Any one good with £, need to work out the best option for maternity pay.

[nananaps]

I can have 12 months off work, 2 months full pay, 6 weeks half pay, smp after that.
I can also have the money spread over the 12 months but its pitiful although the same for 12 months.

I also have 33 days AL per year which should be full pay.

I just dont know what to do, i have savings, but hadnt realised just how little i will need to survive on.

Alternative i suppose is NOT to take 12 months off, but i have waited for 5 years for this baby, i really wanted to have a year with him/her

WWYD?

Personally I'd go for the first option - if you find you're struggling you can just return to work. If you choose to have it spread over the full 12 months you may find yourself struggling the whole time. Also, with the second option, what happens if you decide to go back early?

Remember though that your outgoings are generally lower eg less socialising budget, and no commuting costs / lunches at work :)

Ok, so the 33 days AL can't be taken during ML. A day can't be booked as both ML and AL.

I'm not quite sure what you're asking, though?

You haven't given any idea of your wage.

I'd take the first option, because then if you change your mind about going back, you'll lose less money.

If you take the second option, yet decide to go back early, then you'll be sacrificing some of your 'full pay' at that time.

I'm in a similar boat - going on maternity leave and trying to work out how to budget. What I have tried to do is work out the total I will get for a year, including maternity pay, any benefits I will receive and savings. Divide this by twelve and you have your monthly 'salary'.

I don't have the option, but if I did I would take the money upfront, and put it in an easy access ISA so that it is earning interest. Then pay a set amount each month into your current account.

I have told my employer I will take the full year but I can give them eight weeks' notice if I want to go back early. If I really run out of money then that's what I'll have to do.

If i took 10 months and then a month AL at the end then, i would at least go back to a month of full pay.

I will ask payroll to let me know how much i would have if i take 10 months off instead.

Still got to sort out childcare for when i do return to work! Thats another issue entirely at the cost of childcare!!!

It will be the same total amount of money as SMP is only paid to 39 weeks of maternity leave. How long till the baby is due? I started the economy drive the moment I knew I was pregnant so I was used to having less and had a bigger savings buffer.

Hi Lonecatwithkitten

Due end of January. Hoping to take mat leave mid December, gets me out of working Christmas plus i am HUGE and beginning to struggle walking/moving/breathing etc !

I have always saved and have a healthy savings account, but i am panicking i suppose about living on so little and demolishing my savings within a year when it has taken me years to build it up.
I aso have an ISA so i really am panicking needlessly.

I AM going to take this year off becuase i have also waited for years for this baby. I want to savour every poo filled, screaming, bawling, sleep deprived moment!
I am also very frugil, and Martin Lewis is my best friend so i know i will be ok.

Going to sit down with DH today and actually work out penny by penny how we are going to manage month by month.
Contingency fund will need to be calculated too.

Hmm, feel better now i have written it all down and had a chat with you. Thanks for sensible words, i appreciate it x

I always looked at as what do you save for. This would be one of the things you have saved for so that you can enjoy your time. Remember that if neither of you earn over £50K you will get child benefit as well.

Nana, you and I have the same best friend! My advice would be to take the wage evenly over 12 months. If your plan is to take the full twelve months off work then have it evenly spread so you have more money when baby is a bit older and you are more likely to be spending money.