Starting to panic re: finances

[SpongeCake23]

I'm 10+5 and I'm starting to worry about my financial situation.
Both me and my partner work, but it's term time only and because of that our annual incomes are low (we both work in schools).
To a certain extent we'll be relying on universal credit to help us out. I've done an online calculator on entitled to and once the baby is here and I'm back at work, we'll be entitled to help (so it says) and financial support towards childcare costs.

I sat down and worked out all our outgoings etc on this amount and it's going to leave things incredibly tight. I'm scared this child will come to resent me because I can't give he or she the things they want in life - the material things all children and teenagers love.

It's making me really anxious and I'm really concerned.

I worry about finances too as I’m a working single parent and maternity pay is low.

I put a small amount of money away each week from when my other kids were born to help them out in teenage years with university etc.

Younger children will only be materialistic if that is how you raise them. Babies and toddlers don’t care about ‘stuff’ they are happy with the basics.

And realistically by the time your new baby is of an age where they want for materialistic stuff - you will have had years to maybe retrain or improve your jobs /income - so try not to worry about that too much at this stage .

When kids are very little they just need to be fed, clothed etc. You can borrow toys from toy libraries at your children's centres, swap with friends that sort of thing.

By the time they're getting more materialistic you'll be back at work and can look to move to something better paid if that's what you want.

I was pretty poor growing up and I never really minded that I couldn't have the 'in' thing my friends had. But I wasn't a fan of hiding from people trying to collect money. So I'd say if you have to choose always pay the bills. Kids might whine about a PS3 but knowing how poor they really are has a much bigger impact.

Although it did really motivate me to get a good career, so there's upsides too.

Most people have to reconsider their working hours and job type when they have a baby - you just concentrate on growing this baby for now, and keep looking at finances with your partner and figure out together hopefully how you can make it work.

We lost half our income so I could be a stay at home Mum. My dd is 11 months. I am lucky I can be with her, money is very very tight. We struggle to eat at the end of the month, we have no spare money for nice extras. But when she starts school I will be getting a job and provide more for her. For now I’m saving us childcare costs and spending priceless time with our daughter.