£40k, 3 kids, 2 adults. Liveable?

Reggie_Rebel

Yes....next question?

Dunroamin

The other thing to consider is the long term effect on your career and pension if you take even more time out from the workplace. (I assume you're a SAHM as you only mention one income.) I know it seems a long way ahead when you have young children but it could make an enormous difference to your life when your children are older.

newgirly

Thats enough in my opinion, I wish our mortgage was £550, we have shortened it so its nearly £1500 a month /wages 40k.

cottonhead

Sounds like you could afford it once you pay your mum back. Your mortgage repayments are cheap and you have no childcare costs. I would serious look to save up a nice stash though just because with only 1 partner working redundancy could be a huge issue if the worse happended.

FatVonD

neneromanova wrote: »

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.

Maybe try doing a SOA for the new income factoring in a holiday? (Not for us, I mean, for yourself)

neneromanova

FatVonD wrote: »

Maybe try doing a SOA for the new income factoring in a holiday? (Not for us, I mean, for yourself)

That's a very good idea. Thank you.

adelight

Sounds like you'll be in a fairly good position then. Is there a possibility of the company car being taken away at some point in the next few years? I only ask because the company my Mum works for got taken over and stopped company cars, it was a real pain for a lot of people who otherwise couldn't afford a car.

I'd say focus on getting the mortgage paid off when they're little and take cheap holidays in the UK. When they are of an age to really appreciate and remember a big foreign holiday you'll hopefully have a smaller mortgage and more savings.
When three kids are getting too big to fit in a 5 seater car they will likely be school age and you could get a job to help pay for fancier holidays, a new car, maybe even a bigger house or an extension etc. Not relevant but when I was younger I thought the max no. of rooms a house needed was a bedroom for parents, each child (once they were too old to share, 11 or so), living room and kitchen. As I got older I realised how naive I was and that most people have/want spare rooms, studies, dining rooms, games rooms etc :rotfl:

I don't want to sound insensitive and I doubt you would, but don't talk yourself into having another child or do it just because you can afford to.

newgirly

The above poster makes a good point about doing the better holidays when they are older, they often don't remember them otherwise! Will you have multiple car seats as that will probably mean 6/7 seaters as there are very few cars that fit 3 boosters/car seats in a row, we had the same problem as we had 3 aged 3 and under.

Alikay

Our costs didn't soar when we got to teenage years, although if you want them to have a bedroom each, obviously a large house will be a major expense.

Our kids weren't too demanding with expensive clothes and hobbies, but we're not really a materialistic family. We had some great holidays when our kids were teens: USA East and West coast, Malaysia, Canada and various places within Europe. But we also had camping trips and lots of cheap outings like walks and picnics to balance it out! I've always been a bit of a bargain hunter, and trimmed our costs right back when I joined this site and got the household expenses sorted.

I can't say it was comfortable (define comfort?) but it was fine: We've always worked together which was important. DH, bless him, has worked his backside off for us over the years: 10 years at Uni in the the evenings getting a BEng and MBA, and I've gone solo a heck of a lot with 3 kids because he's worked away more and more as his career took off. I did pretty menial work for a few years to fit round the children, but did return to my old career in travel eventually.

If you want it you can almost certainly do it, but 3 children are without doubt more costly than 2.

kj*daisy

When your hubby starts earning more, save the extra, pay off all your debts and build a nest egg, then time for a 3 rd baby - you'll be financially more secure and not in such a pickle if his employment circumstances change. You said you had a wedding to get out the way first as well you obviously live quite carefully now from what you said and once the children are older you can always look at part time work if things got tight. or you wanted a nice holiday.