Will I struggle?

[louisag1992]

Hi,

So I'm having my first baby. Unplanned and single mum to be. I have a full time job so will need full time childcare as family and friends aren't nearby and even if they were they all work full time. My income including tax credits is looking at around 2500 per month. Is this doable? If so how comfortable?

[bedtimestories]

Your biggest long term outlay will be childcare, have a look into nurseries/childminders to find out how much it will cost for full time care (make sure they cover your working hrs)

[louisag1992]

Thank you. I saw at around 200 pw. I'm hoping to negotiate and be able to work from home twice a week but I doubt that will happen as I've not been with the company for very long. I'm just hoping I won't be really struggling to put food on the table. Although I have worked out a budget I'm just not sure if it's realistic as I've not had to do it before.

I've drawn up:

Rent: 700
Council Tax: 100
Gas and electric: 80
Water: 40
Phone bill: 20
TV&Broadband: 90
Travel pass: 60
Childcare: 800
Baby: 100 (planning on bulk buying whilst outgoings are low before baby arrives)
Shopping: 100 (I'm very frugal and have been part of '£1' a day groups)
Buildings and Contents - Quote for £20
Life insurance - £20
Cinema pass (stuck in a 12 month contract, but also a cheap night out if I get a babysitter) - £20

Total: 2150
Income: 2500

Left: 350

Is this realistic?

[Whoknows11]

Surely you can cut down your bills? I pay £60 per month gas and electric. My water is £25, phonebill £12 (iPhone 6s), I don’t have any tv deal but broadband is £19. If you shop around you can get some great deals.

Also you should get child/working tax credits to help with childcare?

I thinks it’s very realistic! Well done you x

[louisag1992]

Thanks for that WhoKnows I was little worried given my lack of experience of real budgeting especially when it's not just me to think about. That includes my tax credits and child benefit. I might try and cut down where you said, especially as I was looking at the top Sky package . Phone bull is 17 and I use it so for what I've got its a fab price! 20gb data! The one below I always went over haha! I can also cut down my rent I was just quite fussy when looking at properties as I've not moved yet.

Thank you, I was thinking £350 left over seems a bit to optimistic. So I appreciate that :) x

[Lastoftheusernames]

Also plan for your maternity leave by saving as much as possible in advance. Surely you don't need Sky?

[louisag1992]

You're spot I don't need Sky I was just trying to budget in a luxury although if I was to struggle it would be the first thing to go. Yep, thought of that. Whilst I can and before my outgoings shoot up as I'm not moving till July - I can afford to put away 800 pm till then but that will have to cover baby stuff, moving and as I've started saving I've worked out I will have a bit left over.

Sadly I'll be returning to work fairly soon after the birth. I can't afford not too (2 maybe 3 months )

[DontDIY]

Hi OP. Have you factored in child maintenance? Is that a possibility?

And why do you need buildings insurance if you only rent?

[louisag1992]

Hi DontDIY

I just don't want to factor it in just incase he doesn't pay up.

Hadn't thought of that maybe just contents then :).

Thank you :)

[DontDIY]

Good plan. Hopefully he will though.

See if you’re eligible for this

www.gov.uk/sure-start-maternity-grant/eligibility

[Whoknows11]

Also highly recommend to buy second hand things for your baby! They grow so quick items like jumperroos and sleepyheads don’t last long and if you buy them at half the price and sell them in again it ms very cost effective! Clothes also, you can get some lovely bundles on gumtree and eBay!

I love budgeting! My ex was awful with money and we never had any even though on av decent salaries. So now I’m in charge it’s very satisfying knowing we can save for things we’d like!

[louisag1992]

Thanks guys.

I was looking at the maternity grant I think once all my tax credits come in I can get it.

Definitely second hand stuff. I will get some bits and bobs new just so not everything is second hand I was thinking about getting everything new at first just because I thought that would be extra special but there's no point!

So glad I posted on here, you're all super helpful. All my friends are telling me I can't afford it and I'll have no money left, not according to my budget but apparently that's wrong and unrealistic. So I really appreciate your help and the reassurance that's it not impossible! :)