Saving/Budgeting for Maternity Leave - thread for encouragement

[Savingformat]

Hi

I’ve just found out I’m pregnant. I know it’s still very early but I am a planner so my brain has gone to making a budget / saving for maternity leave (if we’re lucky to have a successful pregnancy).

would anyone like to join so we can share ideas etc?

great idea, I’ve been looking to do the same

I set aside money each month and put it in to a high interest savings account with Zopa. I’ve earned a couple of hundred pounds extra in interest which has been really handy!

Hi @cherrybl0ssom5 great 🙂 when are you due? Have you worked out your SMP yet and which pay periods will count for the qualifying weeks?

I am due Feb 2025 so have a little while to save 🤞🌈

@SarahB88 that’s a great idea. I’ve been saving, but with no real purpose, so now I have a purpose for it 😁

@Savingformat I am also due feb 2025 😊i’ve had a look over my work contract appears to be 90% pay for the first 6 weeks of maternity leave and then basically smp for the remaining 33 weeks..not great at all so really need to buckle down with the saving!

Do you know what you’re going to get?

In the same boat! Won't have loads saved unfortunately but we plan to cut back on expenses + pause any savings so hoping we won't need too much.
Also recognising I might only be able to afford a few months off, but still realise that's very lucky!

@cherrybl0ssom5 aww contractions, how far along are you? So that is statutory, 90% for 6 weeks then the statutory rate for the remaining 33 weeks. I will get the same. This is a good calculator to work it out as the 90% isn’t based on your pay at the time of maternity leave, but rather during the ‘qualifying weeks’ which will be around Aug-oct.

https://www.gov.uk/maternity-paternity-calculator

Hi @anonhop congratulations too! When are you due? That sounds like a good plan, will you qualify for SMP? Do you get any enhanced with your work? X

@Savingformat due in September. Crazy how soon that's starting to sound!

I get full pay for 4 weeks, 90% for 2 weeks then the normal SMP for 33 weeks or however long. So not a very enhanced package!

I'm planning to finish work end of August, so I'll have July, Aug & Sept at normal pay. Trying to be frugal to save as much as possible, then October will be somewhere between SMP & normal, then from November hoping to have enough to top up SMP by £600 a month until March ish (5 months = £3,000).

Already saved about £2,000 so hoping to somehow get together another £1k over next 3 months (all while buying baby stuff)- eek!

It's not up to my full wage but I think for us we'll get by. I won't have commuting costs & hopefully can be pretty frugal with baby. Thankfully mortgage locked in until 2026 so shouldn't have any surprises there!

When are you due?

My outgoings are about £300/400 over what the SMP will be for the 33 weeks so we are putting about £500 away a month together. Its really tough as we don't have a lot of spare cash, nursery fees are killing us but only have till august and its free childcare! Phew. But yeah, its such a drop from my wage once it hits that 33 weeks, less than half my wage. How did I do it last time!!!