To ask how much on savings you need to feel comfortable?

[worriedgem]

I'm aware that this is a "how long is a piece of string" type of question but I'm interested on other people's perspectives. I have just started maternity leave and am self employed. I am entitled to maternity allowance (approx £600 a month for 9 months) but because of various issues regarding being self employed I'm currently in the throes of trying to get my application accepted which is quite stressful.

I am married, this is our first DC. DC earns but is self employed and doesn't earn much but enough to cover bills and not food shop.

I have about £3,000 in savings which I've built up to hopefully cover any unexpected expenses or for top ups if needed. I'm planning on going back to work around September or October next year. How much in savings would you consider an OK safety net?

Ideally enough to cover 6 months worth of essential bills would be my comfort zone.

10 months regular outgoings.

Rent or mortgage? That makes a massive difference to the level of savings i feel comfortable at.

If the boiler goes or the roof leaks when you rent, the LL foots the (very expensive) bill. When you own, it’s all on you.

But tbh during my second and third maternity we ended up.in some debt a d no savings due to.dip in dh work

Not your question but as self employed person hoping to get maternity allowance next year, what problems are you having?

@BuffaloCauliflower I've been told I'm only entitled to £27 a week, even though I've always paid class 2 and class 4 national insurance. Ive called the relevant departments and no one seems to know anything. Ive received a letter saying I'll be contacted about possibly paying my national insurance in advance (I have my tax and NI saved separately so this would be no problem) which would make me entitled to the full amount, but it's stressful as I don't know if I will receive this letter or not.

Dont save too much. HM Government will steal it away along with Mr inflation.

That does sounds stressful. I’ve also read that you can pay a top up of national insurance to get the full amount, keep pestering them and say you want to do the top how do you do this.

I think that I won't feel comfortable till my mortgage is paid off tbh.

We have around a years worth of outgoings (on a tightish budget) in an ISA, as long as there are no major spends. As we are nearly 50 now, with ds(14), job security, potential health issues or obtaining new employment it is a worry for me so feel we need it (dh would spend it if it wasn't locked away).

25

I am self-employed and was originally told by letter I would get the minimum amount too, but luckily they were helpful on the phone and said that always happens and if you have paid your NICS in advance you will get awarded the higher amount. (Assuming you’ve previously earned enough in the weeks they judge you off - I found the online calculator was correct). My first payment was the lower amount but by the second payment I was on the correct (maximum) amount and they backdated the previous fortnight so I hadn’t missed out on anything. It was a frustrating process though. To anyone reading who will be applying in future - definitely apply ASAP. I’m sure it always rights itself but very stressful in meantime, especially if they’re unhelpful on phone as in your case. Good luck!

Sorry, 25,000

Thank you @crazytiredboth that's reassuring to hear.

£30k savings between us