Budgeting. New baby, new mortgage, new life!

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
MahatmaAndhiMahatmaAndhi Forumite
3 Posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Good evening,

My partner and I are looking for advice on how to budget for when she goes back to work from maternity leave.
Our situation right now is kinda leaving us in limbo and would like some guidance, advice or anyone to share their experiences if/when they were in a similar situation.

Our daughter is now three months old and my partner is on maternity leave from her full-time 9-5 weekday job on full pay until April. I am working 35-45 hours a week on no set rota. One week I could have two days off, one week three. Sometimes I work evenings and sometimes I work daytime. My partner's wage is £17,000 per year. Mine is a mere £12ish,000 a year.
Ideally we'd like for her to stay home on statutory maternity leave until July and be a full-time mum while I work and bring home the bread. Unfortunately with my current wage this isn't going to be financially viable.

Another issue is that we've been accepted for a full mortgage and have just listed our one-bedroom 50% shared ownership flat on the market. The space in this flat is not enough with a daughter too, so we really need to upgrade. Our current finances are more than ample to pay the mortgage on a full house, but of course this could change depending on how we decide to proceed.

So as far as we can tell our options are:
-She goes back full-time and I become a househusband, working 16ish hours a week (I'd need a new job. Hopefully one that pays better).
-She stays at home and I somehow manage to find another job which pays enough to support the family.
-We both work and pay for childcare.

Childcare is not really a route I'd like to explore if possible. I'm quite against having anyone outside the family bring up my child unless it's absolutely necessary. Our parents and responsible siblings either work 9-5 jobs or have young children of their own so asking them is also out of the question.

Could anyone please offer any other alternatives which they know about to broaden our options or know of where we could find this advice? (Do C.A.B. offer this service?)
The system for working tax and child tax credit are changing in April. I'm unsure how dramatically. With the current system, would it be more financially viable for me to become a full-time househusband? Would I be better off not working completely (though I don't want to do this, I want to earn my own wage)?
Can we get any more financial help from the government and how would this affect the new mortgage?

Just as a side note, there's a few houses we have seen which my girlfriend could get on her own mortgage, so if my hours change we could still move and it's not the end of the world.

For us this is really complicated. Even writing it now just seemed like a garbled mess, so please be gentle. As I said before, our ideal scenario is for my girlfriend to stay on maternity until July and for me to work full-time, but we appreciate this probably won't happen.

Thanks very much in advance.
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