Can I afford to quit

Whiterose23

Why is there always the assumption that children will cost a fortune as they get older? The food bill may increase yes, but nothing else needs to.
My two both had Saturday jobs at 16 which paid for most of their needs. One left school with good GCSE and A Level results and is now working in an NHS Apprenticeship, whereas the other is undecided about university yet but will be applying for a student loan if he decides to go down that route.
They've both already saved up enough for their first cars and my life has only become easier financially since they turned 16. If my son goes to uni he fully expects to work part time to help make ends meet.

wannabe_a_saver

Whiterose23 said:

Why is there always the assumption that children will cost a fortune as they get older? The food bill may increase yes, but nothing else needs to.
My two both had Saturday jobs at 16 which paid for most of their needs. One left school with good GCSE and A Level results and is now working in an NHS Apprenticeship, whereas the other is undecided about university yet but will be applying for a student loan if he decides to go down that route.
They've both already saved up enough for their first cars and my life has only become easier financially since they turned 16. If my son goes to uni he fully expects to work part time to help make ends meet.

I suppose it depends how bothered you are about being able to take them on nicer holidays, or enable them to take up the hobbies they want to without having to stress too much about cost.  

tichtich

There are loads of opportunities these days to learn a new skill online, particularly computer-related skills. You can then offer these skills as a freelancer, work from home, and choose your own hours. It's not for everyone, but it might be worth a try. You've got the time to learn new skills, try things out, and find something that works for you.

I was unemployable a few years ago. Now I'm working as a freelancer through Upwork.com, making 20K a year, which is enough for my needs. You might only need 10K a year.

coyrls

Whiterose23 said:

Why is there always the assumption that children will cost a fortune as they get older? ..... my life has only become easier financially since they turned 16.

Isn't that a contradiction?  The OP would have to cover 16 years before their life became easier financially.  Their child is under one year old.

GeordieGeorge

Whiterose23 said:

Why is there always the assumption that children will cost a fortune as they get older?

Because people are aware of hobbies, school uniforms and trips, sports and increased appetite.

Are you honestly claiming that you spent no more feeding your children at age thirteen than at age two?

fred246

We used to take the whole family on holiday for the same price as the school charges for one child. You can't do anything about it except prevent your own child from going away with their friends. I wouldn't have liked to do that.

MacMickster

The prospect of 40 years plus of retirement with little money for anything but a basic existence, constant worry about major repair bills to the house or car, being unable to help my children fulfil their potential if they show an aptitude for sport or music etc would fill me with dread.

You are in a much better financial position than most people of your age and I suspect that you must, at some time, have enjoyed working to get to that position. I really wouldn't blow that advantage by actually retiring now.

Pack your current job in by all means if it is now making you unhappy but look for a basic part-time job, maybe 20 hours per week for now.  I know someone who gave up a well paid but stressful job for a simple driving job with no stress and it gave him back his zest for life. You will have time and extra money to study or do things that interest you without depleting your savings completely, and will earn extra years of NI contributions without having to buy added years

Whiterose23

wannabe_a_saver said:

Whiterose23 said:

Why is there always the assumption that children will cost a fortune as they get older? The food bill may increase yes, but nothing else needs to.
My two both had Saturday jobs at 16 which paid for most of their needs. One left school with good GCSE and A Level results and is now working in an NHS Apprenticeship, whereas the other is undecided about university yet but will be applying for a student loan if he decides to go down that route.
They've both already saved up enough for their first cars and my life has only become easier financially since they turned 16. If my son goes to uni he fully expects to work part time to help make ends meet.

I suppose it depends how bothered you are about being able to take them on nicer holidays, or enable them to take up the hobbies they want to without having to stress too much about cost.  

Hobbies and holidays can be just as enjoyable on a budget. No need to be splashing out on all inclusive every time you go away. And if the hobby is an expensive one, find one that isn’t.

Whiterose23

coyrls said:

Whiterose23 said:

Why is there always the assumption that children will cost a fortune as they get older? ..... my life has only become easier financially since they turned 16.

Isn't that a contradiction?  The OP would have to cover 16 years before their life became easier financially.  Their child is under one year old.

I was referring more to the fact that parents seem to think it’s their responsibility to pay for a child’s first car/pay them through university. Of course there are costs through school/hobbies etc, but these can be managed on a budget.

Whiterose23

GeordieGeorge said:

Whiterose23 said:

Why is there always the assumption that children will cost a fortune as they get older?

Because people are aware of hobbies, school uniforms and trips, sports and increased appetite.

Are you honestly claiming that you spent no more feeding your children at age thirteen than at age two?

If you read on I did say food costs increase. I doubt the OP is so naive that he thinks his food bill will stay the same when his child is 12 rather than one years old. 

Clothing as well, but there are means and ways of budgeting for holidays, hobbies, food and clothing. My point was more about parents who expect to pay their children through university etc.