Is it enough money to live?

[henrythesloth]

Hi all, I’m about to start my maternity leave in one months and feel a little bit upset because of the money. My husband and I live in Leatherhead. Rent is £1200 and on the top of that - bills. His monthly income is £2800, mine is £1900. All was fine until now. I’m not sure how will it work when I go on mat leave. My company only provides SMP which is pennies. Husband is saying he cannot earn more - other companies offer the same salary as he already has got. No savings, no backup plan. Any advice? Feel so upset.

You have lots of money left right?

OP you know you should have really been saving or cleaning debt while trying to conceive or during your maternity but hey go.
But honestly your lifestyle changes so much, I remember w tally saved money from maternity leave as we stayed home for so much of it. When your baby is little, a lovely winters walk with the pram is an outing. Take a takeaway coffee instead of buying one. I used to meet friends at our local coffee shop but only ever had a drink instead of our usual meal etc. it really is easier to cut down than you think.

As long as you have money for a roof over your head , heating , food you are fine. When we had a child we were broke for 3 years more or less. I used to sit at work and see everyone getting parcels delivered from Amazon and I ordered nothing. You will find the simple things in life are more important - going for a stroll with baby and partner, little trips out with a pack up etc

You can’t possibly be serious about asking the taxpayer to fund your “activities and days out” with UC on top of your SMP. Seriously?
This is not a small amount of money you’ll have left, you’re taking the piss. And tbh at the age of 41 I cannot fathom how you didn’t see this coming and now you expect the government to pay you additional benefits??

This is not true. UC is based on elements that you get which can include a rent element, child element etc. They may be correct that you would not qualify now but once you have a child UC becomes a whole lot more generous as you get a portion of your earnings disregarded ( work allowance) and a child element added on so you may well qualify when you have your child. Use one of the online benefit calculators. One factor that would rule you out of claiming is if you have savings over 16k.

I'm pretty gobsmacked that anyone with that level of income would need (or qualify) for UC.

You need to adjust your budget expectations. Before mat leave I went through all my utilities to cut down Sky, phones onto SIM only etc. There must be savings to be made.

Your food bills are very high for two people. I don't spend that on a family of four.

You will have another couple of full wages to save from.

You'll also have holiday pay accrued for the time you are off so could go back officially after 8 months but not be back in work until 9 months.

You'll get £100 every four weeks in child benefit.

Realistically though with childcare this is probably your budget for the next few years.

We earn your combined income when on mat leave between us and paid a £1200 mortgage without bother (we were overpaying so chose to do so).

You need to clear your debt as quickly as possible on your remaining normal wages and try and set aside your profession course fees. You should then manage fine on a reduced income.

Are you able to transfer your debt to 0% interest credit card? You don't mention how much debt you are in.

I would definitely recommend moneysavingexpert for assistance - the forums are a great wealth of knowledge.

Buy pre-used things for your baby. Babies really don't care. Cut back on any subscriptions, coffees out or gym. Ask DH to do the same. Have two cheap meals every week like beans on toast or scrambled eggs on toast. Find a reliable child minder which will be cheaper than a nursery. Go back to work after 4 months if you think you really need to. Young babies don't mind who feeds, changes and plays with them.

You are 41 and having your first child. Congratulations! That’s a big deal. Yes, it would have been better to plan but hell, becoming a mum at 41 is wonderful. As a fellow late mother, I’d have gone ahead no matter what at this stage of the game.

Without the benefit of a Time Machine, do the planning now. Ignore the gripers on UC. Apply. Government decides if you are eligible not a Mumsnet jury. If you are turned down that’s that.

lots of good advice already. You will naturally spend less with a baby as your lifestyle changes. There is stuff for free - check out your library and children’s centre. I also started doing surveys whilst on mat leave - it’s not a kings ransom but it is guilt free money. Try Branded surveys.

Your incomes are higher than many people who have children, you will just have to change your lifestyle. We ahve 2 kids, both work full time in professional jobs and after bills, food, savings etc have only a few hundred pounds every month left over spare and we have more than lots of people I work with.

When our children were young our earnings and income were much lower and then we paid 1k per month in childcare costs.

So you will be fine, will it be easy, no, will you have to change your lifestyle, totally, but that's what almost everyone has to do with kids!

Havent read the whole thread

But

• sell things you dont want / need

On vinted or Ebay

• if you buy stuff online use top cash back

• 2023 - i made 700 gbp from 4 bank switches , tax free income ...

• join boots baby/ Pampers club

Based on your figures , I think you’ll be OK
I have 1800 after tax (mortgage is half yours , plus bills )
I get CB for youngest and about £30 in UC a month . I co-parent with his dad !
I do monitor money , but teenage son doesn’t go hungry (big appetite )
I manage to save 250 a month too ! For peace of mind I need back up for unexpected costa eg car / boiler etc
Cut back on non essentials eg sky / takeaways / expensive haircuts etc