Does this Qualify as a lightbulb Moment ?

rubix_76

tyllwyd wrote:

Hi Rubix - I've been thinking a bit more about this (sorry, I can't help myself!)?

No problem, any suggestions gratefully received.

tyllwyd wrote:

You've written your current combined income as £2300. Assuming (to make the figures easier!) that your wife's contribution is £1000 and this is her full time wage. When she goes back to work she will earn 3/5's of this, which gives £600. So if she doesn't go back to work in July, your total income will drop by £1000 when her SMP ends. If she does go back, she will earn £600, which means that your total income will drop by £400 - but then you have to pay out £400 childcare, which means that in effect, your total income will drop by £800.

I know my figures are over-simplified, but I don't think you have fully reflected this in your SOA at the start of the thread. I think there is a danger that you and your wife will think 'oh, it will be alright when I get back to work' but in fact, your income will drop like a stone no matter what, and you do both need to budget for that now.

Your figures make sense, but our earnings are as below:

I am the lower earner, I bring home 1kpm, OH brings home 1300 (being the higher earner and has more chance of OT) so by quick calc her income goes from 1300pm to 780 (3/5) and then we will pay 433pm in childcare therefore leaving 347 left. so we will make more money by her going back than if she stays at home and earns 0 and we pay no childcare

tyllwyd wrote:

When I was on maternity leave I felt rich, because I was getting practically my full wage but with no expenses like lunch at work, work clothes, travel, parking etc etc. It might seem daft with a new baby on its way, but maybe now is the time to start budgeting hard so that things aren't so bad in four months time.

Oh, and baby was overdue yesterday - I hope things are going OK today?

I know we really do need to budget seriously and like NOW so I really do appreciate all your help and assistance in "sorting me out" (awaiting black eye :rotfl: )

Yup, baby 6 days OD now (as of Fri) going in to be started off tomorrow :j )

Thanks again

Rubix

rubix_76

CLAPTON wrote:

given a certain level of confusion here both in terms of gender and income maybe it would be worthwhile reviewing what savings you feel you can achieve, reprofile your income over the next year including child benefit and any child tax credits and re post with the updated info....I think we've worked out the gender thing now

best wishes

We were talking about her income last night, and we really do need to figure a lot more accurate figure for that, as we have been estimating thus far. Also someone mentioned in an earlier post about pension and student loan going down also, so I will figure that out (if the blommin' baby turns up :j )

The things that we can cut back on that immediately spring to mind are :

British gas - CHANGE NOW
Groceries - reduce as much as pos
Get quotes on insurance policies
Look in to PPI cancelation
We have a new NHS dentist opening, I am trying to register with that to get off private scheme.
reduce RAC cover (or even find cheaper alternative)
reduce pocket money
buy no chritmas and birthday presents (only joking )

OK, OK rubix is man-toad, not girl toad, I've laboured that point, I actually found it quite funny really. (OK ENOUGH NOW :rotfl:)

Cheers everybody

If I don't respond it will be cos we will be gooing over baby :j

Rubix

P.S. Happy St Paddy's day to everyone (don't drink too much guiness)

tyllwyd

Sounds like you are getting on top of things! I think you are doing absolutely the right thing trying to get the figures straight in your heads now, rather than waiting six months and discovering that you've overspent and got into a hole. It sounds like between the two of you, you have got enough money to get by, it's just that things are going to be a bit tight for a while.

(I've got loads of sympathy for you BTW - I waited until I was pregnant with baby no 1 before looking into the cost of a nursery place, and it was only at that point that we realised that there was no way we were going to be able to pay the mortgage when I went back part-time, so we ended up moving house. And I went 10 days overdue with baby no 2 and was induced, which wasn't the best way of doing it, so big hugs to OH who must be very fed up at the moment!)

rubix_76

tyllwyd wrote:

Sounds like you are getting on top of things! I think you are doing absolutely the right thing trying to get the figures straight in your heads now, rather than waiting six months and discovering that you've overspent and got into a hole. It sounds like between the two of you, you have got enough money to get by, it's just that things are going to be a bit tight for a while.

I'm so glad I realised we needed to do something at this stage, and not later, we both new it would be tight, as everone says there is never a right time to have kids, but there is a more suitable time. The same goes with money, you can never afford kids, but there is a more affordable time. We waited till most of our debts were sorted before we started tyring for kids.

Hindsight is a great thing, but at least we ARE doing something about it now and not hoping it wil sort itself out.

tyllwyd wrote:

(I've got loads of sympathy for you BTW - I waited until I was pregnant with baby no 1 before looking into the cost of a nursery place, and it was only at that point that we realised that there was no way we were going to be able to pay the mortgage when I went back part-time, so we ended up moving house. And I went 10 days overdue with baby no 2 and was induced, which wasn't the best way of doing it, so big hugs to OH who must be very fed up at the moment!)

We have allready registered with two nurseries, and there was a good half dozen others that were really bad, I wouldn't want to send my most hated enemies childrens to those (I would even give up work rather than send them there too) and so we knew how much it was going to cost us.

Thanks for all your supporting words, it certainly doesn't seem as bad, I can see that light at the end of the tunnel (the tunnel is long, but we can see it there)

Thanks again

Rubix

D&DD

Hi Rubix glad to see things seem to be looking up and just wanted to wish you the best of luck with your impending birth! Hope all goes well for OH and you just know we'll be expecting a full report don't you

rubix_76

D&DD wrote:

Hi Rubix glad to see things seem to be looking up and just wanted to wish you the best of luck with your impending birth! Hope all goes well for OH and you just know we'll be expecting a full report don't you

Message received, information forthcoming once i have had some sleep :rotfl: , (speak to you in once they have left home then :rotfl::rotfl:) over and out

Rubix

rubix_76

Baby Boy Born 3.29pm Sunday 19th March 2006 weighing 7lb 10oz zzzzzz (sorry doxed off)

Mum and baby fine.

Back at work now, trying to go through all these emails !!!

Rubix

JAMIEDODGER

congratulations to you and your family xxx

fairylights_2

Congrats :j

rubix_76

Looking into switching elec and gas and NPower work out cheapes for me. They should save me £280 pa. :T :T :T

One question regarding this though, they say they pay £60 at the end of 12 months (direct if I sign up though NPower), but if I were to sign up through energy helpline or similar would I ge this + the £12.50 ??

What is the level of service that any of you guys have received from NPower, I have heard some bad stories, anyone had any good stories ? Their service rating is like 3 out of 5

Also I have insurance on my mobile contract, I would like to cancel this as it is £5 pm but would a house insurance policy cover if my phone was lost/stolen, and would it cover if the phone was used on a call for 24 hours at a squillion pounds a minute rate (aussie speaking clock ?)

Thanks for your help

Rubix (but not had too many sleepless nights) :j