What were your finances like when you had your baby(s)?

[toffee87]

Whether they were planned or a surprise, what state were your finances in? Did you have debts? Did you have credit cards-how much? Did you have much disposable income (after all monthly outgoings)? What about childcare after mat leave-how did you make ends meet?

We really want to TTC after our wedding in June. We have a credit card with 3000 on it-all furniture and necessary things when we bought our house and it's 0% interest (will do a balance transfer to another 0%). We always make atleast the min payments. I know it wouldn't be the best time, but I can't help thinking we could clear it and then something else might come up-we'd never try!

I'm terrified about affording childcare, but again-when will it be the right time?

 

[hawalkden]

Before we got pregnant. We wasn't very good with money at all. The rent and bills were always paid but we didn't have any spare cash at the end of the month. We're always in our overdraft!

I personally don't think me and OH will ever be financially ready for a baby so it's one of them where you just get buy and have a baby whenever regardless of money issues. I'm worrying a little about childcare and dreading my wage won't cover the cost and then we're just working to pay for childcare but hopefully I'll have family to look after Peanut when they arrive for a few days of the week and not spend my whole wage on fees.

I've just got my second Mat Pay Wage and we're just about coping with the huge cut in cost. At the moment when we do the shopping I've been buying bulk items so we're stocked up . money eh?!

 

[toffee87]

It's poo. No wonder some choose to go on benefits, I would hate to, but lots just can't afford to work. It's messed up!

 

[Lubbird]

I worry about it too. The main thing that scares me is the cut in money once I leave work for mat leave. Also like hawalkden said childcare costs - they are mega expensive nowadays! But if I kept saying i'll wait until this and that has happened we would never get anywhere

 

[toffee87]

surely it'd be more cost effective to fund everyone's nursery fees, than to pay out on benefits? I don't get it!

 

[nickibrum]

I agree with you that there will always be "something" else to pay out for- but I think if your getting by by only paying the minimum repayemnts then maybe timing isnt right?

We are wtt at the moment. We got married last year and had some debt because of last minute costs which ended up being about 3K. We paid off 600 a month and the feeling of having weight off our shoulders was unbelieveable to be honest. I personally would want to be debt free by the time i ttc- especially when you take into consideration childcare and the lost of wage when you go on maternity. you will find it even harder to make payments..... and just think of what you could be doing with a LO if you had that extra money available.

Now were out of debt we dont purchase anything we cant afford. makes such a difference to our mindset and were more goal orientated than ever.

xx

 

[toffee87]

I know what you're saying, but I worry as I don't want to wait long. We've been wtt for 4 years already, it'll be 5 next summer!

 

[Lubbird]

Only you know whether its the right time or not. If you are happy to go ahead and feel like you are in the right place then I think it's fine

 

[Ruby x]

before i got pregnant we were living with parents. Moved out when i was about 6 months cos i couldnt think of anything worse than not having our own space with a baby around too. Ive always been good with money (which is easy to say when you lve wth parents). I had a few grand in savings, but paid my car insurance and laptop monthly. My aim was to pay my full years car insurance in full and laptop off so that when i went on MAT leave i would have minimal outgoings.

Im not gonna lie, its really hard living on £128 per week but its much less stressful knowing I dont have many outgoings. We used to pay half bills and half rent each but now OH pays the rent and i pay all the shopping, council tax, internet.

Cant you set a deadline to have the debt cleared then start trying?

 

[toffee87]

I think we'll have to, or atleast cleared 2/3 of it x

 

[xxembobxx]

Our last LO was a bit of a surprise and I was shocked at the drop in income I had. I knew I was going to lose half my wage with maternity pay but I wasn't ready for the fact that going back to work would mean me paying out most of my wages on childcare. And that cost will remain until LO is at least 3 years old and we get 15 hours free childcare from the govt.
I made a point of paying off as much as I can before I started ML so our outgoings were less.

 

[toffee87]

We chatted last night, we're going to scrimp and save to clear as much as we can in 9-12 months

 

[highhopes19]

when i found out we were expecting our finances werent to bad.... but unfortunatly not long after i told my employer i was pregnant they turned on me and i was signed off work with depression since 16 weeks . they refused to pay me SSP and also now refused to pay me maternity pay (wrong i now.... currently being sorted) so i had to claim MA!

i had a few loans and a store card i wanted to have paid off before she was here so we could save but due to the above circumstances i havene been able to.... gutted i really am!!!!

luckily me and OH live with my parents so we can now still save for our own place, if we lived on our own have no idea how we would of survived.

xx

 

[toffee87]

I'm gonna call this mission saving for baby C (surname initial)

 

[Dinah93]

I'd definately try to clear it before you try, don't forget as well as the big drop in your wages when you go on maternity pay, you've also got to afford all the bits the baby needs (crib, pram/buggy, car seat etc etc). We worked out getting fairly basic bits for all this will be about £2000. So this month I went around the house and stuck all the old clutter on ebay. And I mean clutter, old ornaments, £2 jumpers, books we didn't want. I've made over £800 in one month and have a huge pile of things still to sell. I'm hopeful I can make most of the baby fund just by putting in a bit of time selling our clutter.

 

[xxembobxx]

stuck all the old clutter on ebay. I've made over £800 in one month and have a huge pile of things still to sell.

Wow that's amazing - I keep trying to sell on ebay but don't seem to get anywhere. It's a lot of hassle for very little profit but £800 is an immense amount!

 

[xxembobxx]

I'm gonna call this mission saving for baby C (surname initial)

I think it's great that you have a goal. It makes saving so much easier when you have a plan in sight

 

[toffee87]

It's a more positive way of looking at it, rather than saying clearing the credit card

 

[Ruby x]

work really hard to clear the debt..then having a bubba is your reward for such hard work wishing you good luck

 

[toffee87]

work really hard to clear the debt..then having a bubba is your reward for such hard work wishing you good luck

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