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Original poster

How to cut costs over maternity leave

47 replies

puddle · 03/01/2006 11:28

I want to have another baby this year and am trying to persuade DP that we can do it without getting into debt. One of the main issues is the cost of my maternity leave. As the main income earner in our house the loss of my earnings for a period makes a big dent in our finances - I will want to take six months off and then have an option to do some reduced hours for next six.

I am looking at ways of maximising our income and minimising spending over the first year of a potential new baby's life - the only thing I have thought of so far is to change our mortgage to interest only for a short period of time.

Any other ideas?

OP posts:

Original poster

puddle · 03/01/2006 12:43

Our provider doesn't do mortgage holidays - switiching to interest only is the best we can do.

I think our bills are already as low as we can get them, although will investigate the phone people tracey mentions.

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rickshaw · 03/01/2006 12:53

Depending on when your maternity leave starts and your salary level you may get a tax rebate (because you'll be paying tax through the tax year as if you are going to work all of that tax year - if you then only work a portion of it, you may find your total earnings for that year put you in a lower tax band than if you'd worked the whole year). I took a sabatical year once and timed it for the best tax rebate - not so easy to time maternity leave of course!

acnebride · 03/01/2006 13:03

i have a friend with no money who doesn't have contents insurance; she feels she has very little to steal and she might as well just replace it if it's stolen (she does have buildings insurance which I think would cover a smashed front door etc.) Worth looking at? I have never had the bravery, also have more stuff.

julienetmum · 03/01/2006 21:47

I wouldn't reccomend not having contents insurance. You may not think you have much but if you had a fire and lost everything (as friends of mine have recently had happen) just think of what it wold cost to replace all your stuff, clothes, furniture, crockery, books, PC, DVD's, kitchen stuff etc.

They had to go to Matalan the morning after as they only had the clothes they stood up in.

Aloha · 03/01/2006 21:52

It's a total nightmare. I normally considerably more than dh does. I had nothing but the £106 as I am self-employed/freelance.
I got into tons of debt and only the fact that dh had a legacy helped us not be in even more debt.
BUT....I don't regret it for one single second. I knew dd would be my last child (my second) and I took a LOT of time off - about seven months of no or very little work - she's ten months old and I am still not at my previous workload and I only work two days a week from home.
I have the rest of my life to lose weight and pay off the debts and I can't imagine not having my daughter.
So I sort of agree with Enid, don't think about it. Though I'm sure it is sensible to try to make plans, it's not something I'm very good at. We'd have never had another if I'd thought it would cost me ooh, around £30K. Eeek!

Original poster

puddle · 03/01/2006 21:57

Aloha I'd do it tomorrow.

But it would be our third, DP is not convinced, and I need to be able to show him that it wouldn't be a total disaster financially. It's part of my persuasive case (he's already half said ok). He's very cautious.

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Aloha · 03/01/2006 21:58

Ah. Good luck!

motherinferior · 03/01/2006 21:59

Yep, a nightmare - like Aloha, I had to pay for each of my maternity leaves myself as I'm self employed and my partner was both badly paid and not good with money. I saved and saved and saved. Each of my maternity leaves cost me over six grand, and I only took four months each time.

MaloryTowers · 03/01/2006 21:59

This reply has been deleted

Message withdrawn at poster's request.

motherinferior · 03/01/2006 22:00

DO think seriously about whether or not to cut all childcare costs, though - it can be a life-saver, childcare for your other child/ren when you have a newborn.

Roobie · 03/01/2006 22:03

Agree that you should just go for it and muddle through when the time comes. I've just gone back to work 3 days/week (ds is 8mo) and didn't have any qualms about getting into some (not insubstantial!) debt as I knew that I would always have future earnings to pay things off - it wasn't as though we were living on the "never never".

notasheep · 03/01/2006 23:06

Puddle-what is meant to be will be.You WILL muddle through,we have and no doubt thousands of others too.
Similar situation here.dp is at uni doing degree.

I had to stop wasting money on every day things like cups of coffee and newspapers!!

And make sure you get all tax credits you are entitled-i get working family tax credit as well as child tax credit,and having 2 children your payments will go up too.

Enid · 04/01/2006 17:11

I have been poring over bank balances and budgets until I am blue in the face

Have decided to keep childcare for one day a week - this will be my third baby and I will bloody deserve some time off!! Also I have put my name down for a student nanny from the local nanny training (NNEB) course for 2 days a week (work experience for them and free for me). Have decided that a days childcare is probably worth any amount of money - we can survive on baked beans for 6 months if I remain sane

Aloha · 04/01/2006 17:14

I really can't recommend the student thing enough Enid. Bloody marvellous. I had baths and everything!

Enid · 04/01/2006 17:16

baths...

Clary · 04/01/2006 17:29

Puddle I had a year off work with ds2. I am the main breadwinner tho DH did step up to 5 days/week while I was off.
But it was actually OK.
We kept our childcare going as MI advises, it was a lifesaver. Only 3 days/ week tho so if you had full-time you could cut it back.
I found I spent a lot less on clothes, fares to work, food from the canteen etc. Sounds liek nothing but it is significant.
Agree with others re food budgeting, do a menu planner and one big weekly shop, no extravagances, you'll be healther too.
Cheap hols - self cater in UK, much more fun anyway
Look closely at what you currently spend money on - gym membership, magazines, clothes, make-up, DVDs (maybe none of these, but there must be something similar).
Can you do without any of these?

Original poster

puddle · 04/01/2006 20:52

Thanks everyone who's contributed. I have been doing spreadsheets today and it's looking a bit rosier I think. I would be able to keep some childcare on as I am planning to move my youngest to pre-school so she'll do mornings only covered by the childcare vouchers.

Clary - I seem to think you have three and work as well - how do you find it? There are a lot of threads about third children 'just slotting in' which is never the case if you work outside the home...or is it?

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notasheep · 04/01/2006 20:59

Just for one month i wrote down everything i spent,couldnt believe how much money i wasted-far too many cappucinos!!!!

Hope it all works out well for you,I took a year off for ds,felt it was so worth it

QueSerahSerah · 04/01/2006 21:32

Like others on this thread, whilst not technically self employed, I am in reality as I am a director of my own company, sole employee me.

I have basically been winging and prayering it and it has so far worked for 16 months - I did buy myself a pair of new boots this winter though.

I lots of stuff on Ebay - have a room full of stuff still which needs sorting and selling so that will keep me going longer - and have cut out most luxuries and cut back on many essentials.

I felt the most important thing for me though, was actually having savings which allowed me to relax through the time off and not have to worry. With all the cutbacks I have made, it has allowed me far more time than I could have possibly thought at the outset. Would that help? Do some calculations and say to DP "when we save this much could we try for another?"

But I do need to know how you find out where your local NNEB trainees are located and how you find them (my Google didn't come up with anything) Enid? Aloha?

Original poster

puddle · 05/01/2006 12:42

I realise how lucky I am to get maternity pay after the contributions on this thread from freelancers and self employed people.

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Clary · 05/01/2006 14:33

puddle, yes I have 3 children and work. "Sort of" full time (in a flexible way, on both sides I hasten to add).
In terms of ds2, I guess he did slot in to our routine - he was carried in a sling for the first few months. He has always just come along to what we are doing eg pre-school gym class, toddler group, and so has fitted in with and joined in with these activities from an early age which has been great.
He just wants to be like his big siblings - eg very early he was eatign what we eat, sat in a real chair from 18mo, insisted on no nappies from just 2! so all good really.
In terms of how he fits in round work, well it's no different from the others really. Just I have to make sure to give them all some special time with me and it is harder than it would be if I didn't work.
But now his sister is at school he usually has two days a week with either me or his dad so that's lots of 1-1 time.
Also I took a whole year off when he was born (went back when the other 2 were 4mo) so that was fab too, I'd recommend that, felt we really had lots of great times and a really good start for him.

Original poster

puddle · 05/01/2006 14:36

Clary thanks, that's good to hear. Your job sounds like mine actually - sort of full time but v flexible. I do worry about the attention thing with three.

Listen at me, I still have to convince DP!

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