Maternity pay not enough!

Emma7

Hello,

I'm new to this but thought I'd ask you all for some advice... I am recently married and would love to start a family, but my husband and I are in the process of buying a house which has wiped out our savings. I am currently in a well paid job and my husband doesn't do too badly either, but I will be paying the majority of the household expenses as I am the main breadwinner.

I have done some research on maternity pay and am horrified by how little it is- it is not enough to cover what I put into the house, and my husband can't afford to put in anymore than he already does. Will I be entitled to anything benefits wise while on maternity leave, or is my only alternative to save up for the next few years to be able to have a baby?

Any advice gratefully received, thank you!

duchesspink1

you could take on work from home etc while you're on mat leave, thats what some other people do or go over to the debt free board and see how to cut back on your outgoings to allow you to afford mat leave. Babies don't come cheap so you'd also have to figure in childcare costs when you return to work, do you return full or part-time (most likely fulltime if you're the main breadwinner) all of these things need to be taken into consideration, in saying that, many people find themselves with unplanned pregnancies and just manage so its very doable.

good luck, I'd love a child too and its something i've always known would need careful consideration

karenx

By the sounds of it you wont be entitled to anything else. You have a mortgage so wont get housing benefit. Depending on the wage of your partner you MAY get some working tax credits, the limit is 17k for a couple with a child. This would only be while your on maternity leave. You will get child benefit of £20 per week and from april the limit for child tax credits is about 25k so anything over this you wont be entitiled

Maybe best to save up for a few years so when your on maternity leave you have that back up option

Dunroamin

Most people have to make financial sacrifices to have children.

VfM4meplse

Unfortunately this is the harsh reality of the female being the main breadwinner, having children always becomes a harder decision because of the finances.

I think it's time to sit down with your OH and plan for when might be the best time. Part of this plan should include means of your DH upping his earnings.

skintandscared_2

In his former marriage, my OH earned less than his wife and so he gave up work to look after their child while his wife went back to work. There are stay-at-home dads too!

Caz3121

A friend has 4 kids and her hubby is stay at home dad. Guess you will be looking to take the minimum time off you can and put as much into savings as possible in the mean time.
When you got your mortgage did you account for affordability on one wage?

glimmerofhope

I am about to start maternity leave and have saved every possible penny no new clothes no luxuries etc so that we don't have that worry about money every day. I have gladly accepted offers of second hand items for the baby.
Babies are expensive so sacrifices have to be made but those new shoes or flash hols will be long forgotten when we hold our baby for the.first time.
Maybe start as you mean to go on. And head on to the dfw board and post a soa and they can advise where savings can be made.

kingfisherblue

Maternity pay might not be overly generous, but at least you are looking at it now, before you start a family. As others have said, pop over to the Debtfree Wannabe baord and see if you can cut back your outgoings - you don't have to be in debt to do this, and the posters over there are very helpful.

You could also look at the Old Style board for further ideas on saving money.

I think, for many, maternity pay is a shock, but it has never been a high amount. You do have to make some sacrifices. When I had my first child, maternity leave was just six months - now, I believe that paid leave is nine months, plus up to three months unpaid. I returned to work after my daughter was born, but she was only twelve weeks old. If you really can't afford to live off maternity pay, you may have to consider this option, and return earlier than you would like to.

You may also find that your company offers a more generous package than the state, so it could be worth looking in your staff handbook.

You say your husband can't afford toput in more than he already does - do you both put your whole wage into the household, or do you keep some back for 'spends'? If you keep some back, this may be an area for consideration - which is more important to you, 'spends' or having a family? Many parents don't have spending money, as they can't afford it.

Depending on your age and health, I would consider saving as much as possible for a few years. If this isn't an option, you will just have to find ways of cutting back.

DaisyFlower

Maternity pay now is very generous as its paid for 9 months and used to be only for 6, some countries only get a few weeks of pay. Its not meant to be paid at the same rate as your wage, the country simply cant afford to do that.

Lots of people work hard and save for their time off, cutting back now will benefit you when you have to start paying for childcare. It sounds like you dont both put all your earnings together and pay set amounts so you need to weigh up whats more important scrimping and saving now for a child or having luxuries and spending money.

Work out how long you want off, how much you need to save to cover that and then you have a starting point for savings. Better to have a little extra in case the pregnancy doesnt go as planned as you have to start leave earlier.

skylight

Check your employment contract or discuss it with your HR dept. Some companies offer good maternity packages in their own right rather than relying on the state maternity. My friends company has also offered her a substantial "bonus" to guarantee her return to work for a fixed period after her leave is up, plus everything else the offer.

Of course, your contract could equally just mention the state SMP.