Trying for a baby - advice on finances please?

frankie16

Hi there,

I'm new to this forum but use the website for MS tips! Apologies if this is in the wrong area. I'm after some advice please:

My OH & I have been together for almost 9 years & in that time have travelled, graduated, brought a flat, car etc and generally had lots of fun. We're both now feeling really positive about trying for a baby :jbut are both worried about the financial side of things, and would hate to get pregnant & then worry the whole time about finances - (although we're both realistic & not millionaires!)

The plan would be for me to continue working full time as my wage is alot higher than OH & he'd work part time at his current place if they'll allow this. We'd then have to pay for childcare for the rest of the time.

We have no outstanding debts other than our mortgage which we overpay every month by £100. My income will just about cover all of our existing outgoings.

I do understand that money would be tight no matter what, but i guess i'm after some honest advice/reassurance as several of our friends have children but they also have the luxury of being stay at home mums with wealthy partners! They do tell us "you'll muddle through" but i guess I'm a bit of a control freak!

Any advice you can offer would be greatly received

many thanks,

Frankie x

weezl74

hi frankie,

is it whether your income will be enough when there's a baby, or is it about you working full time you'd like reassuring about? I couldn't quite tell...

I think it's good to be a parent and [STRIKE]a control freak[/STRIKE] thoughtful about things, I'm certainly both!

weezl x

choccybuttons

Hi

You sound like your in a good place to start a baby. I would have a couple of thousand saved up to buy those essentials like cots etc as thats the really enjoyable bit of being pregnant but not essential. I also saved enough so I could make up my wages to normal pay when they dropped down to stat maternity pay just to maake life more comfy. Also check out 'entitled to' to see what you might get as tax credits and payment for childcare

The_Banker_5

If our grandparents waited until they had enough money to have children, none of us would be here.

frankie16

hi guys, thank you for your replies. Weezl - i think i'm just after info on income etc if/once the baby's here! But i think the advice that Choccybuttons gave about saving up a few grand first to supplement my maternity pay etc is the way to go for us.#

I'm still not entirely sure on what we'd be entitled to with credits etc, but will have to look into that further & also whether my OH could go part-time - he's employed by the NHS & works shifts, so hopefully they'll let him.

I've been looking online at the cost of childcare WOW its expensive!!!

Thank you for taking the time out to read and post, it has really helped me! I just can't stop wanting a baby now!!! Frankie x

Glamazon

Hi Frankie

I am currently trying to save £3000 by the end of October when my 33 weeks at £123 kicks in because this will result in me bringing home a quarter of my wages each month :eek: (I only get SMP)

This money will allow me to easily have 9 months off. Don't forget you will get £20 child benefit each week and will also be entitled to child tax credits and possibly working tax credits. OH and I earn just over £52K between us so will get roughly £80 per month child tax credits and £80 child benefit. Go to https://www.entitledto.com which will show you what you should be entitled to.

When I'm off I'll be following the OS board religiously - batch cooking which I've already started to make the most of my food! While your on Mat Leave you won't be driving to work saving me £100 per month! You won't be buying lunches in work so all this will be saved.

Also, I have bought almost all of my baby stuff second hand at car boots and saved a fortune. I've not bought tat only good quality stuff which I will use for this baby and hopefully more to follow!!

I have used the MSE budget planner - I have one for how things are now and then one for when baby arrives.

choccybuttons

Hi

Im currently on maternity leave. Did have money saved but DH lost job so most went on clearing credit cards. We got our tax credits estimated on our current year instead of the last year as my wages drop from around 18k to 11k due to stat maternity. Its risky as they can over pay you but gave us some much needed cash.

Oldernotwiser

The_Banker wrote: »

If our grandparents waited until they had enough money to have children, none of us would be here.

If they hadn't exercised some restraint they'd have all had enormous families!