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Original poster

Saving for our first baby!

61 replies

kipperba · 05/09/2023 17:08

Hi all, I'm looking for additional tips on saving in the run up to the arrival of our first baby in December.

we're currently putting aside a lot (4-5k a month depending on my bonus) and used some of this to pay off our student loans and now are putting it into pension and to overpay on our mortgage.

However I'd like to build up our personal savings (currently at 12k) in case one of us loses our jobs or we need a new car. To do this I'd like some tips on small changes I can make to lifestyle to save some pennies!

Our combined salary is 165k, mine is 110k of that. I have stopped getting my hair coloured but will still treat myself to cuts, and I like to get my nails done once a month so won't stop doing that.. We give ourselves £200 each spending money although we rarely use that each month. We eat out or takeaway probably once a fortnight, but if we do that we pay from our shared card.

I know I am very lucky and I should still enjoy myself, which I do! I just want to feel secure during maternity leave.

Thanks!

OP posts:
SM4713 · 05/09/2023 17:15

Before TTC, I bought this book cheap from ebay. Its very out of date now, but there might be an updated version. It had tips on where to buy maternity wear, what baby items you could buy 2nd hand and what should be absolutely new, savings advice etc etc. It might be handy.

Babynomics: Moneysaving Tips for Savvy Parents by Madeline Thomas (Paperback, 2010)

Saving for our first baby!
Original poster
kipperba · 05/09/2023 17:32

SM4713 · 05/09/2023 17:15

Before TTC, I bought this book cheap from ebay. Its very out of date now, but there might be an updated version. It had tips on where to buy maternity wear, what baby items you could buy 2nd hand and what should be absolutely new, savings advice etc etc. It might be handy.

Babynomics: Moneysaving Tips for Savvy Parents by Madeline Thomas (Paperback, 2010)

Thank you so much!

OP posts:
ACynicalDad · 05/09/2023 17:33

Think long and hard about what you buy new and where and what you buy second hand for the baby, you can spend a fortune without realising it and they quickly grow out of things. Conversely lots of other kids have grown out of /grown through things that are barely used which you can pick up for a song.

Original poster
kipperba · 05/09/2023 18:02

ACynicalDad · 05/09/2023 17:33

Think long and hard about what you buy new and where and what you buy second hand for the baby, you can spend a fortune without realising it and they quickly grow out of things. Conversely lots of other kids have grown out of /grown through things that are barely used which you can pick up for a song.

Good advice, I'll take a look on Vinted and marketplace!

OP posts:
Namechangeniamh · 05/09/2023 19:21

I think that with a combined income of 165 grand, you'll be OK.

Original poster
kipperba · 05/09/2023 19:51

Namechangeniamh · 05/09/2023 19:21

I think that with a combined income of 165 grand, you'll be OK.

Not sure why people on Mumsnet feel the need to make comments like this no matter how many times people clarify that they are aware they're in a privileged position etc.
I Already covered in my original post that I'm looking to add more to my savings than I currently am as we are putting all of monthly savings onto paying off our mortgage. If I lost my job tomorrow, our income would be 55k and I wouldn't be in a position to get another job as I'm having a baby. We live in the South East and our mortgage is over 2k a month which would be most of my husband's take home.
So I think it's ok to want to add more to my savings but thanks for your input.

OP posts:
menopausalmare · 05/09/2023 19:54

You don't need to buy much for a baby but having money in the bank will give you work options once the baby is here. They whizz through stuff so second hand is excellent and you'll be given lots, too.

PeachP · 05/09/2023 21:54

Agree with PPs about trying to get lots second hand. I had loads of pregnant friends / colleagues with older kids offering me things to borrow/keep for free, glad I made the most of it as it's true they go through things so quickly.

Biggest cost for us was covering my share of costs for the weeks I wasn't paid - this was the main thing we needed to save up for. Have you decided how long you'll take off and figured out how much you'll be paid for that? Having a plan is good, but also some lee way - for if you decide you'd prefer to take longer off / save annual leave for easing back in with part time weeks / if your baby is premature you might want longer in total.

PeachP · 05/09/2023 21:57

... or even saving up for mat leave for your 2nd if you're planning one. You might decide you want to drop to 4 days after the 1st, and then your saving power will be much reduced!

PinkRoses1245 · 05/09/2023 21:59

Namechangeniamh · 05/09/2023 19:21

I think that with a combined income of 165 grand, you'll be OK.

This. I’m cringing at your post.

Dogdaysagain · 05/09/2023 22:03

Additional tips how? If you're saving £5k a month and spending less than £200 each what other tips are there? Eat beans on toast, spend even less, save more.

Original poster
kipperba · 05/09/2023 22:05

Dogdaysagain · 05/09/2023 22:03

Additional tips how? If you're saving £5k a month and spending less than £200 each what other tips are there? Eat beans on toast, spend even less, save more.

Like the tips the other two posters have shared, or the posts I've seen tonight when I've been researching like reviewing subscription services, phone contract, selling on Vinted.
If you don't have any, feel free to move along! Thanks.

OP posts:
cestlavielife · 05/09/2023 22:06

What s your maternity pay like? How many months full pay?
How much will childcare be?
Pension contribs are good, what %is employer paying? but you will need cashflow?

Original poster
kipperba · 05/09/2023 22:07

@PinkRoses1245 you're cringing that someone wants to save more money for mat leave? And you're taking time out to share that?

Weird thing to spend your evening doing 😂

OP posts:
LargestSugarSmacks · 05/09/2023 22:09

Is it better to stick money in a savings account rather than overpaying mortgage? Depends upon your mortgage rate but if still on a lower fixed rate would be worth it

Original poster
kipperba · 05/09/2023 22:10

cestlavielife · 05/09/2023 22:06

What s your maternity pay like? How many months full pay?
How much will childcare be?
Pension contribs are good, what %is employer paying? but you will need cashflow?

Thanks for this.

My mat leave is 3 months full pay, 3 months half pay. I'll be back to work after 6 months as my husbands salary doesn't cover our mortgage + living costs.
I won't be making pension contributions on mat leave and my company's contributions usually are 3%.
Childcare will be around £2600 as we don't have any family around to help out.

OP posts:
gillygeey · 05/09/2023 22:12

Why not save rather than overpay the mortgage? Or use some money for income protection insurance?

Original poster
kipperba · 05/09/2023 22:12

LargestSugarSmacks · 05/09/2023 22:09

Is it better to stick money in a savings account rather than overpaying mortgage? Depends upon your mortgage rate but if still on a lower fixed rate would be worth it

Hmm good point. Our savings account is 4.25 interest, one of our mortgage products will be going up a lot in June next year so we thought we'd be better reducing the overall amount now while it's low (2.1% on that portion) so there's a lower amount to be paying 6.5% or whatever it's gone up to by then! But maybe not...I'll look into it a bit more!

OP posts:
Dogdaysagain · 05/09/2023 22:13

kipperba · 05/09/2023 22:05

Like the tips the other two posters have shared, or the posts I've seen tonight when I've been researching like reviewing subscription services, phone contract, selling on Vinted.
If you don't have any, feel free to move along! Thanks.

Show quote history

Ok fair enough. Here's some ideas. Cancel all your unnecessary subscriptions, look at stuff you're paying for - can you get it cheaper? Like your phone contract. Sell some stuff. Basically scrutinise your spending. Buy cheapest buy less.

Tryingtryingandtrying · 05/09/2023 22:13

My advice would be to change think about after mat leave. Start a side hustle, own business, move to a mortgage free property not in SE. Freedom to spend time and ficus on your baby is the most valuable thing you can "buy" Otherwise you'll spend their childhood in the salary trap where you pay money to other people to do what you actually want to be doing.

Original poster
kipperba · 05/09/2023 22:13

gillygeey · 05/09/2023 22:12

Why not save rather than overpay the mortgage? Or use some money for income protection insurance?

!! Didn't even consider income protection insurance - I'll definitely look into that! Thanks!

OP posts:
gillygeey · 05/09/2023 22:13

My mat leave is 3 months full pay, 3 months half pay. I'll be back to work after 6 months as my husbands salary doesn't cover our mortgage + living costs.

I would be saving to have a longer mat leave?

Hollyppp · 05/09/2023 22:15

dont buy tons of clothes for each size, people will gift a lot of 1 month/ newborn/0-3.
equally with 3-6 month I would buy a few bits and then buy when you get there when you know what you need. With online shopping you can get things so quickly and adapt to the size of your baby (might have a big baby for example).
ebay for maternity clothes but get good brands eg seraphine or jojo maman etc.
buy some good quality nursing bras if you are going to BF, wait til you know how big your boobs will be, again buy online from places like John Lewis.
if people ask what gifts you want, say COOK vouchers so you can stock your freezer with nice foods.
I would also recommend getting a cleaner if you don’t have one or upping their hours so you can focus on the baby and not cleaning the bathroom!
enjoy the snuggles they don’t last long. Currently have my second baby 1 month old sleeping next to me 🥰

gillygeey · 05/09/2023 22:16

How long have you been saving for? An income of 165k with £400 for personal spends a month should mean significant savings?

Original poster
kipperba · 05/09/2023 22:16

gillygeey · 05/09/2023 22:13

My mat leave is 3 months full pay, 3 months half pay. I'll be back to work after 6 months as my husbands salary doesn't cover our mortgage + living costs.

I would be saving to have a longer mat leave?

I think this is something my husband and I will come back to reconsidering. We've swung back and forth on it a lot but after writing thAt it felt really short and made me feel a bit sad! So maybe we'll reduce the overpaying on the mortgage for the next couple of months and save up for more time with the baby. Thank you

OP posts: