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Does anyone else wish they had saved more money while working?

(13 Posts)
Gateau Wed 22-Jul-09 09:18:13

I'm going on mat leave in October and have really started to worry about how we'll manage financially. I've been working part-time on a good salary since March last year and, looking back, could have saved money, but haven't. I buy the bulk of the shopping and buy all DS's clothes, toys and his other necessities but I still should have money left at the end of the month - and I have never managed to do it. I don't know where it has all gone! I really don't think I've frittered it as I've tried to be really careful.
I'd really hoped to take a year's mat leave but now I'm really worried about how we'll manage. Was also hoping, and advised to keep DS in nursery tow days a week but just can't see how we can possibly do this.
Anyone else in a similiar position?

Gateau Wed 22-Jul-09 10:23:27

BUMP

MoonchildNo6 Wed 22-Jul-09 14:59:08

Yes. Didn't save anything and was used to a decent salary but bosses paid SMP only so scary trying to manage on so little. But you do, OK you might have to scrimp a bit but you'll do it!

Gateau Wed 22-Jul-09 15:20:39

That's reassuring moonchild; thanks.
DS just won't get all those little treats and extra clothes he didn't really need.

sobloodystupid Wed 22-Jul-09 15:25:02

I have started budgeting using one of those freebie things online. I have started going to charity shops and got some lovely things, like gorgeous designer stuff for dd and a new baby carrier for ds. I have saved a fortune...

HeadFairy Wed 22-Jul-09 15:31:07

Hi Gateau, I felt exactly the same when I was off with ds. I shudder now when I think of the money I frittered away while I was working, and even while I was pg. I went on mat leave at the end of August, ds was born three weeks later, and of course in the initial weeks I spent practically nothing as I wasn't going out much. I did all the food shopping online and paid for it, but apart from that, nothing much. The odd cup of tea with my ante natal chums. But for some reason I went bonkers at Christmas. I think it was the fact that I was past the first few weeks of first time parenthood and enjoying being out in the world, plus I love Christmas, so I loved Christmas shopping with ds asleep in his pram. But my mat pay went from 90% of full pay, to smp in January and it was such a shock! I demolished any savings I had.

This time I'm being much more sensible. I've done masses of extra shifts during my qualifying weeks to try and bump up my mat pay as I'm no longer full time, and I've been saving for a while. I currently have about £1000 in my savings account, I'm hoping to have £2000 by the time I go on mat leave, and this Christmas everyone's getting very small presents from us (esp as we're moving house soon so now officially broke!)

Is there something you can do from home to supplement your income? Envelope stuffing or something like that?

Gateau Wed 22-Jul-09 15:41:23

Yes,maybe I could do something like that HF.
I have about another four salaries coming in before I go to SMP, so I'm really going to try to tighten my belt and get some serious done from those. Better late than never, I suppose! Am just mad with myself not not saving while I've been working part-time, but I guess I can do nothing about it now!

randomtask Wed 22-Jul-09 16:00:27

This isn't just about having babies. This time last year I lived with my parents, had no children, paid minimal rent and didn't pay for food or any energy bills. Then I got married, became a step mum, pay for half the rent, all the food, most things for DS. I'm horrified about how much money I've wasted over the years (I used to actually buy my lunch, buy make up to cheer myself up etc), in the last year I've bought 4 items of clothing (trousers for work, 1 pair of jeans, a jumper and a summer top) only mascara, no 'lunches' and 3 meals out. I felt it'd ruined me but at the same time, it's taught me how to not waste my money so (hopefully) I'll be better when we have babies. We're in the process of buying a house and we've decided to put off TTC for 6 months or so in order to get some savings up. Hopefully I'll learn but I think the problem is, you have money, you spend it!

Good luck!

HeadFairy Wed 22-Jul-09 16:06:26

You're more sensible than me random, I only realised what you've realised when I was on mat leave! Oh when I think of the money I frittered away in SpaceNK and the like! It's not even like it's clothes and you've got something to show for it, face creams and potions are gone after a few weeks!

Gateau - a few weeks of belt tightening will definitely help, cheap meals, keep the household expenses down as much as possible. It all counts in the end.

randomtask Wed 22-Jul-09 16:55:33

Well DH was training to be a teacher this year so he wasn't paid. Meant we had to get by on my money and Child Tax Credits which aren't much as DH made £5k on his savings which just pushed us (with my salary which has gone down 10%) over the 'helpful money' limits. We didn't want to spend the savings as we knew we were going to buy a house and TBH, it's difficult enough with his savings!

Some weeks I get by spending £5 cash the only other money on food. I've now found I'm rubbish at shopping. I took £40 birthday money out and came back with a £5 top from Next Clearance. DH found it funny that I was so depressed I can't spend money!!

It's not good, but I'm glad it's happened as now (hopefully) when we have more children, we'll be better prepared for the lack of money!!

crokky Wed 22-Jul-09 17:06:41

how old is your DS? If he is coming up to 3, he'll get the nursery grant from the govt.

could you eBay some stuff?

Sickofbloodyswineflu Wed 22-Jul-09 17:09:15

In a word YES...ive never saved, and now im giving up work to go to uni and do a nursing degree...i'll be potless with a nice line in Chanel Sunnies, blush, as this is what I chose to invest in despite OHs best efforts.

HeadFairy Wed 22-Jul-09 17:27:55

SOSF!!! That was me, potless unless you count the pots of creme de la mer I had!!!

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