be able to have a comfortable lifestyle. If the general opinion is that we will be living on beans on toast then we may have consider waiting a bit until the missus gets a promotion.
There is a possibility of me working part time from home via remote connection but I am after advice based on just the missus working - If I get to keep my job and work remotely from home then that is a bonus & I don't think money will be an issue.
Anyone in a similar position who can advise ??
Ta.
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You might (will) have to tighten your belts for a few years, accept that someone else's kid might start off life in a nicer pram, better pre-school, bigger silver spoon. Don't worry about it. Good luck!
jeez :roll:
We couldn't afford the first but it happened. We were skint but somehow ended up with two.
We were just reeling from that and working out where the money was coming from when number 3 happened.
I then had the snip.
We are so lucky to have been able to have kids. We had a lot less disposable income than you an managed ok. Things have changed and we're now more comfortable. We do wonder what the hell we did with our time and money before kids though.
NapD
Proud Dad to 3 girls, 13, 10 and 5.
ABCC Cycling Coach
yes you have the additional cost of clothes, toys, food .... but you no longer go out 5 times a week, eat at nice restaurants, go on expensive holidays.
your hobbies go from being self motivated to baby oriented .. so money just changes direction
Do it !!!!
It is never economics anyway.
If your fiance breast feeds there's very little in the running costs for a few months (nappies aside).
Go for it - plenty of people worse off make it work
MTB - '05 Scott Yecora
BMX - '04 Haro Nyquist R24 (don't judge me)
just don't get suckered into thinking you need brand new, top of the range designer stuff for the baby. They grow faster than turkeys being fattened for Christmas; some stuff is obsolete after a few weeks. Carefully chosen second hand stuff is fine; I'm pretty sure when I came along in the 50s I was in hand me downs from the start...
Mrs Craker's dad (Grampa as he's known these days) was raised in the South Wales coal fields just after the war. He had long hair and they couldn't afford clothes for him so he just wore his big sister's hand-me downs.
So don't tell me you had it tough
If you ask around, you really don't have to buy a ton of stuff. Sounds like you're a responsible sort of chap if you're actually thinking hard about these things up front.
I was going to say wait until you're at least 30 so you're all good there.
Go for it, you sound like you've got your head screwed on. Having kids is THE BEST thing I ever did. (I have 5 of the little darlings) Your children will cripple you both spiritually and financially but your life will be happier for it.
However, purely on the numbers, presumably you will be losing your £1280 a month pay and you have £500-£700 surplus at the moment, so you need to make up £700 or so. Presumably you will receive child benefit (£90), maternity pay for 6 months (£600), spend a bit less (£??) and what about tax credits (I have no idea how they work) and other benefits?
You could also work Fri / Sat evening or something like that if you wanted a bit of extra cash.
Otherwise, babies are quite cheap. For example, 5 John Lewis sleep suits is about £12. They're probably half that in Primark.
The main thing you need for free / minimal cost is a buggy / pram - be on the look out!
jeez :roll:
I realise I might be in the minority here.
If you ache inside when you see kids, if you feel incomplete, if you can't imagine life without your other half, then go for it.
But it's hard work. Fun at times, heartbreaking at others.
Best wishes, SecretSam - father of 11 year old twins
It's just a hill. Get over it.
Interesting names but couldn't you have gone with 1, 2, and 3 to make it easier to remember?
This is the advice I've heard many times, I have nothing else to add aside from childish jokes.
Anyway I would like to point out that if you leave it until you have a greater income you are at risk of reducing your chances of conceiving and going full term.
We got pregnant by surprise, well my partner was pregnant I was just the scared new dad worrying about how much it would cost. I was scared we couldn't afford him. Do not worry! With your income levels you should afford a baby. I was on less than you and my partner ended up without an income. I've managed to hang on to my redundancy savings but I am breaking even on actual incoming vs outgoings. My partner Isn't any better. We haven't scrimped on life neither. Our son is happy and very well adjusted, despite my input. To qualify that, I'm a bit strange in my outlook on life I guess, kind of in my own world.
It does sound like you could join the new social phenomena... the JAMs. We are the Just About Managing.
But seriously, back to my first point. If you go ahead with trying for a child. You'll have it, cope perfectly well and want another. The later you leave it the lower your odds of having.a second child. I'm pretty sure if you have one you'll want two. 34 and late 20s for your good lady is just about the perfect age for starting a family.
Nothing to add other than to agree with the majority. We still can't afford to have kids. Our son is now 18 years old and daughter is very nearly 15.
Marin Nail Trail
Cotic Solaris
I haven't looked at the OPs numbers, but as others have pointed out, most of us can never really afford kids.
But don't let that stop you.
The older I get, the better I was.