Looking at starting a family

arbroath_lass

Secret_Agent_2013 wrote: »

hi all.

forgive me if this is a daft question however here goes.

is there a rough idea how much disposable (i wish) income, you would need to be able to support a family.

i currently earn 17k a year and my girlfreind 7k.

we want to start a family however, that would probably mean my gf gives up working (chilcare costs seem rediculous)

at present i pay all the household bills, and if we take off the other halfs income, we would have about £200 a month spare, would this be enough or should i hold off for a while.

i have some savings but not a huge ammount, also we own our home, so any major rate changes would really put us in the shi**

If you are paying all the household bills what is gf paying? Are you (as a couple) saving her wages or the £200 per month "spare".

I'd say only you know what you need to live on. try living on your wages for a year and you'll find out (plus you'll have another £7000 saved).

sammy_wheeler

i dont think you answered the age question before?

Secret_Agent_2013

arbroath_lass wrote: »

If you are paying all the household bills what is gf paying? Are you (as a couple) saving her wages or the £200 per month "spare".

I'd say only you know what you need to live on. try living on your wages for a year and you'll find out (plus you'll have another £7000 saved).

i guess.

most of the time we spend other halfs money on fun stuff, going on holiday meals out etc. the odd unexpected bill.

have been saving up to do the house up. just re fitted bathroom so now currently saving towards the holiday nextt year and wedding stuff

sorry age 29 gf 28

kettlefish

I think whilst there is some truth in the saying that "a baby costs what you can afford", you do need to be able to provide food, shelter and clothing as well as a nice, stable environment where no one bickers constantly about money!

Looking at your SOA, the two figures which jump out at me are the life and critical illness cover and petrol.

Life and critical illness cover is vital when you have a baby, BUT I think £50 odd pounds for a couple in their 20s is pretty expensive. We pay £5 for mine and £7.50 for my DHs life insurance, for £150,000 cover each. We do not have critical illness cover as such (although our policies do pay out in advance if an illness is deemed "terminal within 12 months" or something). However, my DH has income protection insurance which will pay his wage every year until retirement age if he becomes too ill to work - this is £14.50 a month. All together this is around half of what you're paying so might be worth looking at your cover!

£200 a month petrol is also quite a lot. Will this go down if your partner is no longer commuting to work? As you are in a low paid position for your field, is there nothing closer to home which could cut this cost?

You will receive £20ish per week child benefit, and Child Tax Credits of around (I think!) £2500 per annum based on £17k household income.

I think your partner may earn too little to receive SMP and it sounds like her company are pretty stingy and don't adhere to all employee's "rights" anyway. However, Maternity allowance of 90% of her wages or £135 per week (whichever is lower) is payable by the government for 39 weeks to anyone who has worked earning at least £30 per week for at least 26 weeks of the 60 weeks prior to their due date, if SMP is not payable.

I hope this helps.

claire16c

Sounds like your girlfriend needs to sort out a proper job with proper pay, so she can get maternity benefits etc before you start trying to have a baby.

BitterAndTwisted

Live on your wage alone and bank hers for at least a year. Then you'll know pretty much whether you can afford for her to be a stay-at-home mother.

Seventeen grand a year is a pittance to support two and a mortgage never mind plus kid/s

DUTR

Secret_Agent_2013 wrote: »

i have qualifications i have a diploma in IT, along with other IT quals, however the best i can get is what im currently doing, my girlfreind will probably give up work to be honest as childcare costs would be more than her bring home pay......

bills are:

Pension £32.87 Mortgage / Rent £407.00 Council Tax £107.00 Water £20.00 Gas & Electric £80.00 TV Licence paid annual Food £160.00 Petrol £200.00 Car Insurance paid annual Home Insurance £31.80 ASU INSURANCE £20.00 Life + Critical illness £52.30 my Mobile £10.00 her mobile £15.00 TV Phone + Internet £55.00

then there additional, i would take off straight away if short

Get married then have a child, you do well on the water rates and food, your petrol and home insurance seem high, CI insurance is probably a rip off, but seek another job, you should be on twice that amount even in the east mids.

Welshwoofs

Ok - you don't want to start a family - you already are a family. What you want to do is add to your family with children. Sorry, but it bugs the crap out of me that these days the only definition of 'family' seems to be a house with two parents and kids.

Anyway, to the point. Why is your girlfriend only working part-time? At least I assume it's part-time if she's only earning £7k. It seems to me that she needs to be doing a proper, full-time job so that you guys have a bit of money behind you when you have a child.

The bottom line is that people have children, planned or unplanned, financially provided for or no. If you really want one you'll probably find a way to fund one if you have one now (especially with our, in my opinion, overly generous Govt hand-outs for having children).

I'm guessing that your IT skills are fairly basic if you're on 18k? Another with an MSCE or something? If you are that way inclined, perhaps think about certification that earns more money? CISCO or something?

purple.sarah

Person_one wrote: »

If you let her?

Obviously that wasn't the right way to put it but quitting your job is a decision you need to discuss and agree with a partner you share the bills with.

sharp910sh

Secret_Agent_2013 wrote: »

girlfriend stuck in a dead end job paid just below MW (whole diff story), would quite tomorrow if i let her.....

You need to sort this out. Change jobs. Or even study for a better career.

£17k and 7k is a tiny salary, you will not be able to support a child with that.

What do you do? Can you get a better job?