Advice on tax credits etc - first baby due in August!

Spendless

Lillibet wrote:

Thank you, that would be my downfall then:rolleyes::wall:

In answer to your original question SP, it's damn hard to stretch the money. we are on very similar incomes & trying to make hubbys cover everything is just not possible in our case. I saved the difference between my post-birth salary & my actual salary whilst I was pregnant & am using that as a slush fund to make up the shortfall for now, hopefully it will last a couple of years but I am having my doubts. After that it's go back to work or go into debt in order to stay at home with Spud. And as much as I hate to admit it (especially here), I am seriously considering going into debt because I refuse to put a price on my childs upbringing.

Hi Lillibet. I don't know how long your savings were to last for but if you could manage till Spud is 3. you would get non means tested funding for a private nursery or an accredited childminder if he wasn't going to a state nursery or pre-school. With an August baby you'd get funding from the Sept after their 3rd birthday (ie a month later). It's currently upto 12.5 weeks so many weeks a year but it's due to change at some point to 15 hours a week for a higher amount per year.

Somerset Princess- You can get help towards childcare costs on quite a high salary but on the entitledto website it shows as an additional amount of child tax credit. If you put your figures in twice once with childcare, once without you'll see what I mean. To be eligible for childcare costs you both need to work at least 16 hours a week.

Couple of other suggestions for you both. If you don't get help from tax credits look into childcare vouchers. These have been a godsend for us. Also consider working on an evening/weekend when Dad is at home to look after baby.

SomersetPrincess

Hiya Bogof!! Thanks so much for your post!!! DF and I run a monthly spreadsheet at the moment to keep track of our wages and expenses (down to trhe last £1 soent in the shops hehe! You may remember DF is useless with money so Keep hold of the purse strings LOL) so we will use that as a basis for our discussions I think this weekend. I agree £23k seems very reasonable and DF shudl be getting a ncie pay rise between now and the end of of 2006 so we will see! Thanks again for the message!!!

sanfrancisco

Lillibet wrote:

Thank you, that would be my downfall then:rolleyes::wall:

In answer to your original question SP, it's damn hard to stretch the money. we are on very similar incomes & trying to make hubbys cover everything is just not possible in our case. I saved the difference between my post-birth salary & my actual salary whilst I was pregnant & am using that as a slush fund to make up the shortfall for now, hopefully it will last a couple of years but I am having my doubts. After that it's go back to work or go into debt in order to stay at home with Spud. And as much as I hate to admit it (especially here), I am seriously considering going into debt because I refuse to put a price on my childs upbringing.

Why dont you childmind Lillibet?