income v outgoings

[Kafri]

Hi,
I've just started having a quick look into where I stand while on mat leave. My employer doesn't give much - 6 weeks full pay then SMP up to 39 weeks.

Am I right in thinking SMP is about £130?? I've also been told I'll be entitled to child benefit, is this correct, and how much is that?

Lastly, is there anything else I may be entitled to that I can look into? Dont get me wrong, I'm a hard working girl, and will be going back to work beyond my maternity but I've worked soooo hard over the the last 12 years in my job, and defo worked hard to have this dear little bubs (IVF miracle) - I jut want the opportunity (like every mum out there) to have an enjoyable mat leave and still be able to pay my bills.

DH will be continuing work so, it's just that my SMP is half my normal salary so is a considerable drop. I'm trying to work on the idea that some (if only a small amount) might be offset by the fact that we will swap the couples lifestyle for a parents lifestyle ie, meals out/cinema etc swapped for cash nights in with bubs and nappies/toys etc.

Jut wondering what other mms have done as I can't be the only one with this to arrange.

Thank you, x

Tax credits are normally worked out in arrears based on your P60 for that year. Say you get your 2011/12 P60 in June 2012, then you can apply for tax credits based on 2011/12 income, then renew in June 2013 based on 2012/13 income.

My local Surestart centre has a lady who comes in from the Job Centre to help people work out what benefits they are entitled to and helps you to fill in the forms. I don't know if this happens everywhere, but I'd recommend registering with your local Surestart centre anyway, and finding out about everything they have offer.

SMP definately 39 weeks, and £100 pw is not counted in relation to tax credits. Let them know when income changes and they can work it out again, so you get money when you need it. When working, claim child tax credits to help with childcare costs, but read up about household income on HMRC website. It is all due to change soon anyway. Apply for child benefit as soon as baby arrives, and look into tax credit now.

Sometimes if there is a short term blip it might be worth asking your mortgage company if you can skip a few payments by arrangement. It does add a bit on tho the end of the mortgage and some people don't like doing this. We've done it a couple of times and on the whole I don't think it's a bad idea. You can then arrange to pay a bit more if you can afford to when you go back to work.

Hi.

I have the same, 6 weeks at 90% (plus 10% from work) starting in 3 weeks and then SMP which will be hard and a big salary cut, but I am 34 weeks now and had to do work in the house before the baby arrives, so no savings for us.

My boyfriend owns his house and we have asked the bank for a mortgage break (fingers crossed).

Ask your midwife for the contact of your local Information Advice and Guidance Services - Family Information Service (or just google it I guess). I met mine and she was able to give me LOADS of info about what I am entitled to. I will meet her again once the baby in born.

Good luck!

Hi Kafri

I just saw this thread, I have just done exactly this - looked into how much SMP I get, plus CB, checked Tax Credits (we won't get any!).

I also went through our last three months' bank statements and worked out exactly what we spent on various things - food, petrol, bills, unnecessary items, going out, clothes etc etc. It really, really helps to do this, because you can then see exactly where you can save. We worked out that we could save a lot every month if we just stuck to budgets and were really strict with ourselves. This means that in effect, we've swapped the "couple" lifestyle with the "baby" lifestyle before baby arrives, but it's worth it to save up enough so I can take a full year off and have a bit in the bank for baby purchases/emergencies. And it means it won't be a total shock when the baby arrives!

Also, you can buy most baby stuff secondhand, which saves a heap of cash in itself.

hope this helps!