How to work out how much I should save for when I go on maternity leave?

skaps

Has anyone got any tips/ideas on how to work out how much I should save for whenever I fall pregnant and need to take maternity leave?

4nnabella

Work out what the difference is between your usual salary and Statutory Maternity Pay (currently approx £128 per week) then multiply by the number of months you would like to take off. Then you will know what the shortfall is going to be when you are on the lower amount.

Plus check your work's maternity policy to see if they just pay the standard maternity amount (first 6 weeks at 90% of your normal salary then 33 weeks of SMP then the last 13 weeks unpaid), or if they pay extra.

LandyAndy

4nnabella wrote: »

Work out what the difference is between your usual salary and Statutory Maternity Pay (currently approx £128 per week) then multiply by the number of months you would like to take off. Then you will know what the shortfall is going to be when you are on the lower amount.

Plus check your work's maternity policy to see if they just pay the standard maternity amount (first 6 weeks at 90% of your normal salary then 33 weeks of SMP then the last 13 weeks unpaid), or if they pay extra.

And then multiply that by two or even three to take into account all the things you never knew you'd need.;):D

Good luck.:)

pinkshoes

Then remember things like higher gas/elec bills due to you being in all day instead of at work!

Do you have a partner to support you financially? Personally I managed on the maternity leave pay of £125, and hardly dipped into my savings.

Lotus-eater

As much as you can, would be about the best anyone can say.

fluffnutter

Will you be getting any maternity pay from your employer? Does your other half earn a good wage (although you might not want to relinquish your independence or even have an other half!).

flutterby_lil

Lotus-eater wrote: »

As much as you can, would be about the best anyone can say.

Lol that was going to be my answer too

MX5huggy

May be on the plus side, you won't have travel to work and possibly get rid of a car?

thunderbird

Very impressed that you are planning already, when not even pregnant yet :T

4nnabella wrote: »

Work out what the difference is between your usual salary and Statutory Maternity Pay (currently approx £128 per week) then multiply by the number of months you would like to take off. Then you will know what the shortfall is going to be when you are on the lower amount.

Plus check your work's maternity policy to see if they just pay the standard maternity amount (first 6 weeks at 90% of your normal salary then 33 weeks of SMP then the last 13 weeks unpaid), or if they pay extra.

Wow - that has certainly improved since my experience, I think it was about £50 for 6 weeks!

wendz86

Depends on how much your outgoings are etc. I didn't manage to save much but we have managed fine on smp. To be honest i am better off on maternity pay than i am when i go back to work due to childcare costs.

Dinah93

Personally we'll be fine on SMP + my DHs wage, so all we are aiming to save is 3 months worth of SMP equivalent (around £585 a month although that's an average, it varies depending on weeks in the month) so I can take the last 3 months unpaid without worrying. My employer is also sounding keen for me to do the keep in touch days, which on my wage should be about £105 a day. You can do 10 of these so for many people it tops up SMP quite nicely.