Panicking re money and first baby

gemma1984

Our first beautiful beautiful child is due on 5th November. H and I are adamant that I be a sahm, however with the current state of financial affairs in the country at the moment Im just panicking so much with it all!
We will be surviving on just h's wage (as the mat pay and smp will be going in to savings incase something major goes caput in the house) which at the moment is £15kpa. We own our own home and pay £470 on our mortgage each month.

Please please please tell me all this will be possible and we wont go bankrupt doing it. Are there any things that any of you more knowledgable mse'rs can tell me that we would pretty much be guaranteed to claim/get.

lindens

If you go to www.entitledto.com you can type in your own figures and have a play around with different scenarios.

galvanizersbaby

Hi Gemma1984

Your post is similar to Polyanna's.
15K with a 470 pounds a month mortgage sounds like a small amount to live on to me - think you will have to be very careful.

When I had my kids I went back to work part time then full time and got lots of help from child tax credit to pay for the child care so sure you could claim that.
Maybe on O/H's wage you would qualify for WFTC also? - and you have the 60 odd pounds a month child benefit.

I too was adamant I was going to be a SAHM but when the time came it wasn't the right thing for me to do - don't burn any bridges on that front or be too rigid beforehand - leave your options as open as poss that's my advice

wornoutmumoftwo

I am a SAHM, it is possible if you are prepared to make a few sacrifices, however living on one wage with CTC/WTC and CB does mean money is tight.

Look at anyone you owe money too, see if you can negotiate for a lower bill, such as cable/broadband/phone etc etc, lower interest rates if you have credit cards etc etc

Food costs is one area where you can make savings, by cooking from scratch and bulking out food, although I have to confess I rarely cooked from scratch when my boys were babies (14 month difference).

You should get help with Child Benefit/Child Tax Credit and Working Tax credit.

We're on about the same wage but are fortunate enough not to pay a mortgage each month.

Look to save as much as you can now.

You should be able to apply for a Sure Start Grant once you are in receipt of CTC (you have 11 weeks from babies birth date to apply = approx 500 pounds), helps with first costs.

pukkamum

It can be done honestly when i had my first child we were exactly the same, i was determined to be a sahm and my dh knew this. It means a lot of sacrifices but believe me it is worth it as you will never get the years you spend at home watching your child grow up again.
We got rid of our expensive car which we were paying a lot a month for and bought an old car outright, we don't have foreign holidays we go camping which the kids love, we also got rid of all our credit cards etc and live on cash only which is very liberating. Of course if this isn't how you want to live then don't feel bad about being a working mum. I know though for me being with the kids at home is worth the sacrifice and of course i am looking forward to when i return to work when my youngest starts school as the extra money will make a massive difference to us, it will be like winning the lotto. So please don't panic it can be done if both you and your hubby are willing to put in the work. Just be aware that most people can't have their cake and eat it they can't live the way they did before they had kids if they want to stay at home. HTH

Marker_2

We did a short stint on living on my wage £13.5 at the time and our rent was £460 - so similar situtation to you, though mine was short term!

It can be done, you just need to scrape back on a few things. So the impact is less when you are on that I would suggest stocking up on wipes and nappies now (all diff sizes), you dont want to be short of a few quid when the little one needs it.

Start deciding now what you are going to allocate your CB money on. Its not alot every week but enough to sort the little one out.

pamelab21

I have no words of advice but can sympathise as I am starting to panic too and I am not even expecting yet....we are just planning for next year but I am looking at all our outgoings and although we have no debt (just a 540pm mortgage payment!) with all the household bills and car running costs (we own both outright) things are going to be tight for us :eek: . I have put everything on a spredsheet and its scary. I think I am going to have to go back to work and look into full time childcare, although not ideal it may have to be.
Good luck with whatever you decide but maybe even a part time job could help?

jacksons_mum

if you have no debts this can be easily done, we live on £15,000 + tax credits for 1 child - mortgage is £530 and we repay car loan of £250 pm, we struggle but just about manage, but without the loan repayments we would be fine.

MRS_TO_BE_2

Don't panic and enjoy your pregnancy, I worried too much too and didn't enjoy mine enough. Try to use terry nappies, actually not that much hassle and look at second hand things...most of it will be hardly used. I brought so much stuff I didn't need see the thread re prams.! You should get tax credits but may not get full amount until your Mat pay finishes. If you need more income may considering becoming childminder, hard work but good money and you get to stay with your baby at home!

You will cope just start making savings now and try not to stress out..not good for you!

MRS_TO_BE_2

Also because of your Mat pay/ SMP your combined income will probably mean you are not entitled to Sure start grant but do apply anyway as i haven't got all facts and figures. Sorry x

Sharra

Hit the boot fairs this summer to stock up on any baby stuff you need, from birth to 2 or 3 even - most of it will have hardly been worn.