How to work out a household budget on maternity leave?

[tayolya247]

Hi Mumsnet
I’m a soon to be father trying to do my best to prepare for the household financially with maternity leave and a mother who may not want to go back to work following the 52 weeks.

Any tips/methods/ setups that worked for you that you could recommend to plan for what’s coming ahead?

T.

I averaged out my maternity pay over 12 months to give myself 12 equal payments instead of some
Months with almost all my usually earnings when I was on 90% wages at the beginning and none at the end when I got nothing for the last three months. I added my 9 months mat pay together and divided by 12 and lived off that same amount each month.

I really think couples should have done this maths before TTC (you're the second thread this week about this!)

To be honest, it really depends on income and outgoings and how you share money currently. Will DW get Occupation Mat Pay? Will that need to be paid back if she doesn't go back to work?

And yes, I did the same as newcupcake. We also worked out how much we would need to make up the short fall in my earnings and then saved that over the course of my pregnancy.

TTC?

Thanks!

@SandStormBrewing I don't think he's suggesting they can't afford a baby just asking for tips on how best to manamge the likely decrease in income. I know I can afford to go on mat leave on half pay but also know this would be a tight squeeze so don't think its unreasonable to ask for advice.

I did as others said and worked out what I'd get in total and divided by 12 months. Then we sat down and used a budget planner from Money Saving Expert to work out exactly what our household outgoings were, and what we could afford to cut back on.

DH will be giving me a top up payment each month so we both have exactly the same coming in. We pay for outgoings equally and then any cash left over will go to my Monzo account (a useful app based bank) and that's my money for trips out, clothes etc.

This works for us as I will feel independent and in no way beholden to him. He appreciates that though I am 'off' I will be raising our child which is a job in itself.

We have a joint account for savings and regular outgoings but I've always been very clear on having my own income and bank accounts.

Get a takeaway, get all your bills etc in one place and thrash it out together one evening. Good luck.

Thank you when you say added up in total...was that the total youd be getting each month?

OP everything depends on the amount of maternity pay your partner gets. No one can help you on this accept your partner.

I also strongly suggest you also look at your employer to see if you shared parental leave what you would get as larger companies and organisations can give dads/the other parent full pay for taking it. Do this asap

Once you have that information discuss with your partner whether she is better of giving you some shared parental leave rather than her being off the full 52 weeks. (I'm one of the cases where this is the case.) It is known fathers who take parental leave bond better with their child.

After that go to Moneysavingexpert and do a budget to cover the time off for maternity leave/parental leave.

tayolya247 I worked it out over the year and then divided that in to 12, like I was giving myself a salary. Made it easier to budget each month.

To those who said about working it out before concieving...really?!

If we did that none of us would be pregnant as its scary!!!

Ive saved like mad but i agree with the posters who said divide it over the 12 months - some months (first 6 weeks) are higher - dont forget kit days and holidays :)

I don't see why it's so scary.

Surely better to go in prepared than get to 8 months and have a bad panic or realize you can't take 12 months off.