I would really appreciate some tips

andrewlya

Hi, me and my wife are planning children. However, there is a bit of a worry that when we have my wife will be out of work and there is a concern that we may struggle on my income alone. I earn about £18,000 before tax a year. We don't know much about what we could be entitled to with regards to children's/family allowance and benefits apart from the Child benefit which is about £20 a week.

Nurseries are very expensive could be around £800 a month and that is about what my wife earns a month so she is likely to stay at home looking after children.

Can anyone tell me what we could be entitled to on my income alone while my wife will be looking after small children? We are not experienced and thinking that £20 a week in child's benefits would not be sufficient to pay for bills, mortgages, food etc...what helps is there for a couple like us?

Thanks very much.

Bogof_Babe

andrewlya wrote: »

Hi, me and my wife are planning children. However, there is a bit of a worry that when we have my wife will be out of work and there is a concern that we may struggle on my income alone. I earn about £18,000 before tax a year. We don't know much about what we could be entitled to with regards to children's/family allowance and benefits apart from the Child benefit which is about £20 a week.

Nurseries are very expensive could be around £800 a month and that is about what my wife earns a month so she is likely to stay at home looking after children.

Can anyone tell me what we could be entitled to on my income alone while my wife will be looking after small children? We are not experienced and thinking that £20 a week in child's benefits would not be sufficient to pay for bills, mortgages, food etc...what helps is there for a couple like us?

Thanks very much.

Isn't that what your £18K earnings are for?

andrewlya

Bogof_Babe wrote: »

Isn't that what your £18K earnings are for?

Yes, but almost all of it goes on bills,mortgage etc this is why Im asking, im not being greedy if my original post came across as such..

Well_excuse_me.

andrewlya wrote: »

Yes, but almost all of it goes on bills,mortgage etc this is why Im asking, im not being greedy if my original post came across as such..

You will be fine, whether you are working or not enough money will be available.
Punch some scenarios into "entitled2.co.uk"

[Deleted User]

andrewlya wrote: »

Yes, but almost all of it goes on bills,mortgage etc this is why Im asking, im not being greedy if my original post came across as such..

I suppose part of the answer is to save up now while you have two incomes to give you something to fall back on, having had said baby(ies) couldn't OH work part time when you are home, i.e. get an evening job.
As above play around with the benefit calculators you may well find that you would get some tax credits, but remember that todays benefits might not be here tomorrow.

Bogof_Babe

andrewlya wrote: »

Yes, but almost all of it goes on bills,mortgage etc this is why Im asking, im not being greedy if my original post came across as such..

Apologies if I offended you, it was the way you worded it.

First thing I'd suggest is to do a budget, and see exactly how much money you are going to need to finance the un-reduceable bills, mortgage etc. Then you can see what tweaks you can make to give yourselves a comfort zone when your wife's income ceases.

Sorry I don't know much about benefits for families, but I'm sure you'll be okay. Read up about Working Tax Credits and Child Tax Credits.

Darksparkle

If only earning £800 per month, does your wife only work part time? Is there any reason for this eg disability?

On £18,000 you'd get tax credits of approx £65 per week as well as child benefit £20 per week.

So gives you an income of £22,420.

However if you both work at least 16hrs per week you may also get help with childcare.

Eg if household income is £27,600 (£18,000 for you, £9,600 for her) and childcare £800 per month you'd get tax credits of £111 per week plus child benefit £20 per week.

So gives you an income after childcare of £24.812

Alice_Holt

Celifein wrote: »

Try https://www.entitledto.co.uk

However, please bear in mind that benefits are constantly changing, so it's best not to base your decision on whether or not you can afford children on the current benefit rate.

Tax Credits are to be merged into Universal Credit. UC will pay less than TC's do currently - for instance the reductions to TC put forward by Osborne in his Autumn Statement ( then returned to the H of C by the H of L and later withdrawn by Osborne) will be incorporated into the UC regulations.
There will be some UC transtitional protections for people already claiming TC's.
So be aware that if you start your claim under the UC regime rather than TC's, the payments will be much less generous.

iceage3

I thought childcare was free so many hrs

So wouldn't they not pay this benefit now

missbiggles1

Can I just put a tentative hand in the air and suggest that you wait until you're better off and have some savings before starting a family? It may be an old fashioned attitude but it doesn't make it a bad idea.

andrewlya

missbiggles1 wrote: »

Can I just put a tentative hand in the air and suggest that you wait until you're better off and have some savings before starting a family? It may be an old fashioned attitude but it doesn't make it a bad idea.

We are trying to save up but its not always easy when you have things to pay for plus not getting any younger..thanks for the advice.