Pregnant and worried about finances

Cassie123_2

I've just found out that I'm pregnant and am worried about my financial position.

I earn around 22k a year and my partner has recently returned to university to do a sports science degree. He gets around 6k in student loan/grants.

I couldn't bear to for him to leave his course - he is doing it for our future, and I have only recently got to grips with budgeting and paying off my debts. Although I'm a changed person, this does leave us in a tight financial position!

I have been thinking about having a minimum maternity leave, and as partner doesn't have a great deal of class time, he could take on the majority of the childcare.

I suppose I know that everything will be ok, but I just wondered if anyone has any advice, knows about benefits or the effect a child will have on student loan payments?

Thanks in advance!

immoral_angeluk

Hiya hun... when the baby is born you will get tax credits and child benefit.... the child benefit along is £70 a month and have a look at www.entitledto.co.uk to estimate what tax credits you'd get. Could you partner get an evenin job or something to help out when you're on maternity and wouldn't need childcare?

Cassie123_2

Thanks for such a quick reply! £70 a month would be a great first help. I forgot to mention that we currently have a lodger who contributes £330 per month, so that will have to go!!

Yes, partner will get a part time job and I suppose a few more luxuries will have to go!

Thanks for link - will definitely have a look... when not at work!

CCCS_Sarah

Hi Cassie,

Congratulations on your news! As immoral angel mentioned you should be entitled to benefits and the link she has provided will give you a good estimate of how much you should receive.

If you find once your income has reduced that you are struggling you need to put together a SOA and prioritise your outgoings i.e. Mortgage, Council Tax etc need to be kept up to date and whatever you are left with once you have paid these is the amount to offer your unsecured creditors.

Is there anyways you can look at increasing your income? Maybe PT job, Quidco? People on this website will give you some great ideas. You may also want to look at reducing your non essential cost to see if there are any areas you can cut back.

If you need any help putting together a SOA CCCS do have an online facility called Debt Remedy. As it may not be fully applicable at the moment, you may want to save the link for future reference.

Hope everything goes well for you

Sarah

RAS

Hi

Your partner's student loan/grant assessment will need revising. He may get a grant for dependants as well - not a lot and it is means-tested but I would suggest that he contact the Students Union or the Student Finace office for advice.

During your period of mat leave he may also be eligible for a hardship laon if things get tight.

I am assuming that you have alreadly got the reduced Council Tax sorted out?