Mum to be planning budget

hi all,
I've got a baby on the way and I need a bit of financial advice from someone impartial...
After maternity leave I will be getting £1980 a month working for NHS and I can work 4 longer days, 37 hrs a week
My hb gets £1600 in his current work, but works 60 hrs a week over 5 days and he often is fed up.
We live in a large town, don't spend much money on petrol, but are fed up with his job and the town is a bit boring for us, although have a cheap and nice house (it's rented though).
I have a small property which I've been trying to sell without success for over a year, this would help us to get a deposit for a house.

We have as I see it 3 options that would work for childcare etc.
1) stay as we are, baby would have to go to nursery twice a week which would cost around £300 a month but there would be no added costs of petrol, changing house etc. We would still manage to save some money towards our goals.
2) we could move to a big city nearby and I would commute to work, my husband could work as a relief chef which he feels he would enjoy more and he would look after the baby 4 days a week when I'm at work. I would stay with the baby Fri-Sun. We would spend around £150 more on petrol plus cost of moving house, furniture, deposit etc. Overall I calculated that we'd be £300 pounds a month worse off than option nr one. Also he would have no paid holidays. We would not save any money and possibly eat into our savings.
3) again could move to a big city but maybe he would get a full time job (they are all 60 hrs a week though), baby to nursery 2 a week, a bit better financially but still less than option 1.

It seems that only with option 1 we are managing to save money, which we need to save so my hb could eventually open his own business, deposit for a house, travel etc.
I'm struggling to see any light in the tunnel as all these options still don't let us have a day together as family and barely any time with my hb.
Maybe there is some advice out there that someone has?
I realize this email is long etc. so thank you in advance if you do manage to read it and reply, really appreciate it.
Ania

Comments

  • Have you included any childcare help you may be entitled to in your calculations? I think your income would be too high for tax credits, but you at least should get vouchers- the NHS definitely do them.
  • hi and thank you for your reply, yes I haven't fully looked into those vouchers but this would slightly decrease the cost of childcare, although on one level I would prefer my hb to stay with the baby four days a week, but financially we would be worse off.
  • Lara44
    Lara44 Posts: 2,961 Forumite
    Congratulations!!

    It's hard to advise, as we don't know more personal things like how fed up your OH is with his job, and how stressed out he would feel being freelance.

    Having a new baby is such a big change, I don't think I would want to change anything else at the same time. I have a 7 month old and am just getting into a routine. I think outlining your options is just the right thing to do now. Maybe let the baby come and see how you both feel. How long are you taking for maternity? If it's 6 or 9 months you both will have a good idea of your new lifestyle by then and will be better placed to make decisions.

    Have you some help other than your OH? It's difficult at the beginning with broken sleep and good to have some help if your partner works crazy hours. (It's brilliant too though :D)
    :A :heartpuls June 2014 / £2014 in 2014 / £735.97 / 36.5%
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