Coping after SMP runs out

helenpatmore

Hi All,

We're pregnant with our 1st baby, due in July 09.

I've just been looking at our finances, and I think I've finally got my head round our budget once I go on Maternity leave.

I'm sure it'll all go out the window nearer the time and I'll be on here crying that we have no money...but I have the best intentions!!

The bit that is causing me much worry is then what happens once SMP stops!!! How in God's name do people afford it????

I'd love to be a SAHM, but we'll be about £450 p/m worse off once SMP stops and I have no idea how we'd bridge that gap. I really don't want to go back to work full time and pay out £600 p/m for someone else to look after the baby. But if I go back part time, most of my salary will go on childcare anyway!

We rent, and don't drive...so there's not too much 'big' stuff we can cut back on!
My head hurts

Is anyone else in this position???

Or has anyone else been here and solved the problem one way or another?

Helen x

[threadbanner]box[/threadbanner]

alwaysonthego_2

What is your husbands yearly salary?

helenpatmore

He's on £21.5k

x

alwaysonthego_2

you should qualify for child benefit and some child tax credits. Try www.entitledto.co.uk to find how much you could claim. I know loads of people who manage on much less and it is a question of living to your means.

Do you have any debts?

helenpatmore

I'm trying to figure out what we'd get in benefits, but it's a bit difficult working it out ahead of time.

We have about £1k in overdrafts, and £2K in c/cards at the moment. Most of the c/card debt is on interest free at the moment.

pokey128

I'm in the same situation as you - my SMP runs out in March and I am really wanting to stay home with DS. What we are doing is trying to cut down by £50 every month so that when the money stops we don't notice it as much - its been surprisingly easy- dropping a brand on the grocery shopping, not buying clothes for me or DP and getting clothes for DS from ebay or second hand stores. Draw up a budget and stick to it - see the DFW thread for help - they always have great advice!
Good luck x

Spendless

yes, been in that position. The right to request p-time work didn't exist back in 2000 when ds was born and my employer only had f-time workers.No help with childcare costs, Married man's allowance stopped, current tax credit system wasn't in, just had child benefit.

I got a p-time job in a convenience store working 2 evenings (6pm-11pm) and 1 sunday morning. Later I changed to working 5-8pm mon-fri at a large diy store. Me and hubby shared childcare.

You should get tax credits. Child benefit is £20 a week now for eldest and if it's not possible to go back to job you were doing could you get something like I did?

boltonangel

whlst you're on your mat leave, especially while your pregnant keep visiting here and check the up your income thread and the discount vouchers thread.
i have just started doing online reviewing and get 50p for each review i do, it doesnt sound a lot, but will mount up and help pay for birthday presents.
It's suprising the amount of ideas people come up with to up their income.
Also, remember to check ebay before you buy anything for your baby and ask around, friends of friends are usually more than happy to get rid of unwanted baby items. Then when you've finished with the items list them back on ebay.
Don't go over the top on expensive baby items, most things other than Car Seats and Matresses (i would never risk it) are for sale almost brand new online. For example i stupidly bought a £430 pram for my DS2 as I'd always wanted one (operative word being I !!) and they are now available online in a really good condition for less than £100

I was due back from mat leave in november, but wasn't ready so have taken unpaid mat leave until feb. In the meantime we have cut back, I have sold loads on ebay and do 1 shift a week in a restaurant to help top my husbands wage up.

clairec79

What we did to start with was I worked part time after he finished work (and we met midway between the two to swap the baby over)

Otherwise you may not find it's that bad - we managed on a lot less than that for 3 years with and 3 kids (thanks to tax credits)

LittleTinker

Breastfeed and that saves a load of money.

Also use terries for the most part rather than disposables......you will save 100's!!!

Check your list of baby gear too....most of the stuff on lists isnt needed and are often suggested by interested companies anyway.

flea72

you either have to cut back, or accept that if you do return to work, most of your wage will go on childcare, but whatever you do bring home is a bonus

i think when i went back to work after having my first, after paying for childcare, parking, travel, etc., i took home about £100 a month. And yes, it was alot of hard work, and prob not worth it in some peoples eyes, but that £100 meant we could afford to put food on the table, so thats what i had to do. Most childcare costs £3/hr, so even if you earning min wage, you will still be better off working, than not

As a help, why not put aside half of your current monthly pay, so that you have something to fall back on after baby arrives. it also means you get used to living on a slightly decreased income, and wont notice such a big drop, once you are on mat leave

As said above, the only thing you might want to buy baby that is brand new is a mattress (as its thought a soiled mattress could be linked to cot death, but sometimes beggars cant be chooses, and if youre offered a used one and cant afford anything else, then i wouldnt turn it down), and tbh i would use a 2nd-hand car seat, as long as i knew its provinence. everything else can be bought 2ndhand for a fraction of the cost of new, or if you have friends who already have kids, make it well know, you gratefully accept hand-me-downs, youll be inundated

Also, its quite handy to start buying a few things now, like nappies/wipes as they will be your most expensive spend. If using cloth, def buy before baby is born as that will spread the cost, but even disposables can be fairly expensive, so i would say from about 7m pg, start buying a pack a month, so you have enough to last you the first month of babys arrival

hth Flea