How much income do you need to support a family???

FrankieM

westernpromise wrote:

According to a colleague of mine it is usually the case that when the mother gives up work and stays home, the father's income rises to exceed what they previously earned jointly, and it does so within 4 to 5 years.

It seems extraordinary, but someone - I wish I knew who - studied this in great detail in the US and found that it is usually true.

It is roughly true in my own case - I have switched jobs since #1 arrived 3 years ago and now make approximately what we jointly earned at that time. It is also true in the case of my best mate. My sample is pretty small, but when we stopped and thought about this, we were both able to think of others of whom it's also proved true.

It must depend on what sort of job you do; perhaps it is to do with timing, i.e. you start a family just as the main earner's career is looking good. I don't know - ours arrived by accident at a time when there was a very good chance I'd get wasted from work...

Food for thought!

I'd not thought about it before and I guess as you say it depends on your area of work and maybe your age.

I was 20 and OH 21 when our first child was born we then had another 3 within the next 4 yrs. I think because he was so young I lived with the knowlegde that his salary was always going to go up. And it has.
But it really does depend.
I'm amazed at what others can live on salary wise. I'm sure alot of our struggle was because we were never able to live on what we earned and so needed each pay rise just to survive.
Its taken a significant payrise and being really OS to pull it all together!

Spendless

westernpromise wrote:

According to a colleague of mine it is usually the case that when the mother gives up work and stays home, the father's income rises to exceed what they previously earned jointly, and it does so within 4 to 5 years.

It seems extraordinary, but someone - I wish I knew who - studied this in great detail in the US and found that it is usually true.

It is roughly true in my own case - I have switched jobs since #1 arrived 3 years ago and now make approximately what we jointly earned at that time. It is also true in the case of my best mate. My sample is pretty small, but when we stopped and thought about this, we were both able to think of others of whom it's also proved true.

It must depend on what sort of job you do; perhaps it is to do with timing, i.e. you start a family just as the main earner's career is looking good. I don't know - ours arrived by accident at a time when there was a very good chance I'd get wasted from work...

Food for thought!

That is exactly what happened to us. Hubby was earning our joint income within 4 years. He was 34, me 33 when we had our first and at that point he earned double what I did when I packed in. Definately be interested in reading more on subject WP if you can ever find anything.

Penny-Pincher!!

Hi

We are currently not working due to me being deisabled and OH my full time carer, but 18months ago we had 2 full time incomes coming in. There are 2 adults and 1 10yr old. We get our rent & council tax paid ATM, but if we paid for everything these would be our out goings pcm:

Rent/Water Rates & Council Tax £475.00
Food & Petrol £200
Gas & Electric £60
House Ins £8
Sky £30
Car Ins?MOT/Car Tax £39
Phone/Internet £38
Mobile PAYG £10
TV Liscence £10

Total £870.00 PCM. We have the odd take away, cook everything from scratch etc.

PP
xx

MPwannasavemoney

There is an article in 'Good Housekeeping' (my wife showed it to me) on a similar subject - worth borrowing a copy to read.

But one things puzzles me - all those people listing expenditure with kids - I don't see anything for toys, birthday parties, taking kids swimming, indoor ball park etc etc or is it considered unusual to do all these things? Big issue we have right now is that our daughter is invited to so many birthday parties that the cost of buying gifts seems ever increasing!

kiwichick

MPwannasavemoney wrote:

Big issue we have right now is that our daughter is invited to so many birthday parties that the cost of buying gifts seems ever increasing!

My friends and I found the same thing. Now whenever there is a birthday, we put in £5 or so and give the cash to the parent to buy the gift of their choosing.

If you have like minded friends it could be worthwhile as I did feel pressured to match other gifts and was spending £10 a time. This way is better on the pocket and when it is your childs birthday you can either buy something with the money or put it toward something later. You end up with less little presents that get under your feet.

Savvy_Sue

MPwannasavemoney wrote:

Big issue we have right now is that our daughter is invited to so many birthday parties that the cost of buying gifts seems ever increasing!

You stock up on cheap presents at bargain prices, BOGOFF and 3 for 2 offers etc. Books are good - Red House and The Book People sell 'multipacks' sometimes.

In other words, you make it look as if you have spent more than you actually have!

jellyhead

we do those things a lot but it comes out of the shopping budget i suppose, it all goes onto the cashback credit card and i repay it in full with the shopping budget money.

i have a pressie box where i stash things i buy at bargain prices, even if i don't know who i will give them to. plenty of birthday parties etc. i buy all year round whenever things are on sale etc.

MPwannasavemoney

Savvy_Sue wrote:

You stock up on cheap presents at bargain prices, BOGOFF and 3 for 2 offers etc. Books are good - Red House and The Book People sell 'multipacks' sometimes.

In other words, you make it look as if you have spent more than you actually have!

Yup we're trying that as well - just too many parties to go to. The birthday card and wrapping paper all adds up as well.

jellyhead

i'm a cheapskate, i buy wrapping paper from asda or tesco. i always have a stock it it suitable for any occasion. so i pay around 25p for one sheet of wrap including tag. everyone else i know goes into town at the last minute to buy a gift (i have my pressie box) and then buys card, paper and tag from a proper card shop in town. i get cards in advance too, there's a 'the works' in town that sells cards, some are 2 for £1, some are 4 for £1. i also buy packs of cards, the book people leave stuff on spec at places like the school staff room, the hairdresser etc. and often you can get a pack of 8 or more cards for a pound or two, nice ones but usually only suitable for little girls or grans. asda have value cards for around 88p each i think, cool ones for boys with skateboarders and BMX bikers. tesco also have a value range.

i'd rather spend money on presents, others i know can spend as much on the card, paper and tag as they do on the gift - eeek!

patchwork_cat

hi
Reading this makes me wonder where I am going wrong as I find it hard to manage, then I look at my insurance 270 a year for house and contents and think well I'm doing that right. I think I am just a shopaholic and love bargains! Even though it is only a bargain if you need it!

I buy pressies all year round for birthday parties and cards from cheap card shops in town or I picked up a lovely pack from aldi/lidl (I can never remember which is which as I go to both).

My daughter has just had a party and the range of value of presents was amazing. I don't like giving a little cheap present, but some people barely spend 3 pounds whereas others nearer 15.

Argos have a good deal on Buckaroo and Kerplunk at the mo 6.98 each, so I have bought them for special friends parties.