Money saving tips for maternity!

[MAY324]

We are due our first baby later this year and have both been saving. As it’s our first, we have no idea how much we should save/if we will spend more/less on maternity? Also, if anyone has any tips on how best to save for maternity that would be great. It feels like it gets to the end of the month and we always have nothing left so I’m a bit worried about how we’ll cope on a reduced income!

Have you any unsecured debts? If so I would prioritise paying that off asap.

We only have car payments and the mortgage luckily!

You need to learn to budget.

Big sheet of paper, or an Excel spreadsheet, all your bank statements for the last few months.

now work out what you spends on essential things, mortgage, council tax, bills, insurance, cars,
then things that are necessary but variable like food and petrol and essential clothes and shoes, and often these can be cut down a lot

then the non essentials of entertainment, takeaways, tv subscriptions, music subscriptions, clothes and shoes bought just because, coffees and meals out, bought lunches at work and so on

then work out your family income which will be wages, maternity pay, child benefit and see how you compare. More income than essentials , you will be fine, less income than essentials, work out the difference and save that money to cover each month of mat leave

It's tempting to spend a huge amount buying things for a new baby but you really don't have to! Prioritise the essentials and look at getting items second hand, babies grow out of things so quickly they get little use and tend to be in good condition. You can spend a fortune on baby groups and classes but most areas have a lot on for free or very cheap, check out local sure start centres, libraries and leisure centres; churches and community centres often have baby and toddler groups on for a pound or two.