Pregnancy and Cash

sooziesooz

I don’t very often post on this site but am an avid reader so I need to turn to you all for some help and advice. 2 major issues at the moment.

1) My OH and I have decided to try for a baby. The thing that’s really stressing me out is how much money we need to save to cover the time that I’m off work on maternity. Any advise would be greatly received. I will have to return to work after 6 months as I’m the major earner in our house but my OH has no issues with being a house husband….in fact I think he’d quite enjoy it!

2) We are in rented accommodation at the mo as we’ve recently relocated. I own a house that I rent out and provides a little income. We are looking to buy a house in the next 6 months but the cost associated is rather high for the type of house we’re looking at i.e. stamp duty etc…..well whats the prob I hear you shout! Well basically about a year ago I lent my sister a large sum of money, 15k to be exact with the promise that she would pay me back asap. Since I lent her the money she’s been spending money hand over fist……is it unreasonable for me to demand the money back especially as my circumstances are due to completely changed???

Help needed 

*Louise*

1) Have you taken into consideration what tax credits/childcare help you could get? This might reduce the amount you need to save a bit.

2) That's a lot of money to loan out....has she attempted to pay anything back?? If not, I think you really need to insist on at the very least she begins to make some monthly payments towards paying off that debt.

Seems a bit unfortunate that the money you could have used to support yourselves on maternity leave has been loaned out to someone else....

Justie

firstly - yes it's reasonable to ask for the money back. However I suspect you may have to wait for it... The rule of lending money is don't do it unless you can afford to lose it.

As for the first query - start saving now and living as though you have only one wage - that way it'll be easier. Babies themselves needn't be expensive but you will be taking a major drop in earnings as maternity pay is limited (but check what your firm's policy is as it varies). Also be prepared for not wanting to go back to work after 6 months... no one knows until they've had a baby how they're going to feel.

If you look on the Old Style board there are plenty of threads about reducing shopping bills and there's a board that has budget help so you can reduce your outgoings.

Don't rule out both of you working - with tax credits it can often work out the best financial decision.

Js_Other_Half

Maternity leave will now be paid for 9 months for babies due from April 07 - so you will still be getting a little money coming in for an extra 3 months.
As for the money you lent out...I know it'll be difficult, but could you drop your sister a quick note suggesting a repayment plan?

Good luck with it all.

pinkshoes

Are you close to the sister you lent they money to? Maybe go out for a drink with her, explain that you're trying for a baby, then remind her about the money you lent her, and tell her since you're going to be off work for 9 months, then you could really do with that money back asap.

Leigh-Anne_60

Js_Other_Half wrote: »

Maternity leave will now be paid for 9 months for babies due from April 07 - so you will still be getting a little money coming in for an extra 3 months.

But that is only at statutory rate - somewhere just over £400 per month i beleive, not to be sniffed at but as chief breadwinner its not going to pay her rent/mortgage

LA