Bad at saving!

[cloudydays7]

So...had it confirmed through HR what maternity pay I'm entitled to and I've decided if I want to have 8 months off after baby I will need some savings behind me! (we could not afford for me to have longer off 😫)
We're currently TTC our first and I need some saving tips! My OH is quite good with his money whereas I'm not! Got a saving pot (one that you smash) I've started to add £1/£2 coins to that and I have a PB account so I'm adding to that each pay day. Anyone got any tips or words of advice?

I really recommend setting up a monzo account, create pots for different things each month so you have a budget for everything. It has really helped me budget my life!

Then set up a joint monzo account with your OH and create a savings pot there that you both contribute to for maternity leave.

@Wingingitsince2018 thank you for the reply...I will look into this x

When we found out we were pregnant we decided to live off the wage I would get on MAT leave plus DP and save the rest. This helped to buy bits for DS and to have a little rainy day fund. Xx

Do you have a budget? If not, then work out what you need for essentials such as bills or weekly groceries + set yourself a budget for discretionary spending. You’ll clearly see how much you can save a month so just put that amount into savings as soon as you get paid.

I agree with the monzo account. It's been a godsend to getting organised.

Spend some time looking at what's going out each month and divide the money up on payday before it gets spent. It's boring and difficult at the beginning but once you get in the swing of it, it's so satisfying seeing the pots mount up. You can have loads (not sure if there's a maximum) so to keep your motivation up, you could label one as the pram fund and put a target amount and another could be baby clothes, etc.

I'd get going sooner rather than later if you are trying already. I thought I'd have some time to build savings and I fell pregnant straight away. In fact, out of 4 pregnancies, I fell pregnant instantly and number 3 took only a few months. I'm pregnant now (number 4) and have one DC before you think I'm overrun with children!

Oh and don't forget second hand is usually perfectly fine. I think the car seat & mattress should be new but you can get everything else as hand me downs or on fb marketplace.

Agree again with the Monzo account! I love it. I fell pregnant straight away too and started saving at about 3m pregnant- although could’ve started earlier but decided 6m would do. Hubby paid all the bills with his wage, we lived off (fuel and food and spends) the equivalent of maternity pay and I managed to save nearly £6000 for maternity leave which is due to end in Feb (after 9 months). I have about £1000 left as I’ve spent some on next car seat, gym classes for me, baby classes, started Christmas shopping etc. To be honest if we’d not had lockdown I’d have spent it already as my maternity leave dream was to have lunch with friends most days 🤣 Try living off the maternity pay and saving the rest as a start. Everything depends on your situation

And would also agree with starting early with buying stuff. I had bits from Freecycle before I was pregnant, and knew what I wanted with regard to pram cot etc so new what I needed to save. I would say most things were second hand except clothing which my mum insists on buying her. Grandparents also bought the cot and pram. I’ve recently started searching FB Marketplace for Christmas toys as she’ll have no idea they’re not new.

Budget.

List all income and list all outgoings. Base your outgoings on the last few weeks of bank account/credit card statements. Include categories such as social/fun money (meals out, drinks, gifts, treats for yourself)

Net them off - that's what you can save.

Does the figure look low? Do any of the outgoings look surprising? Your grocery spend looks ridiculous or there is a direct debit for a service (e.g. gym) that you never use?
Make changes to reduce those expenditures. See the net figure increase.

Set up a savings account and a standing order to transfer most of that net figure into savings each month.

Useful link:
www.moneysavingexpert.com/family/money-help/

I’d work out what savings you (as a family) need to get through maternity leave and stop TTC until you have them. It’s a great incentive!

Make a realistic budget, and sweep your savings into a separate account on payday. Never plan to save “what’s left”.

Have you looked at why your boyfriend is better at saving? Is it as simple as you spending impulsively on crap for example... or are your household finances unfair? Soooo many threads on MN like that.