£40k, 3 kids, 2 adults. Liveable?

neneromanova

My OH is hopefully getting a payrise to £40k soon. It's just a matter of when. Sometime this year I hope, if not then next year.

I have 2 DD's already but we're thinking of a third :eek: and I was just wondering if it's possible to bring 3 kids up on £40k with a holiday every year.

I never got this as a child (of 3) It was more every 5 years or so when we got older. I want to be able to take the kids away (italy, france, america etc.)

As they're young kids now, money isn't that tight. But I'm just wondering what costs are when they get to grotty teenager years :rotfl:

Is it do able? Well obviously it's doable, but I mean comfortably.

newgirly

40K is not a bad wage, its a bit more than we have coming in and we have 11 yr old twins and a DD who is 15 next week. The biggest cost can be housing, if you are in a tiny house or flat you may wish to move. It really depends on what you want to spend, all ours have lots of birthday/xmas presents, parties days out and at least one holiday a year. But effort goes into getting the best price, we go away in this country usually, and are currently paying off debt and for the last couple of years have been overpaying the mortgage to shorten the term from 33 to 12 years.

It can be done, and you must have lots of things that can be re-used for a third child, best of luck!

Gillyx

I think it depends on a lot of things, are you currently living in a house big enough for 5 people, will you have to move? As well as holidays do you want your kids to do activities? Things like ballet/horse riding/martial arts? They can all add up well before teenage years.

Then there are things like residential trips with school, would you want your kids to go on things like that?

I'd say though a 3rd child would probably bring you more enjoyment than holidays ever will, and is it something you'd be willing to sacrifice?

Teenagers can cost a fortune, yes, but only if you give it to them. My OH is one of 4 and said when he was growing up, he didn't get very much, in the long term it's not affected him, but he said when his friends were doing things like cinema/bowling every weekend, he couldn't always go along as his parents couldn't afford it.

You also need to think about uni etc, do you want to help your kids through it? Would it be possible with 3?

Would you be prepared to go to work to make up the shortfall? Lots of different variables.

cottonhead

Totally depends on what other commitments you have. Do you have a mortgage to pay and does it end before the kids get 'more expensive'. Also I guess you have to look and see to what extent you plan to provide for them when they are older. Will you pay for 3 lots of driving lessons and 3 lots of uni fees etc or would you ecpect them to handle that themselves ? Also will these holidays be camping holidays or more expensive package holidays ? I would want to treat my kids all the same, so would think very carefully before making a decision that my impact on the kids I already have. Im guessing you dont work ? That means no childcare then which is good. Also depends on where you live. We have just 1 child and have a larger income than you but I dont think we could afford another child and maintain our current standard of living ( after all the blimin debts are paid!). Good luck and hope it works out well.

Gigglepig

Depends on your other costs - main ones are probably Mortgage/Rent and any Debts?

Lotus-eater

neneromanova wrote: »

Is it do able? Well obviously it's doable, but I mean comfortably.

This is not a question someone on here can answer for you.

It depends on so many things, but mostly your housing costs, your lifestyle and your meaning of comfortably and holidays.

Obviously having another child will impact on the amount of money spent on the existing two.

Is this as I'm guessing, some sort of, one person wants another child and one doesn't?

sassyblue

I think it's doable, especially if you are a SAHM so you could shop for the discount vouchers and best deals for everything you need to spend for.

Good luck x

fannyanna

£40k to some people is a huge amount of money and to some is not. It really depends on what part of the country you live in - as the cost of putting a roof over your head in the South East is a huge factor.

FatVonD

Do your outgoings currently allow for you to take package holidays with your existing 2 children? If they do then the pay rise should effectively pay for the third but you do need to bear in mind that as the get older you won't qualify for free child places and a fifth person may mean an extra room.

Would you need a new car (or a new house even!) to fit 5 of you in and Cottonhead makes some great points about ongoing expenses.

I earned (until I was made redundant) £43,500 and, due to our circumstances, mine is/was effectively the only wage (it's considerably less in my new job!) Though we have only one child living with us when it comes to holidays we would take 2 of my stepchildren (so a total of 5 of us) and we couldn't/can't afford to holiday abroad every year but I have highish mortgage payments and was overpaying.

quantumleap

This can't be answered without more information such as housing costs, car costs, food, debt payments etc. etc. etc.

If you have a 150K mortgage, 30K of debt, 2 cars, smoke and like a bottle of wine every night then I'd suggest that 40K wouldn't do the job. If you've a 70K mortgage, little or no debt, one economical car, don't smoke and like a glass or two of a weekend then 40K probably would suffice!

neneromanova

OH is on £32500 at the mo, Mortgage for a 3 bed house is £550 and at the end of the month we have £600 to spend. £340 goes to paying my parents back for the deposit for our house and what's left over is his "spending money" or buying stuff for the wedding. Mum should be paid back by next christmas at the longest. Plus I've worked out if he goes it £40k we'll have an extra £600+ a month ontop of what we currently have left over.

We're just in talks at the moment. Neither of us are for or against another one, just want to get the wedding out the way (I will cry if i get pregnant before then as I really won't fit in my dress :rotfl:) then we will sit down and discuss, but I just wanted to have details in front of us to say, yes we will have more than enough to bring kids up, or no it will be pushing it a bit.

We're lucky with the job my OH has as he gets a company car and petrol paid for. Which ever car he wants, he can have (as long as he can afford the company car tax) Which takes a huuuuuge chunk out of out bills so we're really lucky.

Mortgage is about £130Kish, just under £11K of debt being paid back at roughly £700+ a month, free car, no one smokes, I don't drink, he drinks a few beers a night. £250 a month for food.