Aiming for Mortgage Free!

Viking_mfw

Also worth checking out Frugalwoods blog - American but full of good ideas on how to do kids cheaply. Also pretty pictures of Vermont in the snow. 

pepperwand

There are definitely loads of good quality second hand baby items. Babies grow so quickly they're out of stuff quickly and therefore a lot of clothes and other baby items are hardly used. If you know anyone else with children a little older than yours that's helpful too.... we've had our cot for free from a friend, loads of clothes etc.

I don't really know how we found the money. Our nursery bill has been more than our mortgage in the past which I wouldn't have believed we could afford but we have. If you both earn at least minimum wage and less than £100k a year the government pays 20% of your childcare bill via tax free childcare which helps. You also stop going out and frittering money. You manage, basically.

FtbDreaming

Just to put my 2p worth in over having kids as I’ve got 3 of them! My DP has been a stay at home dad for 11 years. We did the £900 a month nursery thing with dd1 and it was soul destroying! Deffo the better option to have him home. I couldn’t have paid it for more than one child. 

I also had new stuff for dd1... the other 2 everything was 2nd hand off friends, fb and gumtree. Didn’t cost much at all! And I still breastfed the 2 youngest for just under 2 years whilst going back to work at 3 and 4 months which is a moneysaver too lol. 

I’ve seen people put off having kids until it’s the right time. There is never a right time and life is always throwing us obstacles but we just manage anyway! I had mine youngish 21, 23 & 26 and am now looking forward to doing the holidays and stuff I ‘missed out’ on when I’m in my 40’s lol! X

Grabs39

We’ve been “pricing up” having kids too.  I was really shocked at the cost of childcare.  My net income is about £1300, my wife’s is £2050.  Nursery’s around here seem to charge £1200 a month so that’s nearly my whole salary (though I think you get 20% tax saving off that?).  We’re saving up before we try as it just seems almost impossible to afford.

Its great to hear about the Stay At Home Dads though!

savingholmes

We did get into debt after having kids - but I think that it was avoidable. This was despite having a lot of stuff given us second-hand. Knowing what I know now I would have made more use of free childcare from relatives than I did with my first. I do agree you shouldn't wait too long. Having first child was easy - second child took some time to conceive...  You don't know until you try whether it will work out for you or how quickly

Bargainhunter30

We have 2 kids - 5 and 3. Childcare is crazy but so beneficial for the kids. Since moving we don't have a local nursery, so we both now work part time ish and share the child care when not at school/preschool between us. We both love some time away from the kids for our mental health and it helps with mum guilt having extra time at home. I dont know how people that work full time cope, fitting in all the cleaning, cooking, kids stuff, sleeping not too mention a hobby/'me time' to keep you sane. Life is way too busy these days. And you definitely manage money wise, it's all about choices and second hand makes all the difference. Even on a low income we can save, overpay and go on holidays, we are just super frugal.

rugbymadfamily

Thanks all, lots to think about. Second hand would definitely be the way to go and talking to friends who are recent parents as I know some of them bought all sorts that they how say they've never used! Will have to have more detailed discussions with my husband closer to the time about working etc, theres minimal chance that we can afford for me to go PT but will have to see how we can make things balance. Anyway, possible still a while off!

Having a quiet weekend, had a nice takeaway Fri though which was a lovely treat as haven't had one in Jan yet! Got some good exercise in ydy....which is just as well as it has started snowing here today and London basically seems to shut down with a cm of snow in my experience 😂

rugbymadfamily

Morning all, happy Tuesday! Payday this week so reset of the budgets for the month. Managed to get the food spend in on budget, just.

Not much else to report, am playing lots of music and lighting some nice candles to try and improve my general mood. Am off for a walk / run this evening, will probably be quite slow as the footpaths are very icy and I dont want to fall, but getting out is the main thing 😊

Initial EF target will be reached at next payday which is great and then can focus on getting OPs on the mortgage going wooooo 🥳

savingholmes

Great to have made so much progress on your EF. Exciting.

rugbymadfamily

Yes EF nearly there, its only 3 months worth for now but both of us have very stable jobs and not impacted by COVID but seems enough for now. Then to decide if I make the OPs immediately or set the money aside to try earn some interest etc but think it's better to pay down the mortgage and get the LTV lower in time for first remortgage in 2023....I would like the mortgage to start with a 2 not a 3 lol.