Tips for saving before baby comes /how much

[Jj93x]

I’m 8w5d and really wanna prepare for when baby arrives in August, as I’m going to be struggling on SMP which is less than my bills each month currently (luckily my OH has a better paid job so can help out). That being said I’d like to save as much as I can now to take some of the pressure off him.

This is my first baby so I’m so in the dark about monthly costs that come with having a baby, I have asked my mum but it was different when she had me 26 yrs ago

I currently pay around £900 a month for my bills which leaves me with roughly £500 a month spare for food /petrol/spending.

How much did you all have saved for baby before they arrived? And any tips to cut down on spending now particularly food shopping as I feel this is where all my money goes! 🤦🏼‍♀️

Ty in advance xx

Food shop: if not already open a monzo account (or another bank) and put food budget in there each month and stick to it.
Bulk buy, bulk cook and take a lunch to work if not already.

Cancel any unnecessary subscriptions, Netflix, nowtv etc

Sell unwanted items, have a car boot sale.

The biggest expense for me was not being at work, so just saved as much as we could to try and make it up.

The most expensive regular things are nappies, and if you are bottle feeding, formula.

Pram, cot, clothes etc you can get good quality secondhand for much cheaper. I would definitely get whatever you can secondhand!

I second getting things second hand, we got two car seats (from a good friend who lives in same village so I know they’ve not been in an accident) and her bugaboo pram for £300, would have been £1500+ new! Also cost on eBay that RRP £400+ are going for £50, just need to buy new mattress and sheets!

Cancel Netflix and nowtv at 8 weeks pregnant?! I'm impressed with your commitment to saving money @Kona84 but I'd never part with my support systems, relying on them to get me through the next 6 months! 😂

What do you mean when you say your OH will "help out". Surely he should be paying at least half of everything usually, and more when you're on maternity leave?

Firstly you need a budget for when you're on Mat leave. Some costs may go down (like transport), others may go up (formula/disposable nappies - if using).

Then you can calculate the deficit and how much extra you'll need every month. Your partner should be a) saving too and b) counting on contributing more to the joint pot whilst you're off providing free childcare.

We are lucky that our expenses are low due to having some inheritance we don't have a mortgage. I took advantage of that to clear all my credit cards and overdraft and I've been able to put away what would of been a mortgage payment in to savings. we were also able to clear my car finance.

I'll get SMP only so losing nearly 1300 a month 🙈

I get that not everyone is as lucky as we are but I would say the biggest things I did was to spend pregnancy recontracting bills to a cheaper rate, stop paying for subscriptions you don't need (see id argue Netflix, Now etc are needed to get through the nights with baby!! I just reduced Netflix down to one screen for 6 pound a month) however I chose to cancel spotify premium. Also I found a savings account that it's difficult for me to access and only allows limited withdrawals to prevent me from just dipping in when id spent a bit too much that month (I've gone with Virgin money which had a slightly higher rate).

Maybe I was a bit hasty with the Netflix cancelling. Personally though I will be cancelling mine there is nothing on at the moment. I only have amazon as I get delivery with that too.
Sometimes if you threaten to leave they will give discount anyway maybe cancel Netflix on day 1 of maternity and then get 3 months for £3.99 or something.

Op my mum has been wasting too much money on food shopping and so has started to draw her budget out of the bank and leave her card at home. That way she can't over spend on shopping. Start to buy a pack of nappies, wipes etc each week to help cut cost when baby arrives

You need sit down with your OH and make it clear that once baby arrives both your incomes will be family money and you both have equal access to this pot. Then you can set a saving/ spending budget based on JOINT income.

It is not right that you will be bearing the brunt of the financial cost of baby/ mat leave/ childcare and your partner will be 'helping out'.

I don't know if you've seen the other thread about a monzo card but I'd really recommend that. I would double check all of your standard bills and list them first (including dates due out) and see if you can cancel or reduce any.

I'd then transfer the food shop + a little for frivolous spending over to the monzo card. Money paid from this card comes out instantly and it's so easy to keep track on the app. Set up the function so money is rounded up to the nearest pound and this goes into a pot (you have full visability of) and name it something like "pram money". You can even set a target amount and when that's maxed, set up another pot for nursery furniture. I tend to put £400 a month in this account. Just before I transfer the next £400, I see what's left and move it over to the savings pots (I've got one for holidays and one for Christmas 2020).

Whatever's left in your current account should be savings to keep you going when your wages drop.

I do agree about buying a little with each shop but I'd wait until much closer to your due date and I wouldn't go too mad. All nappies fit a bit differently so you might buy Asda own and find only Pampers will do and then you've wasted lots of money.

Congratulations and I hope you enjoy it all.