Worried about money when on maternity leave

[Binkster]

Hi,

Just wondering if anyone can give us a bit of advice.

Basically, we want a family, but are worried about the cost. I know people always say that if you worry about the cost it'll never happen, and they're probably right! But it doesn't stop me worrying.

At the moment, we're quite comfortable, and can afford nice things and holidays if we save. We pay a lot of rent, but that's just the area where we live.

I worked out our outgoings yesterday as we want to start a family when we move house in a few weeks and they are exactly the same as DH's income + maternity pay. So I guess we would struggle. I looked at the 'entitled to' website and we aren't entitled to tax credits if we have a baby. I'm just worried about how we'd manage. I know people do, I guess I just want some reassurance. We're trying to save all we can, so that I can at least afford to have the 9 months off. Has anyone else been in this situation? The reason is really because my wages are the highest, so me taking several months off work is going to be a big hit for us and I worry about how we will cope.

B

I have no help but you have my sympathies as we have the same worries.

In fact I am sure the worry of it all is the thing stopping me from conceiving. Dp is trying to convince me that I can take more than 6 weeks of on maternity leave but I am not sure.

I worried for a long time but you just get by. We seem no worse/better off now with a 5 month old than we were before.

You will save on lots of things like going out for fancy meals, cinema, pub etc. And while on mat leave you won't spend on lunch like you did at work.

You might not get CTC or WTC but you will get CB which covers the cost of nappies and formula (obv breastfeeding is preferable for many reasons not least of which is it's free)

Start a savings account when you start ttc. You might take some time to get pg and when you do you'll already have something saved.

Don't worry about buying 'stuff' (cots, prams etc0 Your parents will want to spend on their GC so may end up buying the bigger things.

Sorry I've gone on a bit but really you'll care less about money and more about getting a good nights sleep once they're born.

HTH

We don't really care about money now and live very frugally. We may have to claim our CB which we do not at the moment. I get my lunch at work so I can't even save that money. We are saving and as we are not being successful at the moment we may be OK.

child benefit is an extra £80 a month. that helps.

are you sure you won't even get the minimum tax credits? if your income is between £22k ish and £60k ish then you get the basic child tax credit (no working tax credit) which is £545 a year, plus an extra £545 a year while your baby is under 1. so for the first year that's another £90 a month on top of your child benefit.

other than that we saved, cut back, and perhaps lowered or re considered our standards. so lot sof baby clothes from ebay, as well as other things you may want/need.

then obvious things like really think about what you buy, plan your spending, buy second hand, borrow etc. plus you may have parents who will want to chip in for the big things.

I am not sure about tax credits, I think we may earn too much. We don't claim them now because we can manage without them. If we cannot manage on our own we either need to stop trying or look at tax credits and child benefit.

Thank you for the replies. I know we'll be ok. Everyone seems to be announcing pregnancies at the moment and I keep having little 'when will it be our turn?' wobbles! It makes it so much more complicated when the mum earns more than the dad.I hadn't thought of child benefit- every little helps! I have very low standards Norah anyway! I have no problem with getting second hand or free stuff. The website told me we wouldn't get any tax credits, but we are way way below £60k, so maybe we will (all depends on what happens in May I suppose).

Anyway, thanks it's all reassuring. I'm sure we'll be fine! Twinset, I'm sure you will be too in the end- good luck.

B

Get some advice from CAB as if you earn less than £60k you will get some assistance.
I earn double than my dh and as I am now into month 6 of my planned 12 months mat leave I am getting £485 a month, I am for the first time in my life a kept women
I am constantly on here for money saving advice.

Agree with most other posters. It is amazing how differently money gets spent. We now have 2 children and don't seem to be better or sorse off than previoulsy. I don't know how we pissed away spent our money

We have been living for a good couple of years with essential outgoings exactly matching the money coming in (including CB and CTC). You find a way to manage and economise, and at least you will know it won't last forever.

I am the main earner in our household as well and currently pregnant again. I have just been advised of a substantial pay rise which is a godsend, otherwise we'd have been going from just managing to basically being up the creek.

I am not taking 9 months off though - even now we can't afford that. It will be 6 months maximum for me as it was last time. Perhaps you could also consider that option? Just because you can in theory get SMP for 9 months doesn't mean you have to take it all.

Oh yes - same for me, main earner here so just 6 months for each child (and being canny with annual leave attached either side of it).

Suits me fine though. I only work part time anyway.

I think that we would certainly have to consider less than the full year. In one way that wouldn't be too bad as I live very close to where I work and always pop home at lunch time anyway. And DH works night, and is at home all day, so we wouldn't have huge childcare costs after I went back. Thank you Gaelicsheep and GFatemybaby, it's good to know others cope in the same situation! We probably do waste a lot of money now that we won't when we have kids. I'm sure we'll cope, thousands of others do! Hopefully by the time we have our second one, they will have brought in the right for DH to share some of the leave