I would really appreciate some tips

andrewlya

Celifein wrote: »

Try www.entitledto.co.uk

However, please bear in mind that benefits are constantly changing, so it's best not to base your decision on whether or not you can afford children on the current benefit rate.

Thanks very much!

andrewlya

Bogof_Babe wrote: »

Apologies if I offended you, it was the way you worded it.

First thing I'd suggest is to do a budget, and see exactly how much money you are going to need to finance the un-reduceable bills, mortgage etc. Then you can see what tweaks you can make to give yourselves a comfort zone when your wife's income ceases.

Sorry I don't know much about benefits for families, but I'm sure you'll be okay. Read up about Working Tax Credits and Child Tax Credits.

It is alright, thank you for the advice.

andrewlya

Darksparkle wrote: »

If only earning £800 per month, does your wife only work part time? Is there any reason for this eg disability?

On £18,000 you'd get tax credits of approx £65 per week as well as child benefit £20 per week.

So gives you an income of £22,420.

However if you both work at least 16hrs per week you may also get help with childcare.

Eg if household income is £27,600 (£18,000 for you, £9,600 for her) and childcare £800 per month you'd get tax credits of £111 per week plus child benefit £20 per week.

So gives you an income after childcare of £24.812

No,Thanks God nothing to do with disability, she works full time in Retail.
Thanks very much for breaking it down, really apreciate it.

missbiggles1

andrewlya wrote: »

We are trying to save up but its not always easy when you have things to pay for plus not getting any younger..thanks for the advice.

But, if you can't afford to save anything now on two incomes, doesn't that rather indicate that you can't afford to live on your income alone with one or more extra mouths to feed?

missbiggles1

andrewlya wrote: »

No,Thanks God nothing to do with disability, she works full time in Retail.
Thanks very much for breaking it down, really apreciate it.

Even going on last year's NMW and asssuming she'd only doing 35 hours, that should give her a net income of £943pcm rather than £800 - on the new rates her income should be a tad over a grand.

andrewlya

missbiggles1 wrote: »

But, if you can't afford to save anything now on two incomes, doesn't that rather indicate that you can't afford to live on your income alone with one or more extra mouths to feed?

It does indicate, but we still want children hence I am on here trying to get some info if financial help is available..

iceage3

£27,000 and can't afford children ,there's something wrong

My next door neighbour was having a baby ,and thought god she's big

Turns out she had twins ,

Could u afford twins ?

andrewlya

iceage3 wrote: »

£27,000 and can't afford children ,there's something wrong

My next door neighbour was having a baby ,and thought god she's big

Turns out she had twins ,

Could u afford twins ?

When my wife will be on maternity, it will just be my income..
Im not here for people to judge me, ive come here for help...I would appreciate it,thanks

sulkisu

Benefits won't replace your wife's salary of £800pcm, so I think what people are saying is that if you can't manage on your current income of £26k, it's hard to see how you will manage on less (i.e. your salary plus benefits).

My advice would be to do a budget, a proper one using the SOA on here and then cut it down as much as you can. One thing that I have learned on this site is that there are always savings to be made. People often post and say that they have nothing left after paying bills etc, but then their SOA has things like holidays, entertainment, nights out or huge grocery shopping allowances. Try to get it down so that your salary alone covers everything and save your wife's pay.


By the time she is ready for maternity leave, you will have a nice little nest egg put aside, and anything that you get in benefits will be a bonus. Don't forget to include whatever maternity pay your wife will get, in your calculations.

pmlindyloo

andrewlya wrote: »

When my wife will be on maternity, it will just be my income..
Im not here for people to judge me, ive come here for help...I would appreciate it,thanks

You need to look up what your wife will receive in maternity pay/maternity allowance. First look at your wife's contract and see what it says then do some googling.

Once you know what you will have in income whilst she is on maternity leave then you can budget accordingly.

Also do some googling about maternity leave.

There is a wealth of information on this forum about budgeting. Babies needn't be expensive.

As a start post of the debt free wannabe forum (not just for people with debts) and they will ask you to post a SOA (statement of affairs - someone will give you the link)

Regulars on the forum are experts on reducing your expenditure and will go through your income and expenditure with a fine toothcomb!

You should be eligible for tax credits once baby is born but best to get your expenditure as low as possible asap.

Good luck!