Finance Concerns- WTT

[Zoey1]

Hi Ladies,
I completely new to this site and would really love to talk with someone about my finnace concerns. I'm 28 and was recently married in April. My husband & I desperately want children, however we are concerend about our finances. My ultimate goal is to stay home with my child once they are born to at least 4 years in age. Therefore, we would be soley dependpent oh his salary. If we were to have a baby this month, we would most definitely be short on our bills. Do you think there is ever a right time? Or ever financially read? I assume that if we try next month or so it would give us a good year to get our finances in order. What do you think?

Thanks Girls!

 

[Mrs Doddy]

There is never a good time but in my opinion you can prepare as much as you can.

Have you looked at what you spend your money on i.e eating out/ takeaways things like that you can cut down - I know that we do this toooo much and we would save so much money on cutting down these things.

You think the same as me. I would prefer to stay at home until school age (well I say that now !!!!) but financially this is not possible so may do 3 days

Starting from next year we will be saving as much money as we can each month into a savings account which will initially pay for all the baby stuff then as a rainy day fund to help H out if money gets really tight.

H is worried about this and we will save as much as we can before having a baby and while ttc to hav some money behind us

Hope that helps

 

[nightkd]

Have you thought about working from home?

Most of the 'easy' work from home things on the internet are scams, but you could start buying some things wholesale and selling them on, or sell a load of things on ebay, are you any good at writing, or art? Even if it just brings in 100 quid a week, it's something! Plus you have the choice of expanding if it works for you.

 

[Chris77]

There's never really a right time. You can only be as prepared as you possibly can be. DH and I saved for a year to have at least 6 months of my salary in the bank, godforbid, anything should happen and I need to take more than the 12 weeks maternity alloted to me.

 

[Reedy]

OMG Chris you only get 12 weeks?? we get 9 months the 1st 6 weeks |I think you get 90% of your wages then after that you get about £110 a week

I agree I dont think there is ever a right time finacially but have a think about how you will cope with money I.e work out what child tax xredits you'll get how much OH is on & what goes out a month. we did this & I can got back part time & still cover the mortgage so felt that this was the right time for us x

 

[Zoey1]

Ladies!
Thank you so much for your advice. I absolutely love the fact that there is a forum just for individuals "Waiting to Try." As all of you know it is so very hard to wait! I keep trying to think of other ways to save money. So far, I have decreased my cell bill, changed auto insurance to a multi car policy and lowered my cable & internet bill. I’m also considering babysitting until midnight every night after I get out of my regular 9 to job. Hopefully… we can also save at least 6 months of my salary in the bank as well. I would feel more confident then.