How much are you saving to supplement your loss in income

[London91]

Hi ladies,

I'm quite lucky that my work offer an enhanced maternity package so for the first 6 months it should be manageable and then the last 12 weeks will be SMP alone. I'm aiming to save between £2,500 and £3,000 to supplement the loss in income and just have as a buffer, especially when I'm just receiving SMP. If I don't spend it all then it'll just go towards the house fund afterwards.

So ladies, are you planning on saving before/ have you saved.

TIA

I'm just trying to spend as little as possible.

we've saved for the things for the baby but not so much for the loss of income, we overpaid debts with at least £400 a month for 6 months until January so we're already used to going without so don't think it ll be too bad.

With statutory mat pay and Dh's wages, we'll still have £100 left a month so we're just going to save a bit more into our emergency fund just incase something like the boiler goes.

Lol what is saving?

Was trying to but doesn't seem likely now me and my husband have been furloughed... Furlough will also effect my 6 weeks mat pay so that's great!

@erised are you able to apply for universal credit or any other support?

I saved £500 a month as soon as I found out I was pregnant. I had enhanced maternity until 9 months but the last 3 months were unpaid so the savings covered this and everything else. I had some left which helps as now I'm part time I can't save £500 each month!

I get full pay for 6 months stat for 3 months and nothing for 3 months. I am saving £500 a month at the min, plus any extras I can afford and will do so until I am on stat pay. Baby is due in July - currently have £1500, should have had more but I make bad choices, if I manage to keep up that level of saving I should have £5000 give or take.

I take home £1625 a month after tax and my essential outgoings are about £750. DH earns significantly less than me and is unlikely to ever earn much more. We have debts that need to be paid off also but I would rather have more maternity leave and take the hit on the interest.

Thanks ladies.

@erised I'm sorry you're in this position during pregnancy.

Im averaging saving £1200 pcm and will take just under a year off. The £10,000 that im saving will go towards my drop in maternity pay / buying things for the baby. Im lucky in that we just paid off all of our debts and so my current outgoings are £700 and that includes my half of the mortgage and household bills. DH saves separately to me and so anything we buy for the baby we will pay 50/50, but i want to make sure i have a bit of a nest egg so i dont stress about my wage dropping after 6 months.

Between husband and I we're saving around 10k to allow me a year off.