wife pregnant - worried about money

husbandofamy

Hi there - my wife has just found out she's pregnant - our first. Basically, we really don't know how we will cope. I only earn £14,000 per year and she earns £24,000. We don't think we will be able to pay for childcare and she is talking about giving up work until the child is in school and then going back to work part time but I'm worried how we will cope: our mortgage is £850 per month. Please can you tell me what benefits she can get, obviously she will get maternity from her work but when that runs out I know we couldn't live on just my wage!!

seven-day-weekend

Not an expert on this, but I think you should be able to get tTax Credits, you may be eligible for Council Tax Benefit and you will be able to claim Child Benefit.

gazza975526570

One way or another you manage. My OH salary reduced massively with our first born and then went to zero with our second.

You just need to look at your expenditure and see what you can potentially cut back on. You will likely get tax credits

Try here:

http://entitledto.co.uk/

clairec79

If childcare is an issue due to the price, would it be worth discussing her returning to work after her maternity leave and then you stop work for a while as she earns more? Or you both go part time and split childcare between you - when we had our first dh used to work 5am till 11am and then I'd start 11.30 until 5pm

Oldernotwiser

Surely it would make more sense for you to give up work and be a house husband as she earns so much more than you? Why would you assume it would be her job to look after a child?

viktory

Oldernotwiser wrote: »

Surely it would make more sense for you to give up work and be a house husband as she earns so much more than you? Why would you assume it would be her job to look after a child?

That is how my brother and his wife have managed. She was the higher earner and so returned to work. It has been the making of my brother and everyone is happy.

System

Oldernotwiser wrote: »

Surely it would make more sense for you to give up work and be a house husband as she earns so much more than you? Why would you assume it would be her job to look after a child?

The OP said his wife was talking about giving up work until the child started school. He didn't say that that was what he wanted.

gazza975526570 made a good suggestion re entitledto. Just fiddle around with various scenarios on it to see which would be the more beneficial option for your family. BTW if everyone waited until they thought they could afford to start a family the birth rate would plummet.

I hope everything goes well for you both. A child is a wonderful blessing.:D

footballmanagerwidow

With a combined income of £14K you'd be entitled to a higher level of child tax credits than the average family, however you would not be entitled to housing benefit or council tax benefit. You would also receive £18.10 per week child benefit (everyone gets this). It probably would be a struggle for you to survive on this alone with your current mortgage so you really need to think about the possibility of her returning at least part-time or you getting a higher paid job. HTH x

Oldernotwiser

Pam17 wrote: »

The OP said his wife was talking about giving up work until the child started school. He didn't say that that was what he wanted.

Sometimes people get stuck in such stereotypical thinking that it needs an outsider to point out the blindingly obvious. I thought that organising things this way might not have occurred to him as he didn't mention having considered this option. They must do what suits them both but all options should be considered. It may also be that his wife has more of a career with potential than the OP has and the effect of taking years off work could have long lasting financial effects for the whole family.