how do you live off one wage?

leoniestacy

hiya all,
I have a child whos 2 who is at nursery for £90 a week
i have a 5 month old and currently on mat leave, due back in sept.
My fella whos full time and picks up roughly £1300 a month.
i pick up £550 a month.
just had our tax creds back and we are getting £78 then in nov it goes up £99 (due to paying off over payment).
Had a little fiddle on the benifts site and it looks like i will only get another £20 for childcare, so my wage plus a little more will be going on childcare,
So im thinking about giving up work.
I just wondered how hard is it living on one wage, atm we both live ok, bills payed on time, few beers at the weekend and a few takeaways, i no this will have to stop. But is this sort of money livable?

Kayalana99

I found that working was a hell of alot better off then quitting.

Partner picks up £900 a month, me £600 I'd get about £350 a month in tax credits (without childcare taken into account at all but would still work out better of as I work 3 days)

If I was to go off work I'd get about £500 in tax credits...so Id be £450 worse off...have you added it up right?

This is with two kiddies as well.

Childcare (taking off tax credits) = £18 a day * 3 * 4...£216 so Id still be £200 a month better of its quite a lot though when your on a low wage but enough to be working for £235 a month? Idk actally thinking about it :-) lol

leoniestacy

thanks Kayalana99, ive retry maybe i have got it wrong, i got my child care costs to 640 tho with the baby. lol its all so confusing

Spendless

Was out in this position over 13 years ago when eldest was born. Childcare was the same as I earnt (no help then) and it did not financially benefit our household by me working and having child in f-time childcare. I quit, some months later I found a part-time evening and weekend job, so husband could have child whilst I worked, cutting childcare out of equation. In the interim you manage by cutting back, cheaper (or no) holidays, clothes, big ticket items.

bluenoseam

Thing is you're also not considering the side of things which is that work gives you time to get out of the environment & have time away from the house. (hope that makes sense....)

There's also a lack of security, I know you're saying most/all of your wage would go on childcare, but what happens if the brown stuff hits the fan. Say the engine in the car blows up or the boiler packs in - if things are tight on one wage on good days, on bad days it becomes unworkable.

Then there's the fact you'll be public enemy number one for being a stay at home parent on benefits.

(times like this I'm glad I'm single & it's unlikely I'll have kids - damned if you do & damned if you don't!)

Seanymph

I was forced to stop when mine were little - having worked and actually earnt nothing once you took off transport, childcare, lunch, coffees, clothing....

I found part time work (Parish Clerking, Clerk to Governors - I even did a paper round for a while with the buggy!) - AND was around for my children growing up.

I ended up with my own business, and do not regret for a minute spending their childhood helping out at school, volunteering, and earning where I could.

The drive to work can be very overrated. The time with your children is priceless, and you can work part time, or from home, or set up a business, or study a degree with the OU (free if you do it over six years)..

It can be a very positive time to be at home with your babies - and with all that time there is a lot of moneysaving that can go on.

fluffnutter

Living off one wage is easy-peasy when that wage is a six figure salary.

Mrs_Imp

If I went back to work we'd be around £90/week worse off than if I stayed at home.

Yes it is possible to live on one wage, it's just a case of remembering that some things are now treats to be bought occasionally (holidays, new clothes, nights out etc).

dizziblonde

Economically with the way my earnings had gone before the kids came along (I was a supply teacher - that's a dead in the water way of earning a living unless you enjoy paying for the chance to work) it made no sense to pay out for childcare for work that probably wouldn't come along at all.

So yep, we just about survive on one wage - it's tight but semi-manageable. I do chunks of work with things like exam marking and evening tutoring to top things up when the chance arises though, and we have very little leeway in terms of big expenses coming out of the blue.

flipper_72

If your earning figures are pre tax/ni then you would get approx. £192 tax credits but I suspect you mean £1300 and £550 after tax/NI? if it is after tax NI it still works out at £162 per week
try putting your figures into
http://www.familyinvestments.co.uk/family-nest/tools/Tax-credits-benefits-calculator/

mcja

Spendless wrote: »

Was out in this position over 13 years ago when eldest was born. Childcare was the same as I earnt (no help then) and it did not financially benefit our household by me working and having child in f-time childcare. I quit, some months later I found a part-time evening and weekend job, so husband could have child whilst I worked, cutting childcare out of equation. In the interim you manage by cutting back, cheaper (or no) holidays, clothes, big ticket items.

We were in the same position, I did Avon with ds on his trike, worked 2 days a week until dd was born, dinner lady when they started school. It's a juggling game with no massive treats like holidays abroad at the end of it but would I change it...not for a split second.

Please don't think this rude but could you be a SAHM. Not everyone can, some need the adult conversation, with a child it can be a long day at home somedays. Think about family/friends in the same situation who would be about for coffee. Being a SAHM is amazing but it seems to be pretty rewarding to be a working mum as well.

Good luck with a you decision. I think by asking the question you know what you want to do.