How Much Is Enough?

chuckalicious_2

woody01 wrote: »

Whether you have £10 or £20K left over each month, it is never enough

Ok, I get the picture How long is a piece of string

gonzo127

have you written up a SOA (statement of affairs) http://www.makesenseofcards.com/soacalc.html use that link fill it in as accurately as possible and post it up and we can go through it debt free wannabe style

basically depending on the amount of petrol you need £500 for 3 peoples groceries and petrol/transport costs should be enough, i currently do the groceries (food cleaning supplies and toiletries) for a family of 5 (2 adults, a 17 YO lad, a 13YO girl and a just coming up 2 YO girl) for between £300 and £350 a month so it would just be transport costs on top so more than do-able

-quick edit- my wife is a SAHM looking after our 2 year old girl and we live of my wage at £21k a year + the benifits we are entitled to so it really is a case of cutting your cloth accordingly

chuckalicious_2

Thanks, I'll take a look at the SOA.

Jo_R_2

I think the initial £500 surplus is a bit deceptive, in saying that I mean when I budget an SOA I factor in groceries (in which I would include nappies/wipes etc) and would factor in travel costs, then deal with what is left as a true surplus IYSWIM?

You would be entitled to child benefit, which if you do take on the care as a stay at home dad, you should make sure you get in your name to help protect your state pension all those years in the future:)

I have done all the many weird and wonderful ways of caring for children: both parents working, dad looking after baby/child whilst I worked, me looking after baby/child on my own and not working, me doing what I just said but working, etc etc...:D My feeling on this is it is lovely to stay at home and look after a child, but I really wouldn't worry too much about the 'socialising' aspect at a VERY young age. As you may or may not know, 3/4 year olds get early years funding so they can attend a preschool/nursery for 15 hours a week (eg 5 mornings or 5 afternoons) and this is great for getting them in there and socialising, but I really don't think that before the age of 3 they're terribly bothered and certainly play alongside others but not necessarily 'with' them.

Having said that there are plenty of groups, particularly at the Sure Start children's centres, for kids from baby upwards which have been a godsend for us, I highly recommend them, and they cost very little if anything.

Not sure I can advise about mortgages never having had one but I would heed what DigitalJedi said; it is quite possible that when baby arrives things are all change and you might find you don't feel being a stay at home parent is for you, or your wife might feel she wants to be at home with the little one... However I think a little forward planning can only be a good thing, especially if you explore the financial side of possible options so you're prepared.

andrealm

dgl1001 wrote: »

A few thoughts:

• I don't understand your outgoings but 1k per should do it
• have you factored interest rate rises in the future
• while don't you reduce your mortgage and debt with the windfall
  
• How can i put this next point - children need as much stimulation as possible including the vitally important interaction with other children. Im not sure your child stopping home with you until school age will be for the best
• are you only going to have one child?

What a strange thing to say. Just because a parent is looking after their child full time doesn't mean they're locked in the house 24/7. There are such things as parent and toddler groups, meeting friends with children, going to the park, activities at Surestart centres,things like Tumbletots or Jo Jingles, pre school, playgroups etc. Do you not think a parent is capable of stimulating their own child?

chuckalicious_2

Ok, used the SOA.

Assuming only 1 income, £250 for food and £250 for fuel, plus all our other bills, and £80 for child support, there would be £108 left spare.

Add the £400 to this leaving us with £508 per month "spare".

ciderwithrosie_2

Although it's great if you can be a stay at home parent before your child goes to school, in my opinion it's just as important, if not more so, to be available (at least some of the time) when they're at school.
All the nativities/concerts/sports days, helping out in class/on trips, joining the PTA, building a rapport with their teachers, making good friends of the other parents, school holidays, INSET days, meeting your child from school and finding out all about their day, bringing their friends home for tea, finding out at 3.30 they need a costume/cakes for the next day. It's all things they will remember you being there for them or not. My boys and I have great memories of infant and junior school life. I've been both a working mum and a stay at home mum at various stages and I know what I'd prefer to be but seeing as my youngest is 15 I can't use them as a reason anymore.

regards CWR

samandona

What happens if your wife loses her job?

Apricot

Your wife may feel differently once she has given birth. Would you be able to cope on just your salary if she decided not to go back to work?