Benefits / entitlements for newborn?

notanewuser

Okydoky25 wrote: »

You can kiss goodbye to £500+ of this for a Nursery in some areas.

I'm not agreeing someone of this high a salary should be entitled to benefits but they do pay in 40% tax and can see how they will struggle to keep up with the lifestyle they are used to. They will just need to reevaluate that lifestyle.

They pay 40% on some of their income, not all.

DH and I were earning well above £100k between us for many many years before having DD, and we are on to earn around that this year with only him consulting full time. We don't get anything in terms of benefits either, but then I don't believe we should!!

hawk30

Okydoky25 wrote: »

Babies are not that expensive? How long have you had one?

Even using reusable nappies, BF and getting lots in sales or second hand they ARE expensive.

They are not what I would call expensive, but it is a word that means different things to different people. I would (pre-baby) happily spend £100-150 on a handbag, which some people would view as horrendously expensive. Given that OP and his OH earns more than me an my OH do (and only regards himself as living comfortably) I would expect his version of expensive to be around the same or more than mine.

I also think it's a little late to be thinking about finances. If OP felt that benefits were necessary, he should have researched this earlier.

Okydoky25

I have 2 still in nappies. This cost me £10w (when I can get them on offer) £3 in baby wipes. £9 week in formula. £2 week full fat milk. That's just the basics. That's £1250 a year alone. Then there's clothing, feeding, transporting, baby groups, nursery, toys & books and the extra washing bills....kids are expensive.

If someone can give me any tips on saving money that I don't already know I would love to hear

notanewuser

Okydoky25 wrote: »

I have 2 still in nappies. This cost me £10w (when I can get them on offer) £3 in baby wipes. £9 week in formula. £2 week full fat milk. That's just the basics. That's £1250 a year alone. Then there's clothing, feeding, transporting, baby groups, nursery, toys & books and the extra washing bills....kids are expensive.

If someone can give me any tips on saving money that I don't already know I would love to hear

Stopping at 1? Not having them so close together (unless they're twins!)? Breastfeeding? Elimination communication (potty training practically from birth)? Only change dirty nappies immediately? Fewer baths? Co-sleeping? BLW? Not going mad at Xmas and birthdays, especially in the first few years? Babygros till 6+ months? Secondhand/hand me down clothes, toys, books, cots etc..........

Dovah_diva

MRB wrote: »

I know - having worked all our days and paying in a mountain of tax and not being able to get anything back instead of doing nothing and getting it thrown at us (Not aimed at you by the way) - it's a nightmare.

Come on, lets not play this game. You know as well as I do that working long hours and earning really good money does not entitle you to put in a claim unless your earnings fall below a certain amount. The tax and NI you pay are not a savings pot. Would you really rather have lived a life on benefits - having money 'thrown at you??' (it really isn't that much, to be honest - especially with the recent changes). Earning that money means you've been able to enjoy a quality of life most of us can only dream about. You do not NEED help from the Government - no matter how much you've paid in. One day, you might. One day, you may well find that you, your wife and kids have taken way more out than you ever put in. However, that time is not now. Be pleased and grateful that you are lucky, intelligent and educated enough to enable you both to earn good money and enjoy an enviable life style - that includes being able to afford kids.

SHIRAZ

It irks me when people bang on about how much they've paid in to the system so think they are due something back, how much will it cost to deliver your baby and give him/her free healthcare for life? educate your child from the age of 3? need I go on? you'll get plenty "back" out of those things alone. Expecting benefits when earning that kind of money is an insult to those who have no choice but to live on benefit (long term ill or disabled) and will never have the capacity to earn any where near a decent wage.
Full time carers get paid less a week in carers allowance than those claiming job seekers allowance, I think that's unfair!! but that's a different matter altogether

Al1x

I agree that babies don't have to be expensive.. however if you want all new things, fancy buggy, designer clothes then they will be. We were lucky to got lots of hand me downs from my sisters so didn't have to buy cot or pram (both over 10 years old and still going strong!) Also I'm happy to shop places like primark and often look out for bigger clothes in the sales.

Nursery is expensive but we decided that I will stay at home and look after the kids, when they are both in school I will look for a part time job. We are currently living just under 30k (inc child benefit and tax credits) and have enough for mortgage, bills etc.. even have enough for a holiday every couple of years!


People live to their means though don't they. If you are used to living on 86k it will be harder to drop to half that than if you are used to living on a smaller amount.

Why not try living on your wages and putting your wives wages into savings? That way you will see how it is possible live on a smaller amount and also you'll have plenty saved if you do find it difficult.

bossymoo

Babies don't have to be expensive. Newborns especially, they don't need the most expensive cot / pram / clothes. Babygrows are fine, they sleep lots!

I found the main expense was loss of earnings whilst on maternity leave - but we saved up beforehand so we had emergency funds. I was surprised at how little I spent that year and we had a good chunk left over to add to the "baby number two" pile as she arrived much quicker (took us some time before our first for some reason).

My two are just 19 months apart, so until now I've had two in nursery (DS starts school tomorrow!) - I agree nursery is expensive - it's £500 PCM for DD and I only work 3 days a week!

If there is anything you can do around working patterns to cut the childcare bill (compressed hours, weekend working?) noes the time to start thinking about it.

Also, see if your employers offer salary sacrifice for the childcare vouchers, it doesn't cover the whole nursery bill but the first £55 a week can be tax-free which at 40% isn't to be sniffed at.

Other than that, tighten the purse strings, shop around and don't feel you have to keep up with the babies r us catalogue, as exciting as it is planning for a newborn. They grow so quickly you barely get use out of anything!

notanewuser

bossymoo wrote: »

Also, see if your employers offer salary sacrifice for the childcare vouchers, it doesn't cover the whole nursery bill but the first £55 a week can be tax-free which at 40% isn't to be sniffed at.

!

I think childcare vouchers now only attract the 20% tax saving rather than 40%.

ETA Yep.
http://www.moneysavingexpert.com/family/childcare-vouchers

jacques_chirac

MRB wrote: »

I know - having worked all our days and paying in a mountain of tax and not being able to get anything back instead of doing nothing and getting it thrown at us (Not aimed at you by the way) - it's a nightmare.

It appears you misunderstood - you were not paying into a savings account for you to withdraw from as you wish.