starting a family on low income

bealesrus

i am recently married and want to start a family but not sure if we can afford it, we earn just under 25grand a year but obviously that will decrease to around 15-18 when i have a part time or no job, we have no debts but we are renting atm and not sure if we can afford a home or a baby at the same time anyone with similar situation or any advice would be very grateful as we are ready for children emotionally but want to see if we are ready finacially thank you to anyone who thinks they can help :-)

Apricot

Im in a similar position and am currently pregnant with my first! Why not do a statement of affairs and see how many essential spends you have each month - rent, utilities etc and then you should be able to see where you can cut back on non essential things such as takeaways, Sky, going out etc. Also, on that wage you will be entitled to Child Tax Credits when you have a child, if you look at the entitledto website there is a calculator on there which will tell you how much you will get each month.

In regards to buying things for baby, I have been stocking up whilst Im working so that I won't have to lay out on things like nappies, wipes etc once Im on ML. I have 38 packs of wipes currently and over 200 nappies but they will all get used so it makes sense to buy them as we go along. For clothes supermarkets do basic vests and sleepsuits very cheaply and I've bought lots of things on Ebay - babies grow so fast that often outfits have only been worn once or twice before they are too small so it makes sense not to buy everything new. I've also bought myself some maternity clothes from Ebay - much cheaper than buying them brand new and they will only be worn for a few months anyway.
With things like moses basket, bouncy chair that is all being borrowed from my sister - you can pick these things up second hand if noone around you has young children look on Ebay, Gumtree etc.

If I was determined to have "only the best" for my little one then I wouldn't be able to afford it but in reality there is absolutely no need to buy everything brand new and if you really want a baby you will make sacrifices simply because you have to.

HTH x

RAS

Try the different financial scenarios in https://www.turn2us.co.uk.

faithcecilia

My parents said that if they had waited until they could afford it to have children, they would still be waiting! We all live to our means, and just need to reassess and adjust our priorities - in my case it wasn't having kids, but choosing to work part-time as the free time is, for me, priceless.

Plans_all_plans

Hi, how old are you and your husband? Where do you live? Personally, if you are still relatively young I'd look to save any spare cash for a deposit before attempting to have a baby (I think it'll be harder to save for your own home once you have a child)

It depends on your priorities though: if a baby is more important than owning your own home, then it's doable on the incomes quoted (depending on where you live)

When we moved to our (owned) home, my husband was earning 15k, I wasn't working as I was a stay at home mum. HOWEVER, we had a 40k deposit to put down on the house, which meant low mortgage payments. We're in the North and it was a struggle on 15k, but doable. He's now got a better job and I'm working part time.

My friends live in London and they rent, they plan to have kids as soon as they get married and carry on renting.

If you breastfeed, plan ahead, make food from scrtach, get things for baby second hand etc, then they can be quite cheap in the early years.

Look on here for some of the things you may be able to claim once you have a child, benefits wise. On your revised income of 15k you will get working tax credit, child tax credit and child benefit. Check here for anything else you might be eligible for: http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Expectingorbringingupchildren/index.htm

bugbabe1970

you dont need to own your own home to have a baby!!

Spendless

I know of an mse'r who worked out what her bills were against her OH's wage and then saved the discrepency to last for 3 years, when her baby would go to nursery.

I got an evening/weekend job when my eldest was a baby, so there was no childcare costs.

JoJoB

Tax credits and child ben will really help, especially in the first year of your baby's life. My OH was earning £18k and we got about £150 CTC and £80 child ben a month.
Are you renting a one bedroom or two at the moment? You would be able to get away with a one bed until LO is 2 or 3.
Essentially you need to calculate exactly what your outgoings are and if one salary plus tax credits and child ben will cover them then it's feasible!

Volupturaptor

If you want a child enough, you will be prepared to go without some of life's luxuries to do so, and will manage, whatever your income.
If you believe that "affording" a baby is beyond you and the lifestyle you want to live, then it probably is...

I'm sure many people would consider themselves unable to afford children on my income, yet I have two of them, they have a (rented) roof over their heads, are fed, clothed, and loved. What more do they need?