Childcare Number crunching

03022242

so son is 5 months old and we are starting to think how we will fund his care ages 1+

wife is on maternity leave from a university where she earns £16.5kPA

I Earn 29K in a housing association

We are looking at childcare costs, i can get childcare vouchers from work which will help, but i was wondering whether its worth wifey working at all?

If she takes home £1130 net, and our childcare cost is £35 a day cost price (they also take vouchers)

quick calc suggests shell be left with £530 after childcare costs

Am i right in thinking we wont get any help? were in wales

thanks

Aced2016

If you go on to tax credits calculator, and play about with the figures it will give you an indication of exactly what help if any you would get.

OldMotherTucker

Are there any options other than paid-for childcare or can you reduce the amount of paid childcare you'd need. Are there any creche facilities at the Uni?

Can your wife work part-time? Arrange some work from home?

Also - how long will this be for? Find out what funding is available for nursery place and at what age - we used to get it from 2yrs here!

Play with the figures and options over the next few years until the little on goes to school full time. It might be more advantageous to suck up the increased hardship now in order to maintain the wife's career progression and future earnings.

This is where I tell people that having a budget isn't enough - you have to have a plan as well! And a 5 year one would fit your needs perfectly right now!

Are you good at spread sheets?

GwylimT

Surely if childcare is £35 per day your wife will only be paying £17.50 per day?

03022242

Wife would like to work part time, if offered it, but unsure whether they will

The above is worse case scenario, uni childcare is around £50 per day so not affordable, I may be able to work compressed hours, long 4 day week, I don't think we are entitled to any childcare free funding in Wales

Vouchers cost 70%? So that £35 will cost me £24.50?

FBaby

We are looking at childcare costs, i can get childcare vouchers from work which will help, but i was wondering whether its worth wifey working at all?

Whether it is worth or not is dependent on many more factors than just whether she will be better off as soon as she gets back. You need to consider the longer picture.

- do you plan on having more children and if so, how quickly. It might be worth going back if indeed she plans on having more soon so she can get maternity leave benefits again.

- is she career minded or not at all? If so, how quickly would she wants to progress up the ladder? What you need to consider is that once she stops working, going back into it gets harder as the years go by, both in terms of getting motivated again to get on with working, but also because your chances of being offered opportunities are reduced.

- same question in regards to PT/FT.

- in terms of money, what is your aspiration as a family? Do you expect your income to go up significantly in the next 10 years? What are your expectations in terms of lifestyle? What disposable income are you aspiring to get each month in 2 years/5 years/10 years/25 years time?

Spendless

I would have loved to have come out with half my salary after paying childcare costs when I had eldest. 17 years ago the cost was equivalent to my net income. My take home pay would have been zero after paying it. No option to work part-time either. My then employer would only have full-time workers.

GwylimT wrote: »

Surely if childcare is £35 per day your wife will only be paying £17.50 per day?

Doesn't make the slightest bit of difference in my case all money is household money, still meant the childcare bill was the equivalent of my net wages.

Archergirl

Why does everybody think they are entitled to help?

pinkshoes

My childcare bill is MORE than I earn! My twins will be changing to a term time only nursery shortly which will mean I will earn around £200/month.

It is about longterm career prospects and my sanity! By working, I can try and work my way up the pay scale, plus I get two whole days a week during term to myself*.






* Ok, I swap two babies for a class of upto 30 teenagers, so not exactly time to myself, and quite a heavy term time work load, but I do enjoy my job, and my work can be done once the kids are in bed!

Proxima_Centauri

I can only say that for my colleague, with 2 children, she was working just to keep her job. She was getting no financial benefit from it whatsoever, once she'd paid for childcare. Sadly, things don't seem to be very parent-friendly here in the UK.

Brighton_belle

Archergirl wrote: »

Why does everybody think they are entitled to help?

Because the cost of housing yourself in this country, most especially in the South are astronomical so both parents need to work, in fact our economy need many women in the workforce, and our society need a certain level of children born each year to help society keep functioning.
Today's babies are my Dr's and care assistants etc for when I am 80+
Happy for my taxes to pay towards decent childcare.