Morning after pill didn’t work- advice on planning for a baby financially

[MissLynds]

Hey,

So myself and DH had an “accident” one night and I headed to the pharmacy the next morning to collect the MAP. 3 weeks later (and a week late) I took a pregnancy test.... I’m now 6.5 weeks pregnant. Having the view point of due to travelling, we only had sex once during this time, used the MAP and I’m still pregnant I’m going for “it was meant to be approach”. DH is supportive and whilst we’re not financially ready for a baby, it seems like he/she was ready for us. My question is whether anyone has advice on how to plan financially for a child? We live in Surrey (rent and household bills combined cost us £1600) before phone bills, car insurance etc so we physically can’t survive on one wage, despite both being reasonably well paid. Has anyone else had to cope with a deficit of income vs bills, how have you done it, how much can I expect a baby to add to my monthly costs and any advice on how to try to save before hand would be greatly appreciated!

Thank you!

Hi OP, there is a website called entitledto where you can put in your financial details and it will tell you whether or not you’re entitled to any tax credits. You will be eligible for child benefit which is £20 per week.

Cut back on everything that isn’t absolutely essential and shop around for better deals for electric, gas, phone, insurance etc. To reduce your minimum spending needs.
Everything outside these minimum needs should be saved to cover your maternity leave.
Babies themselves don’t cost much it’s the childcare that’s a killer.
Plan now what you can afford in terms of working hours vs. Childcare.
We found we could balance the books as long as I work a minimum of 3 days alongside DH working full time.
If either of you are low paid look at the benefits you might be entitled to including child tax credit, family allowance, working tax credit and housing benefit.
Good luck with your new arrival.

You have to just think skint for 9 months that’s what we did, we cancelled sky and lowered our phone bills , got rid of anything none essential and basically just stayed in and saved our money. We managed to save quite a lot and then paid some debts off as well. Sell any bits you can, just really try and save everything it’s becomes a bit addictive seeing your money grow and just helps when baby gets here.

Do you have savings? How long do you plan to take for maternity leave?

You need to save to plan for reduced income while you are on maternity. Look up what package your employer provides for maternity leave: some can be very generous.

When you go back to work you will have to pay for childcare, unless you happen to have family who can help out. Childcare is quite expensive (call local nurseries and childminders to get an idea of local cost). You can get help with the cost of childcare via the government's 'tax free childcare' scheme.

On the plus side, when you have a baby you tend to spend less on socialising, and you can normally get baby equipment and clothes second hand either very cheap or free.

Start saving like crazy. Tell people now you’re not exchanging Xmas presents this year. Buy baby things nearly new from NCT sales or charity shops.

Do you know how much childcare will cost you? Is it possible to move to a less expensive area?

Agree with pp, a baby itself doesn't cost a lot, it's the mat leave and childcare that follows that needs to be planned for. Second what others have suggested, also look into if both your employers offer childcare vouchers (or whatever the new scheme is called). Join FB pages to pick up bargains like cots, prams etc and you can buy a new mattresses and bedding cheaply enough. Supermarkets own brands are fab for nappies, clothes and supplies. Lidl nappies rewrite amazing in my book and much cheaper than pampers etc. You will get lots of pressure when the baby is born, you'll be surmised how little you actually need at first.

Good luck, it sounds as if it was meant to be and it's good to plan in advance. Congratulations too, it's an exciting time ahead!!

Sorry for typos....hope you get the gist!

and look into childcare costs, working part time is often similar take home to working full time once you take your tax free allowance and childcare costs into account.

don't buy anything new, except a mattress for the cot.

Are your jobs in London? If so your long term plan should be to move out of Surrey and towards the North. It takes less time to commute from Milton Keynes or Bedford to London zones 1-2.

Most stuff that is marketed to new parents is unnecessary ... unfortunately new parents are the ideal consumers because they don't know what they'll need and are easy to guilt-trip into buying stuff! You don't even need a pram/pushchair - with my second, I carried him in a sling. You probably don't need to buy clothes because you will soon be snowed under with gifts from relatives and friends. Don't buy a teeny crib that is big enough only for a baby, get a cot that can be converted to a toddler bed by removing the bars. Keep an eye out on Gumtree etc because there is lots of good-looking condition second hand stuff around. Cloth nappies might work for you if you can keep up with the laundry You'lla car seat as soon as s/he is born, but other than that it's fine to wait and but stuff only when you feel you need it - the baby basically just needs boobs (or bottles if you're not going to bf), and will probably want to sleep with you so won't even need a cot straight away - nothing else is super urgent. Congratulations and good luck!

Maternity pay then child tax credits.

Ignore the comment above about not needing somewhere for the baby to sleep immediately. Co-sleeping works for some, but it has risks, which need to be considered carefully. Read up on it before you try it. Moses baskets are note expensive, and are safer.

Pretty much everything you need can be bought secondhand except for baby mattresses. Can you downsize or move somewhere cheaper?

Also you really don't need half the crap they sell you so never never buy new.

Plenty of good quality second hand items. My daughter in law got a beautiful moses basket, crib and a pram for an absolute bargain. In fantastic condition. That's a start.

If possible, borrow things that will only used for a few weeks or months. Moses baskets, newborn outfits etc. Keep your eye on Facebook market place for larger items going cheap second hand. My friend got a full travel system for £20 in immaculate condition.

They have little space and managed to buy a baby changing unit that was also second hand and was immaculate - like new. so that all his bits and bobs were kept there next to her bed. Baby was in a moses basket so could be transported through from one room to the next.

shop around for deals on baby equipment or buy 2nd hand. start saving what you can, but really it'll fine, look into what tax credits you'll be entitled too/help with childcare costs/or work out if you'll be better off being a sahp

Car boot sales are your friend! You can pick up amazing second hand baby equipment and clothes at them, for hardly any money.

I don’t think the first year costs much money at all if you’re ok with getting things second hand, especially if you breastfeed. It’s childcare that is the kicker as others have said.

Second buying things second hand. Also, research childminders as they tend to be cheaper. Ask grandparents if they would be willing to buy the baby memberships instead of presents for first birthday. That way you can go to the farm/zoo or whatever with your toddler for free rather than spend lots.

Just be very sure you are making the right decision- you still have time.....

It will likely be a long time before you to have as much disposable income as you do right now. That makes this a great time to pay off any debt and save as much as you can for the leaner times to come.

Work out how much you'll have when you're on mat leave and try to live on that now.

Second-hand all the way for baby stuff. You can almost make it a game - how much great quality stuff can you get for £/££ that originally cost £££.

Childcare is the biggest cost by far.

The cost of a baby itself isn’t that high if you shop carefully for what you really need, join local Facebook buy and sell pages to look for second hand bargains.
One thing to consider is that although you may end up spending a large percentage of your/your DH wage on childcare, it maybe worth going back to improve your long term career prospects. Good luck.

Congratulations!

I would save what you can now, as PP said have a look into what will work best when it comes to your working hours and childcare.

As far as really essential baby gear it's only really a proper cot that you can change into a toddler bed, and a travel system (which has a pram and a car seat combined) or a buggy and a car seat. I wouldn't panic about these items now though because once you announce your good news family might be willing to buy them or chip in for some of it.

Agree with PP that you tend to get a ton of baby clothes as presents after the birth, especially in the smaller sizes.

Family and friends who are sure their family is complete are normally dying to give away all the baby gear that's cluttering up their attic or nursery. Wait and see if anyone offers their stuff.

So while I would start putting money aside and planning future finances I wouldn't be rushing out to buy anything. Make sure you start taking a prenatal vitamin.

In my area (nowhere near London) full time childcare is about 1k a month so you'd need to work out full time wage minus childcare vs part time wage and smaller childcare bill. Although babies don't have to cost a lot you might not want everything second hand, e.g. a second hand bedside cot or cot bed for later will need a new mattress, you shouldn't buy a second hand car seat, you might want to do NCT or similar which can be £200. So do set aside some money now and buy as you go while pregnant.