Maternity leave - which is more financially sensible?

[rmack19]

My first baby is due in April and I really want to take a year off work but would need to raise some finances ideally. I'm thinking of either asking for a mortgage break for a few months or stopping pension (I'm a teacher so pretty good) contributions. Any advice on which would be better? I have a good salary and no debts but maternity pay is rubbish!

If you're a teacher your maternity pay is significantly better than most!
If you can avoid stopping pension contributions then do, a mortgage holiday of a few months will have less impact long term.

I'd avoid doing both and just tighten your belts. My spending dropped considerably in the first year of having a baby.

Can't avoid doing both sadly as it's just me so want to enjoy the year rather than scrimp.

I'm 'just me' as well. I admit I did end up sticking around £1k of baby shopping on a 0% credit card that first year. I wouldn't necessarily recommend it though.

I'd be a bit careful about mortgage holidays. Once your baby arrives and you have a dependant your 'affordability' drops considerably. For example on an income of £20k I could now only get a mortgage for £11k since having a baby. I don't know if your mortgage lender might check your affordability if you request a holiday so that's something to look into before contacting them.

i didnt do any (mortgage as well), i was on ssp pay. Absolute crap, also single mum!

you know what... cut your cloth is my advice. I have no debt, no credit cards and it was bloody hard. But don't spend what you don't have any its fine. Also mum groups are cheap! join them!
soft plays also free under 1 i think?so use them

Mat pay for teachers is great! I was on Maternity Allowance first time (teacher on fixed term contract) and very low SMP second time as I was part time school support staff.

I agree with others who say babies are surprisingly cheap, they don't need a lot spending on them and as your social life becomes non-existent you spend a lot less in general.

Don't forget you will get Child benefit - for a baby this more than covers their day to day costs so it just the big equipment you need to buy - pram, car seat, cot etc

Don't stop your pension contributions. Reduce them if necessary but don't stop them completely.

How much mat pay will you get? As PPs said it's usually ok for teachers. Will you get full pay for a bit and then half pay for a bit??

I advise you to check your benefit entitlement, you may be entitled to UC after baby is born and/or when you are no longer on full pay. It's not hugely generous but every little helps.