Budgeting to Have A Family - Maternity Pay Calculator

jenmc84

Hi everyone,

I'm trying to get my head in gear for the potential of having assisted fertility to start a family at age 40 (I froze my eggs when I was 36).

Last year I was pregnant for a short spell and suddenly became very aware of how I had NO idea how much money I'd have to survive off for the duration of the maternity leave.

I finally found a fantastic site called "maternity.money" that I entered all the details (sadly my workplace is statutory only, hence why I couldn't find any ref to it in my contract - sigh) and it told me EXACTLY what I'd get each week/month, including what benefits could be gained like the one-off £500 grant.

That site now appears to have gone, but no such tool exists to make the finances much easier to envision.

Now I'm fairly money-savvy and like a good spreadsheet, but am genuinely perplexed at how few tools there are out there to help you know what income you'll expect. How do people go into it with their eyes open to know what they can afford?

I've done a quick calculation and think I know what I might get based on the 90% for 6 weeks, £186ish for 33 weeks if it happens next FY.

Are there any other tools out there that I've missed?

If not, MSE please create one it's SHOCKING and how general all the guides are, and it's not something I'd want to approach my employer about just yet.

Just want to see how much we might need to save to get ahead of the curve/bump (if all goes well). If it doesn't then we'll be having a nice holiday...

Thanks in advance.

Brie

Good call Jem.  I would imagine a lot of women wonder how they will get through mat leave financially.  Even men may be baffled as well.  I know that there are a lot of resources available for women who are pregnant or have given birth but don't know where one might find a fairly comprehensive list as well as the calculator you would like.  

If you're going through fertility treatment is it possible that whatever medical types that are assisting may have details?  Worth an ask at least until MSE look in to it.  

Best of luck with this!

Savvy_Sue

It's not perfect, because you have to 'invent' a date of birth in order to use it, but I think what you need is here: 

https://www.gov.uk/maternity-paternity-calculator

What gets REALLY complicated is that SMP is calculated on a weekly basis, and most employers pay monthly. So in some weeks you will receive 4 weeks SMP, and in others you'll get 5 weeks worth. Your employer might give you a prediction, but if you go and have the baby other than on the due date, the amounts of payments each month are likely to change - you'll get the same total amount, but whereas you might have been expecting 4 weeks @90% in one month, then 2 weeks the next plus your SMP, it will change. 

Don't forget you get your full year's annual leave allowance, which you can usually tack onto the end of your maternity leave - you'll need to talk to your employer but often they'll prefer you to use most of it before you return to work. 

jenmc84

Sorry for the delay guys! Revisiting this and oddly searching for ‘MSE maternity pay calculator’ still only brings up this post sadly!
I tried the government one but it’s so vague and doesn’t allow you to put your salary in. It also doesn’t talk about any of the allowances that were mentioned on the maternity.money site when I tried it? Really wish I’d screenshotted the figures now! 

Currently trying to talk my fella out of thinking I’ll be returning to work after 3 months…. Might have to build my own sheet I think!
MSE team support us financially independent women so we can plan properly!! Pleeeeeease  

Savvy_Sue

You could try using the employer's calculator for maternity pay, I think if you put a fictional date in it lets you work it through.

https://www.gov.uk/maternity-paternity-calculator