New arrival expected - save or overpay

onlyroz

dantheman2010 wrote: »

Yep we have. But unsure whether we would be better off her not working and looking after the child or going to work and paying for childcare. Plenty of time for that decision to be made.

You might find that there are long waiting-lists in the local nurseries. As for whether it's better off not working, if your partner has a "career" then it's probably best to keep it up at least part time, otherwise she'll find herself at the bottom of the rung when she goes back to work in five years time.

Primrose

Congratulations! I'd save the money rather than overpaying the mortgage. Babies can be incredibly expensive, but you don't have to have everything new. Most parents want new stuff for their first child but actually if you can get good secondhand you will save an awful lot of money. Also with the current unemployment situation, which looks as if it will get worse, if your OH can keep her job, even if only working part-time, it may be the best long term option for her. One can become incredibly de-skilled in a relatively short time in many jobs if one doesn't work, and re-entry can often be a problem, so I'd echo what onlyroz has said.

do_it_today!

dantheman2010 wrote: »

Credit card will be totally gone on pay day of this month. Shame I have a stinking loan, but thats just tough.

Thanks guys. I thought it made sense to do it that way. I would like to get the LTV down but I would rather have the cash somewhere incase its needed. Cant get it back once its paid to the mortgage company. Can always pay more in the future.

Hi :hello:

I would save put some of it in a first direct 8% savings account you'
will be tied in for a year but you will have a healthy stash of interest at the end.
check out MSE tips for babies by searching the forums you can save some more money that way.

Congrats and good luck