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How much to save for shared parental leave

1 reply

freakinthespreadsheets · 26/03/2024 12:57

I earn 30k and bring home 2k a month after tax/pension/SL. DH earns 24k and brings home 1650 a month after tax/pension. We are going to TTC later this year.
We can put on average 850 a month into savings but out of that comes things like car insurance and one off expenditures like house/car repairs and servicing. The rest stays. Probably 2k a year on those, so let's say we have savings of 650 a month. We don't do any paid-for hobbies, gym, nights/meals out etc really so our lifestyle won't/can't be cut back much.
I get full pay for 13 weeks, 90% for 6 weeks, then up to 20 weeks on stat pay. DH gets the stat minimum pat pay, we want to do Shared parental leave so DH takes 2 weeks paternity+2 weeks shared at the beginning, while I do 34ish weeks on my pay and then go back to work and he does the rest of the leave up to about 10 months I think or just shy of a year depending on when we can get a nursery place.
Obviously there are other costs like cots, car seats, prams etc. I'm absolutely mind boggled and don't know how much saving to aim for tbh. Anyone care to share what they did in a similar situation?

OP posts:
Notallscumbags · 26/03/2024 19:00

We worked out how much our monthly costs were and then how much our income was over the combined SPL. That would give you a good idea of how much you need to save for general living expenses. Stat pay is just over £700. You'll also get child benefit.

We had less commuting costs so saved money there. I spent more on coffees etc out and some baby classes but also did lots of free groups at the children's centre and library.

For baby stuff, there's always lots of second hand prams, clothes, etc. on FB/Vinted. Bear in mind that you'll probably be given lots of clothes. Cot (at least the mattress) and the car seat should be bought new. I can't remember exactly how much we spent but I imagine £500 would cover the essentials.

You can spend £1000s if you have it. There's so many different baby gadgets out there but we waited to see what family/friends recommended and what our baby needed. Good luck!

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