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Could I be doing more?
Comments
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ReadingTim wrote: »You earn £920 per month, but childcare costs £1,000. You'd be £80 per month better off if you stopped working and looked after the children full time.
(unless this impacts benefits - does it?)
It's not always this easy Tim - sometimes it's necessary to maintain the presence in the workplace if a career path depends on it - taking a break can lead to women needing to effectively "start again" when they return once the children are at school. Another point is that being a full-time Mum isn't for everyone - being someone other than "X & Y's Mum" for 8 hours a day can give a benefit that outweighs the childcare costs.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
ReadingTim wrote: »You earn £920 per month, but childcare costs £1,000. You'd be £80 per month better off if you stopped working and looked after the children full time.
(unless this impacts benefits - does it?)
It will impact on benefits. Most of the benefits the OP receives will be for help with childcare costs probably by way of tax credits. I would expect around £550 of the benefits to be towards help in childcare so the OP only pays around £450 out of that £1000. The rest of the benefits are probably child benefit which she would get regardless of whether or not she works.
As EH says there are other benefits to working, some of which are to maintain a career presence, to provide mental stimulation and social contact a job provides, eventually the childcare costs will decrease and cease as the child gets older.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0 -
EssexHebridean wrote: »It's not always this easy Tim - sometimes it's necessary to maintain the presence in the workplace if a career path depends on it - taking a break can lead to women needing to effectively "start again" when they return once the children are at school. Another point is that being a full-time Mum isn't for everyone - being someone other than "X & Y's Mum" for 8 hours a day can give a benefit that outweighs the childcare costs.
I'm not suggesting it is always easy, but given the OP asked "could I be doing more", then on paper it's a possibility. However, as someone else mentioned, if the benefits come in the form of tax credits, it might not work in practise. It is however, a lifestyle choice, not an economic necessity.0 -
ReadingTim wrote: »I'm not suggesting it is always easy, but given the OP asked "could I be doing more", then on paper it's a possibility. However, as someone else mentioned, if the benefits come in the form of tax credits, it might not work in practise. It is however, a lifestyle choice, not an economic necessity.
Having children, full stop, is a lifestyle choice.
🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Just a thought but can you get childcare vouchers through yours and you partners work this saves the NI 0
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Definitely wouldn't be better off not working as we would not receive any benefits other than the child benefit. So my income would then be £135 a month. As it stands by paying out 1000 and receiving 550 in tax credits I earn a lot more!0
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