Want to be a stay at home mum

Yorkshirechick

Hi All,

I just wanted to post my SOA and see if you can give me any advice about budgetting so I can stay at home with my little boy (and work in the evening/weekend) instead if going back to my full-time job once my maternity leave ends (in October).

Our incomings are
£1600 OHs wage
£1100 My wage (Currently £1630, but this is what I'd earn if I went back to work for 30hrs in my current job - which I'll do if I can't afford to give it up)
£72 Child Benefit
£58.72 Tax credits

Total Incomings £2830.72

Outgoings
Mortgage £1170
Council Tax £118
House Ins £22
TV License £12
Pet Ins £20.50
Water £25
Elec & Gas £75
Life Ins £38
Mobiles £40
Broadband £5
Landline £12
Car Ins £80
Groceries & Fuel £400
New stuff for Baby £50
Childcare £400
Total Outgoings £2467.50

Left - £363.22

If I worked part-time instead and didn't go back to my full-time job, then our outgoings would be £2067.50 (no childcare). OHs wage is £1600, so I would need to earn £333.78 after tax to pay our bills etc and we would have nothing left to spare.

I could probably get a job doing 25hrs a week in the evening/weekend, so hopefully would come out with about £550 a month after tax which would give us about £200 to play with.

I think we should get a little bit more tax credit if I go part-time, but other than that I can't see how we will have any spare money. I haven't put any money aside for clothes, haircuts, presents etc.

Any ideas would be appreciated.

Thanks
YC

barnaby-bear

Yorkshirechick wrote: »

Hi All,

I just wanted to post my SOA and see if you can give me any advice about budgetting so I can stay at home with my little boy (and work in the evening/weekend) instead if going back to my full-time job once my maternity leave ends (in October).

Our incomings are
£1600 OHs wage
£1100 My wage (Currently £1630, but this is what I'd earn if I went back to work for 30hrs in my current job - which I'll do if I can't afford to give it up)
£72 Child Benefit
£58.72 Tax credits

Total Incomings £2830.72

Outgoings
Mortgage £1170
Council Tax £118
House Ins £22
TV License £12
Pet Ins £20.50
Water £25
Elec & Gas £75
Life Ins £38
Mobiles £40
Broadband £5
Landline £12
Car Ins £80
Groceries & Fuel £400
New stuff for Baby £50
Childcare £400
Total Outgoings £2467.50

Left - £363.22

If I worked part-time instead and didn't go back to my full-time job, then our outgoings would be £2067.50 (no childcare). OHs wage is £1600, so I would need to earn £333.78 after tax to pay our bills etc and we would have nothing left to spare.

I could probably get a job doing 25hrs a week in the evening/weekend, so hopefully would come out with about £550 a month after tax which would give us about £200 to play with.

I think we should get a little bit more tax credit if I go part-time, but other than that I can't see how we will have any spare money. I haven't put any money aside for clothes, haircuts, presents etc.

Any ideas would be appreciated.

Thanks
YC

Mortgage *big* - small change in rate or moving from fixed to SVR or having to remortgage at even slightly higher rate could wipe you out - check not a possibility.
2 cars? High insurance if not. If two cars what about car tax/MOT/repairs/breakdown

Yorkshirechick

Our mortgage is fixed rate, but when that ends in Jan next year, it should go down, as we are on a high fixed rate due to not having much of a deposit when we moved here.
Yes £80 car ins is for 2 cars. We could probably drop down to 1 car if I didn't have to go back to work full-time. You're right - there is no money put to 1 side for MOT, Tax etc

Gemmzie

£72 for Child Benefit is two kids I believe, how old are they both? Might be worth checking entitledto.com to see what you tax credits might be or ask on the Benefits board.

barnaby-bear

Yorkshirechick wrote: »

Our mortgage is fixed rate, but when that ends in Jan next year, it should go down, as we are on a high fixed rate due to not having much of a deposit when we moved here.
Yes £80 car ins is for 2 cars. We could probably drop down to 1 car if I didn't have to go back to work full-time. You're right - there is no money put to 1 side for MOT, Tax etc

Check (it may well be fine but check) what your LTV is (the % equity) it's getting hard to get 85% deals at a better rate. If you can fix at a lower rate then it'll be easier to budget but it's your largest outgoing to any uncertainty in that could have big effects.

mummytofour

Could u get a lodger?

mrsclecoco_2

Gemmzie wrote: »

£72 for Child Benefit is two kids I believe, how old are they both? Might be worth checking entitledto.com to see what you tax credits might be or ask on the Benefits board.

This is right i have two kids and its just gone up to £123. something!!!

Sugarcubed

Gemmzie wrote: »

£72 for Child Benefit is two kids I believe, how old are they both? Might be worth checking entitledto.com to see what you tax credits might be or ask on the Benefits board.

Nope, Child benefit is 18.80 a week per child. Unless I've read what you asked wrongly..

Snaggles

It's 18.80 a week for the first child and £12.55 a week for each additional child, so for one child it's £75.20 every 4 weeks.

sugarpants_2

You may get help with childcare if you wanted to return to work part time (over 16 hours) from tax credits.

You maybe entitled to working tax credits if you decided to stay at home full time. DEpends on DH wage though.

I was a stay at home mum for a couple of years and LOVED it. Good luck.

Im back to work now as we have have too many bills now. But only work evenings so still see my kids loads. They are aged 5 & 2 years.

sugarpants_2

Maybe do what I do, work evenings? I work in fashin retail and love it. The pay could be better I guess but it fits in with my lifestyle and what I want.