Hi,
Sorry I am a first time poster so I don't know a lot of abbreviations.
Me and my partner are both 23 and we hoping to start trying to conceive around 26. We have a joint income of £57,000 (I earn £28k and other half earns £29k). By the time we have a baby I am hoping we will both be earning a bit more.
We own a house and live in the South East. Paying £800 a month for mortgage but once bills, fuel etc are paid we still have quite a bit left over.
When we have a baby I would like to take one years maternity leave. My company aren't clear on their maternity policy (not in my contract or company handbook) so we are preparing to take a big hit as I contribute almost 50%. So we are trying to prepare far in advance so we aren't stuck when it comes to it. And after that I would work part time as I believe childcare is really expensive.
So my question is, how much do people recommend we have in the pot in savings before trying to conceive? Any advice or insight would be great as we don't have any friends who are parents at the moment so have nobody to ask. Those of you on similar household incomes, how much did you have in savings beforehand and was this enough? How is the best way to prepare for losing 50% of household income? And for those of you on different incomes I'd still really appreciate any help you can give me.
We don't want to put every spare penny in a baby pot as we still want to enjoy ourselves. But any advice so we know where to start and what we should aim for would be great. I worry about money and having a baby is something I want more than anything so I really don't want to be unprepared and then be even more stressed.
Thank you xxx