decided to try for a baby. Budgeting help

haras_nosirrah

Hi Everyone

My husband and I have decided to start trying for a family.

Where our situation is more complicated is that I am the principle earner and tbh this worries me as when I am on maternity leave we are going to find things very difficult

Realistically my husband will be the one who goes part time and the plan is that I will take 20 weeks maternity and then my husband will take the rest at paternity pay.

How much should be be saving now to see us through maternity/paternity pay time.

I earn £2,200 a month after tax
my husband earns £1200
our mortgage is £800 so with bills it isn't going to be possible on just my husbands wages.

Any pointers greatfully recieved.

Thanks

emsbet

I think you should save as much as you can each month but also look at reducing your outgoings.
Can you maybe get a better deal on your mortgage? We re-mortgaged our house and released some equity and are paying less per month and have fixed up for two years. The money that we released paid off some debts and the left over is set aside to pay for baby items.
Have you fixed you gas, electric, Internet? Can you get cheaper house/car insurance. Reducing your monthly outgoings will help you when your income is lower. You can then save any money left over.

Good luck with your journey. There are some great threads on here if you've not already seen them they are worth a look. There's a thread for those waiting to TTC (try to conceive) and one for those trying for a baby. Everyone is wonderful and supportive and very knowledgable.

xx

lizzywig

Your situation is very similar to my own. My husband and I have waited for such a long time to have children because we were worried we couldn't afford it. He brings home £1150 a month and I bring home £1600 a month, that's an income of £2750 (goodness it doesn't seem like it at the time lol) and outgoings of £1800 a month. We've been saving £600 a month for the last five months which we can spread out whilst I'm on maternity leave, I plan on taking 9 months off. This will top up any statutory maternity pay that I get.

First of all I would suggest finding out your companies maternity policy, whether they do something seperate to the usual statutory entitlement. Mine pays out a bonus on notification of return to work and also on return to work. My company also pays (and I think this applies to all companies but you should check) holiday entitlement when you first go on leave. So in my case I have 3 days remaining from this years entitlement, I would accrue 20 days holiday whilst I'm off and there will be 8 bank holidays. So in my pay day this month (BTW today is my first day of mat leave) I will also get paid 31 days holiday which will top up the money we have saved.

I have been saying for such a long time that we couldn't afford it thinking that hubby's income wouldn't be enough but if you save hard enough then you can do it.

Ravenlady_2

A lot of families on here DO make it work on your hubbies income alone.

You would get an increased (although slightly) rate of tax credits, child benefit and possibly some assistance with the rent if you dont own your house.

Bluebell1000

I earn £1800 a month. My husband gave up work 5 months ago so we could move for me to take the job. Since then he hasn't been able to find anything and so we're relying on my income. Shortly after moving I also found out I was pregnant (everything really is happening at once!). We have a £500 mortgage, so slightly lower than yours, but I'm paying that and essential bills, plus food and living costs, and still have £500 a month left over from my wages. Perhaps you could think about reducing your bills and other expenses a bit to manage even on one income, as you'll also be getting child benefit etc? As on your husband's wage you might only be a couple of hundred short each month, if that.

Also we've made good use of ebay and car boot sales, and have bought lots of baby stuff for very little money

Good luck with it all.

clearingout

Play with the figures on https://www.entitledto.co.uk and see what you might get in tax credits, child benefit etc. as that will help you know what you're up against.

And after that, don't worry! I have three children - the first was done on 2 full time wages, the second on a full and part time wage and the third has been done on benefits 'cos my now ex husband walked out whilst I was pregnant (long story!). Each time I wondered how on earth we/I would cope and each time I have coped. Little one is now 2 and I am back at work on a very reduced income to what I had when married and we still manage. No, life isn't easy and yes, we go without compared with how life used to be. But we have a home, run a car, clothes, food and we pay our bills. I manage the unexpected as best I can with insurance policies (plumbing, drains, electric, boiler, car breakdown all on monthly payments in case of problems) which is perhaps an expensive way to do things but I have peace of mind that I won't have to suddenly find money - case in point is 2 weeks ago I discovered a large hole had appeared around my waste pipe which had been leaking into the ground for god only knows how long. Would have cost £700 - 1,000 to fix but cost me nothing with the insurance! I sell my soul on ebay (literally anything that isn't nailed down - my middle child has taken to hiding things he thinks I might sell!) to pay for Xmas and birthday parties. I make a point of NOT paying full price for anything, other than the children's shoes (and not then if I can possibly manage it) and buy in sales constantly - l always walk through the clothes section at the supermarket and throw in anything that has been marked down. You don't notice it so much when it's a few pounds added to your weekly shop. This is helped by the fact I have very average sized children so can predict what size they're going to need next year - in the sales after Xmas I will buy next year's winter coats for example, and I am already sitting on their summer wardrobe for next year.

You don't need as much lose change when you're not working - no newspaper to buy, coffee, sandwich etc. You're not as tied to a timetable so can walk rather than take a car to do basic shopping, go to the post office etc. You probably will find an increase in your utilities as if you're in the house during the colder months, you'll need to keep it warm rather than just have the heating on mornings/evenings. There are plenty of free/cheap things to do with babies and children (check out local library as a starting point, local churches probably have baby groups) and if you're careful and don't get sucked into the expensive £100 a course for baby massage, signing etc. you'll keep your costs down! Children's Centers offer similar for free/very low cost so worth finding out about.

Good luck! You'll manage as everyone seems to!

ailuro2

Starting now, save half of your wages every month. If you can do it now you can do it later, and it will put your mind at rest. Adding it up you could have a year's worth of half your pay saved up before the baby you're planning arrives.

DizzyDizzy

We were in exactly the same situation - my money was the regular wage and OH wages were very erratic to say the least - but I was always the main breadwinner.

I took 5 months maternity leave. We didn't have much savings at the time either. I found that the first couple of months were fine as I was on 90% I think of my normal wage (I forget the exact figures). Then the last couple of months were a bit tricky as wages dropped to SMP (I think it's called?). I found that although I got a bit behind with a few bills, and had rob Peter to pay Paul for a couple of months, when I got back to work I was able to catch up again in a couplf of months. By the time DD was 7 months old I think we had caught up. It took a bit of financial jiggery etc but we managed.

I would definitly check NOW what can you reduce - change utilities etc and cut back on ood shopping for just the two of you. Go to all the car boot sales & NCT sales - I don't think I bought anything new or full price! It also helps if your parents and other relations want to buy presents - they can get together and buy an inexpensive pram or cot etc.

HTH

cedrickerry

We're in a similar situation - my income is £1700 and his £1300 and a mortgage of about £800.
I agree with a lot of the others it should easily be possible if you are budgeting in advance. We have twins due anytime, and our plan is for me to take 6mth maternity (I get 90% income for 6 weeks, then50%+ SMP for 12 weeks, then SMP for next 8 weeks.) DH will give up work and take remaining MP and then look for PT work (maybe with his current employer). I've concentrated on cutting everything back already, but I know people survive on a lot less than us. We've decided to have a SAHD as childcare for baby twins would cost a fortune, so no point. Buying for the babies we have kept to the minimum - car boots and freecycle have been excellent. Just seen your signature and maybe the mortgage over payments may need to take a back seat, but don't stress ....enjoy the journey you have decided to make.

Mojisola

haras_nosirrah wrote: »

Realistically my husband will be the one who goes part time and the plan is that I will take 20 weeks maternity and then my husband will take the rest at paternity pay.

Do plan what you hope to do but also accept things might not go that way.

Think through a range of "what if?" scenarios so that if things don't go to plan, you have contingency arrangements thought through that you can put in place.

Amymo

It's a minefield! I am working through our finances, and trying to understand whether we would get child benefit and/or tax credits etc is proving difficult as I have no idea how all these things work! DH and I are spending a fortune as my morning sickness means we're shopping every day for foods I fancy and eating out a lot but this has to stop this month and we'll be on a stricter than strict budget to save. TBH we are coming to this late in the day at nearly 3m pregnant but I am a firm believer that you can't plan for everything, I was brought up on next to nothing and turned out ok and my mother is pretty inventive with money which I am hoping I'll re-learn in the next few months! Good luck!