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Original poster

Raising a baby / tips ( budget etc)

26 replies

worldwidetravel2017 · 30/12/2023 11:38

We had an early miscarriage in sept
We are trying to concieve again from march

My partner earns just over 30k - he gets a 5percent rise in april.
He has a mentor @ work & is going 4 promotion again next year - they know and support this - hence the mentor

Im starting a part time job soon
Part time due to few reasons - one being my health
Will earn 17k ish gross..

Partner can manage rent , house bills , food 4 us two, running car etc alone ( we have that safety net )

Will be saving 200 gbp a month every month when i start work to get us 192 gbp interest ish in feb 2025..

I have an isa that will get us just under 400 gbp interest nov 2024

I have Tesco card - sains card - boots points card etc

I use top cashback site 4 big purchases like exercise bike , guest sofa be

I regularly sell old stuff on vinted

We will only qualify 4 child benefit

Any tips ?

OP posts:
Original poster
worldwidetravel2017 · 30/12/2023 11:39

Guest sofa bed* #typo

OP posts:
Original poster
worldwidetravel2017 · 30/12/2023 11:40

I also did 4 bank switches this year to gain 700 gbp

OP posts:
SeattleSpacePlane · 30/12/2023 11:48

Will be saving 200 gbp a month every month when i start work to get us 192 gbp interest ish in feb 2025. I have an isa that will get us just under 400 gbp interest nov 2024

I don't understand this op.

If you start saving £200 a month now until Feb 2025 - you won't have earned interest of £192 in just over a year.

Similarly, how much do you have saved in your ISA to earn £400 interest over 11 months?

Iwishiwasasilentnight · 30/12/2023 11:55

Tax free childcare.

Original poster
worldwidetravel2017 · 30/12/2023 15:36

SeattleSpacePlane · 30/12/2023 11:48

Will be saving 200 gbp a month every month when i start work to get us 192 gbp interest ish in feb 2025. I have an isa that will get us just under 400 gbp interest nov 2024

I don't understand this op.

If you start saving £200 a month now until Feb 2025 - you won't have earned interest of £192 in just over a year.

Similarly, how much do you have saved in your ISA to earn £400 interest over 11 months?

200 a month = 2400 over 12 months
Interest = 192
( 8 percent interest)

Isa - its 4.9 interest rate and ends nov 2024 - interest is 300 and something..
Bit under 400 gbp

OP posts:
pponk · 30/12/2023 15:42

are you going to be ok having and then raising a baby if you are in such poor health? it's a lot harder work than most full time jobs I can think of.

pponk · 30/12/2023 15:53

try and see if you have a local community / baby charity shop. There's one near me and it's great for everything from baby baths to toys and clothing. They also get donations of milk and nappies which u can purchase for cheap so its really handy if you have one too - fingers crossed.

SeattleSpacePlane · 30/12/2023 16:11

200 a month = 2400 over 12 months
Interest = 192 ( 8 percent interest)

That's not how it works @worldwidetravel2017. You've worked out 8% annual interest on the whole balance of £2400. But it will take you 12 months to reach that balance.

In month 1, you'll earn interest on only £200. In month 2, you'll earn interest on £400. In month 3, on £600 and so on.

By the time you reach month 12 you'll have saved £2400 but the interest you'll have earned over the 12 months it took you to get there will be far lower than £192.

I still don't understand about the ISA either. You don't generate credit interest on nothing - you must have a balance already saved in your ISA to be predicting nearly £400 of interest to be added?

Original poster
worldwidetravel2017 · 30/12/2023 16:15

Yea - makes sense
I thought the figure my dad gave me was somewhat higher than what bank said
That explains why
Still over 100 gbp in interest tho

Thanks 4 clatifying it

OP posts:
Original poster
worldwidetravel2017 · 30/12/2023 16:15

*clarifying

OP posts:
Original poster
worldwidetravel2017 · 30/12/2023 16:17

Yes - i have an isa balance that means interest is over 300 gbp
After 11 months
As 4.9 percent offer when i signed up

OP posts:
Original poster
worldwidetravel2017 · 30/12/2023 16:18

pponk · 30/12/2023 15:53

try and see if you have a local community / baby charity shop. There's one near me and it's great for everything from baby baths to toys and clothing. They also get donations of milk and nappies which u can purchase for cheap so its really handy if you have one too - fingers crossed.

Thank you

OP posts:
Original poster
worldwidetravel2017 · 30/12/2023 16:19

pponk · 30/12/2023 15:42

are you going to be ok having and then raising a baby if you are in such poor health? it's a lot harder work than most full time jobs I can think of.

Yes - thank you
I have a lot of knowledge - ability - experience due to the field i used to work in

OP posts:
Original poster
worldwidetravel2017 · 30/12/2023 16:20

Iwishiwasasilentnight · 30/12/2023 11:55

Tax free childcare.

Thank you

Im not sure when the new rules come in re childcare for / from certain ages

OP posts:
MagpiePi · 30/12/2023 16:20

SeattleSpacePlane · 30/12/2023 16:11

200 a month = 2400 over 12 months
Interest = 192 ( 8 percent interest)

That's not how it works @worldwidetravel2017. You've worked out 8% annual interest on the whole balance of £2400. But it will take you 12 months to reach that balance.

In month 1, you'll earn interest on only £200. In month 2, you'll earn interest on £400. In month 3, on £600 and so on.

By the time you reach month 12 you'll have saved £2400 but the interest you'll have earned over the 12 months it took you to get there will be far lower than £192.

I still don't understand about the ISA either. You don't generate credit interest on nothing - you must have a balance already saved in your ISA to be predicting nearly £400 of interest to be added?

Edited

You'll earn £103 on the regular saver according to Martin Lewis. You only get the interest on the total in the account each month. https://www.moneysavingexpert.com/savings/regular-savings-calculator/

Where will the baby go while you are working? Have you factored in nursery or childminder fees?
I wouldn't rely on Vinted, loyalty cards or cashback schemes as a way of making or saving a lot of money.

I would say, don't buy loads of equipment until you know you need it, and you will mostly be able to make do with what you have got. eg towel on the floor vs changing mat and changing table, rucksack or shoulder bag vs changing bag

Cantgetausername87 · 30/12/2023 16:21

2nd hand bits for baby and as they grow, sign up to the boots baby club as you get extra points, but should be manageable if you're careful with your money

GreatGateauxsby · 30/12/2023 16:23

find your local what’s app buying and selling groups - people cannot give away baby stuff under 1 year. Also try and find someone with a baby 1 year older than yours who you can buy from and one a year younger who you can sell to.
i have this and it make life easier and cheaper

don’t bother with any babies classes except the council run ones and church ones for £1-2
They are pointless in terms of the baby.

i took my dd to a couple (hartbeeps is cute) once she hit 9-10m but they were a “nice to have” more than anything else.

Jojobees · 30/12/2023 16:25

Find out if you council do a cloth nappy grant, they can save a lot of money.
Bf if you can. AF is expensive.
second hand baby sales are a great way to get equipment on a budget.

GreatGateauxsby · 30/12/2023 16:27

You don’t need a magical perfectly designed baby bag. An old rucksack is fine.
i got given a Tibi and marl and some other brand and ended up using my old work rucksack…

baby products

aldi nappies are as good as pampers.

we bought loads of bepanthenan but honestly sudocream is cheaper and better….

JollyHostess101 · 30/12/2023 16:27

Having just hit my SMP part of maternity leave it’s been a massive shock dropping to £700 odd ish pounds this month!

I’d saved up what his need for my bills so have that tucked away for when SMP stops but will definitely have to think more about what him spending!

As PP said don’t buy stuff in advance we got given so many clothes we didn’t really need to buy much!

Vinted I found I couldn’t really sell on newborn clothes as I think people get given so much there’s no real need!!

Original poster
worldwidetravel2017 · 30/12/2023 18:47

Thanks all

OP posts:
Thamantha · 03/01/2024 08:56

It may be worth considering whether your workplace will pay you maternity leave, and how long you need to work there to qualify for this if you plan to return to work after the end of the leave period, you usually only need to return to work for a short period of time (~3 months where i am). I'm on 12 months maternity leave and payroll were able to spread the payments out over the 12 months (last 3 months are unpaid) so that i get a more even amount each month. Alternatively considering if you can afford for your partner to take shared parental leave.

I'd second advice not to buy lots of clothes in advance as you may get given lots.

Facebook marketplace can be a good source of second hand baby items - often these have been used for a very short period of time. I have an 11 day old baby, and bought their next to bed cot (cost us £60 rather than £220 new), their 3 in 1 travel set (cost us £40 rather than £799), and a moses basket (free, plus a lot of 0-3 month clothes for free, rather than £46.99). It can be worth keeping an eye on places like freecycle as well - people pass on baby items for free (we got our older sons changing table and wardrobe from freecycle).

Our local libraries run story and rhyme times that you can attend for free, and they have a toy library where you can hire toys for about 50p. Likewise one of the local museums ran a free baby group when my son was little. We found it worthwhile to pay for an annual membership of an adventure farm when our son was about 2, as this made it quite cheap to visit and enjoy seasonal events, where a one off visit would have been too expensive on a per use basis.

Atomickittyxx · 03/01/2024 09:06

Gumtree, mum2mum markets, charity shops car boots. I also have a friend who's son is a bit older so she passed a lot down to me. I've saved a fortune using the above. Also bf if you can formula is expensive!!

MissTrip82 · 05/01/2024 09:28

worldwidetravel2017 · 30/12/2023 16:19

Yes - thank you
I have a lot of knowledge - ability - experience due to the field i used to work in

Show quote history

I don’t think that point was about ability or skills.

I also wondered how you would manage caring full time for a child if your health is so poor at this age that you can’t work full time. 40 hours a week is nothing compared to the hours of being a parent.

Can you prioritize improving your very poor health first?

Original poster
worldwidetravel2017 · 05/01/2024 09:31

In many European countries 30 hrs 35 hrs count as full time work wise.

My health is getting there

Ive done 24 hours a day care of children for 10 days in a row etc

It will all work out eventually

My partner works very nice hours and will be a good support too

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