A family of four (1 preschool and 1 primary school age) in the UK need £776.05 a week. This is based on the Minimum Income Standard research.
This has really got me thinking about my journey and were we are:
I have always been the one that looked after our money or so I thought I was. It didn’t however stop us taking out a car on finance and to have pointless (or non emergency) items building on a credit card or even buying a larger house just because we could not because we needed it. I have also always been the main earner of the family and with my husband also working it felt like we were good, money was great!
Now looking back money may have been OK but we were doing nothing great with our money and other than knowing it went on the house and childcare (for A our first child) we didn’t really know what we were doing with it.
Things started to change when I found we were pregnant with number baby number 2 in 2014. My husband had already applied for University, after years of moving from job to job not really knowing what he wanted he had put in the hard work so he could do what he always wanted and he was going to study French (he is half French and is going in to teaching). So money was going to be tight, after reading many blogs and watching many YouTube videos I came across Dave Ramsey. I bought his book The Total Money Makeover and for me it made so much sense. We started the baby steps and made good head way when I (baby number 2) was born, we have £1000 emergency fund and started clearing debt. I is 4 months old and after trying for so long for her we thought it would take a long time for number 3 but we were so wrong. I am only 4 months postpartum and we are living on maternity wages, student loan and a part-time income but baby number 3 is on the way.
We have not been doing things by halves as E (baby number 3) is now nearly 10 months old we still have our emergency fund and we have no debt. My husband is starting his final year but I have quit my job (I know I know this sounds insane), the cost of childcare for my 3 would have come to approx £1200 a month by the time I had commuted I was bringing home so little we decided it was better for them to have a mum around being so young. My plan is to take on some part-time evening work or start a small business on Etsy over the next few months.
Money is going to continue to be tight and I want to learn to live on it, for two reasons. I want my children to not notice or ever feel like they weren’t able to do something because we had no money. Also because when my husband starts teaching and as my children all start school so I can work more I want to do amazing things with our money. I want to save for retirement, pay off the mortgage, travel and enjoy life.
So this blog is my way of keeping accountability in supporting my family, I am still on my journey and certainly have a lot more to learn in my current position. I want to share what I am doing and what I am leaning and hopefully I can help that one person that needed a push towards their Journey to a Lifetime…..