Worried about finances

[Aljb02]

I’m on maternity leave at the moment and husbands wages are lower than usual at the moment - due to his work (won’t go into that it’s complex) and there’s nothing we can do to increase his wages.

im so worried about money we’re using our small savings pit which I’m worried is going to run out and we’re going to have nothing left.

everything is so expensive and we can’t claim anything or get any help towards anything.

jow can I make more money and also save on our outgoings???

im getting very worried.

How long do you have left on mat leave? Can you go back to work earlier or do some kit days to get extra money?

If you have a mortgage, you could ask to be interest only for a year or two until your baby is in nursery. If you rent, could you move to somewhere cheaper? You could cut short your maternity leave (6 months used to be the maximum, children were just fine). You or your dh could take a job outside of his normal working hours.

I'm guessing you have been through your outgoings and cancelled what you can?

baby is only 1 month old

Can he get some casual hours over Christmas? Plenty of retail shops wants 0 hour people to work various shifts over Christmas, presumably if his wages are down he's currently working less than usual? Also agree it's worth exploring going temporarily to an interest only mortgage.

Unfortunately due to his working pattern it’s not possible to get a second job,

thanks for the tips everyone e

Money was very much tight for us during maternity leave, we sold one of the cars and made do with one (and still do) and I did a bit of matched betting which didn't make much but still several hundred pounds.

Without specifics its hard to advise. How much lower is your income due to maternity leave? When are you planning to go back to work, will this be full time and will things be better then, taking into account childcare costs? Will you be entitled to help with childcare costs?

How much are you short each month? Is the problem with DHs income short or long term? Can he change jobs if his income has dropped in this one? Or go onto a fixed working pattern so he can get a second job? If he says to his employer that the household finances have taken a hit due to his lower income and he needs to earn more with his current job, be able to work a second job, or leave for a better paying job, will they try to accommodate this?

Can you cut other costs to help balance the books? If you have a mortgage has that increased yet, or is that another problem you'll have to deal with? Have you actually checked if you're entitled to help? Do you have debts already/a big mortgage?

Is he repaying an overpayment or something?

If his wages are a lot lower but he’s working the same hours and there’s nothing to be done about that, and he can’t take a second job because of shifts, then you’re in a difficult position. Have you applied for any benefits you might be eligible for with the lower wage?

Do you want ideas to increase what's incoming?

Do you want plans for things to change over time - and start training/other plans for things to improve in long run?

Or - if you solely want ideas to decrease what's outgoing - post a clear and detailed budget breakdown and we can suggest potential cuts and compromises?

Presumably his drop in wages wasn't expected whilst you either TTC or during pregnancy?

As others have said we'd need to see more detail to be of much help really but going interest only on the mortgage for 6 months is a good shout (although after the 6 months you're repayment cost will go up a bit to cover the holiday)

More details on your housing situation as advice will change a lot.

I went vegetarian for a year and learned to love lentils when I was retraining in my twenties. I also didn’t buy anything at all not one item nor any treat not even a coffee. It was miserable but I always knew it was temporary.

You need to do a list of every single outgoing. Plus contact your internet and phone provider and see if they can give you a discount or change your package.

I went back full time when my first baby was 6 weeks old. We couldn’t afford for me to be off work. I expressed milk at work.
I wouldn’t say it was ideal but the choice between that and running out of money was easy for us to make.
Hope it works out ok for you. Best wishes.

Yes same here, baby was a little older and worked around dh's hours so that baby didn't have to go to nursery so young.

download Olio app as people give free food and things on there. I know you say you can’t get help but can you contact your local children’s centre to see if you can get anything through them? Sell things you already have in Vinted.

We took a 6 month mortgage holiday during maternity leave which helped ease some pressure. Would that be possible for you? Don’t feel pressure to go back to work too early. Enjoy your time with your lovely new baby 🙂

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If you change bank accounts you can get £200.

Can you do SIM only for phones?