I would really appreciate some tips

missbiggles1

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

It is helpful to point out that, for the moment at least, you may not be able to afford what you want.

xylophone

https://www.moneyadviceservice.org.uk/en/articles/baby-costs-calculator

andrewlya

sulkisu wrote: »

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.

Thank you!

andrewlya

pmlindyloo wrote: »

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!

A good advice, thanks at lest ive not got any debts as such,a good start

FBaby

Are you living in a high rental cost area? Is this the reason why you struggle on your current joint income? If so, would you consider moving? My OH and I did when I fell pregnant and there was no way we could afford to live in London with his income only, or paying childcare there. That was before tax credits when you had to make chances in your life to support yourself. It broke out heart to move then, but we settled in our new place and we are happy here now.

Also, how is likely are you to be able to increase your income? You say you are not too young any longer but are you talking late 20s or early 40s? That's quite a difference.

Sncjw

Also you got to think of the supplies the pram and cot is a big outlay and the clothes and milk feed and nappies all added costs

Sncjw

Sounds like you have to cut back on your lifestyle to afford it. I don't understand how a coupke on 27k feel that they won't be able to afford a child.

In regards to childcare your wife will be off for 9 months at least so time to save up money then. The free childcare doesn't start until 2 years of age if your on benefits and 3 years of not. Even then childcare is only 15 hours a week.

I'd say sit down together and so a spending review of what's coming in and out: then see if you can reduce anything. Maybe going a notch down in shopping or not going out as often and get better price on your bills.

Remember babies need a warm environment so heating bill might go up

andrewlya

FBaby wrote: »

Are you living in a high rental cost area? Is this the reason why you struggle on your current joint income? If so, would you consider moving? My OH and I did when I fell pregnant and there was no way we could afford to live in London with his income only, or paying childcare there. That was before tax credits when you had to make chances in your life to support yourself. It broke out heart to move then, but we settled in our new place and we are happy here now.

Also, how is likely are you to be able to increase your income? You say you are not too young any longer but are you talking late 20s or early 40s? That's quite a difference.

Thanks for the reply,the area is not too costly ive got some ideas now thanks to kind people on here who shared some tips with me, thanks very much again

NLW

Loads of tips for you:

For the baby:
Carboots, Gumtree & Ebay I am yet to come across a worn out babygrow People sell bags and bags of baby stuff for just a few quid and you can pick and choose, Most of my kids wore Gap, Next and Adams (Are they still going????) and we NEVER PAID MORE THAN 50p a item.

Same goes for cots, moses baskets, prams the lot.

Some people turn there noses up at this idea but I used to take pride in the fact my kids was wearing good quality clothing for very little money.

Around the home:

Phones are a big one here for me.

Buy your own smart phone the MOTO G range is very good and get a contract for between £5-10 pm. (virgin do some good offers)

Do you need a home phone?? If you do for internet get it on the most basic line rental and use the minutes on you mobile instead.

PLAN YOUR MEALS and take packed lunch to work. If you spend £5 a day 5 days a week on lunch and drinks it costs £1300?!

Start using Aldi and Lidl, Farm foods is VERY good for veg and fish and cook from scratch as there is two of you make bigger meals but freeze half (save time and money) Me and the wife did this all the time, Lasagne, Curries, Stew most stuff can be frozen once cooked.

Re-mortgage to a better rate and clear any debts then cut up the cards some people will say this is a bad way to borrow however it give you a fresh start if there is no way of paying back short term.

Switch energy suppliers (obvious but many don't!)

Get rid of PAY FOR TV! I changed to a YouView box about a year ago from a full virgin package and I have not missed it. Most of the good stuff is online anyway. With YouView there is still on demand and recording.

Get rid of all you unused crap! EBAY

These are just a few there are loads more

parkrunner

andrewlya wrote: »

Hi, me and my wife are planning children. However, there is a bit of a worry that when we have my wife will be out of work and there is a concern that we may struggle on my income alone.

I can't help with benefits I'm afraid. You may well struggle I know we did, however the joy that children will bring you more than compensates. If you wait until you can afford them you'll wait forever.