Family budgeting help

georgie262

Hello
I am expecting a baby on 13 August :jme and my OH are very happy about it but trying to work out how much money I will have is proving to be a minefield to me. As soon as I am presented with figures lately my brain seems to go into meltdown.
I currently earn £21500 and my partner earns £27000 + quarterly performance related bonus. Nursery feesin my area are roughly £750-800 ft £400 pt. I can't seem to figure out how much better off we will be financially if I go back to work full time after maternity leave. Both of our employers do childacre vouchers and we would get our full entitlement but I can't even figure out how these work.

If anyone cuold help/ point me in the direction of a good easy to use website I would be grateful. I am normally really good with maths/money figures but atm it's all gobbldygook to me:o

Any

What exactly are you asking?? Surely you must know how much you earn net monthly? And for part time, I cannot give you a figure unless I know what pt represents (ie hours etc).

Is it the childcare vouchers you are trying to find out?

Basically these are given to you BEFORE tax and NI are accounted for.. So to get £100 worth of vouchers they only cost you roughly £69 (as you are saving 20% tax and 11% NI).

What you can do is to go to listentotaxman.com and run your £21500 through the calculator, then £20300 (21500 less 1200 which is 100 per month - or whichever figure of vouchers you will get) and get the difference in net pay, with having the £100 in childcare vouchers.

You can do this for both of you separately.

Rockporkchop

If you both take your full entitlement to childcare vouchers which is £243 each per month, your take home salary will drop to £1228.93 and your OH's will drop to £1545.18 (not including bonus). You will then have to fund a deficit of approx £314 to make up the £800 full time place.

Basically the £800 nursery fees will be costing you approx £649 per month, with the tax saving. So in a roundabout way, you will be working full time to increase your family income by approx £747 per month.

Computershare Voucher Services have quite a good website to check out.

HTH.