Can I afford a baby?

lgxgw32

Hi.

I am 25, currently working full time on 20K salary, however I am due to finish my work contract as it is maternity cover in October (this yesr, 2010). I then will be out of work.

My partner earns £14K a year. We both have no savings but we do have a house worth 90K with a mortgage £390 a month.

I own another house worth £200K (approx) with a mortgage that is currently £400 a month, with a tenant that just covers this. There is £40k equity in the house.

We want a baby but are worried that we wont have the working capital to support ourselves or the child. We are wondering if we would be entitled to any benefits?

There is also the added complication that I have applied to study my PGCE (a full-time university course) starting in September this year. I have a place on the reserve list for this.

Can anyone help?

Thank you

Morgan_Ree

No is the simple answer. Wait till you've finished uni

MoneySavingMission

Obviously it is your choice but if i was in your shoes i would wait until you finish Uni.
Both my husband and I work although last year i was on SMP. Babies cost a lot of money and you don't wnat to be tight. You will receive child benefit and tax credits.

Witter

Hi, yes you would receive a health in pregnancy grant of £190 when your 26 week pregnant and when baby is born you would get £20 a week childbenefit, you may also be entitled to child and working taxcredit and they also help with any childcare costs theres a calculator on hmrc website that would tell you how much

Jowo_2

Download the budget planner which is available on the tools section of this website to get a greater understanding of your full income and full expenses, then you can model the changes in the future and find out the best way to reduce each item. Lots of the forums provide advice on the cheapest deals for energy, insurance, how to shop cheaply for good meals.

Go to the Entitled To website to model some scenarios, though I understand it's not designed for students.

Homeowners can't get HB/LHA but those struggling to pay their mortgage should look at the Shelter website to understand the options there.

Can you do a PGCE via distance learning or part-time if full time doesn't suit and you don't want to put off having a kid?

karenx

If you need to even ask if you can afford to have a baby then the obvious answer is no you cant! So why are you wanting to have one?

somethingcorporate

You could sell the house and use that 40k to help bring up your child??

xnatalie81x

https://www.entitledto.com

Put in a made up date of birth for baby and all benefits will be calculated for you HTH

cherrypie556

If you wait for a right time to have a baby then that time wil never come. If it is something you want, you manage and survive. It is up to you at the end of the day! x

Sandoval

Depends where you buy it.

lauren_1

I dont think now is the best time to be planning a baby but if you do get yourself accustomed to the fact sharp cuts are going to be introduced which may or may not affect certain mum to be benefits like the surestart grant. If you can do it all second hand then go for it.