Worrying about our budget

[MsJMouse]

I just went and freaked myself out. Yesterday I was discussing with my boss what the company is possibly going to offer in terms of paid maternity leave in addition to government funded paid leave.

Today I thought I might attempt to do up a post baby budget based on what sort of income we might have while I am on maternity leave and have completely freaked myself out. I just want to cry now. By my calculations we will be at least $100 short a week and I can't see how to change this without taking less time off which I don't want to do. I was hoping to take at least 6 months but I can't see how we will be able to afford any more than 4 months off and then I hadn't intended on going back to work full time. Not sure how this is all going to work out.

Ahhhhhhhhhhhhhh!! Stupid I know cause it is months away but I am a worrier and I like to be prepared for things. I had thought we were a little more prepared than this but it appears we aren't.

Is anyone else worrying about this sort of thing??

 

[Braven05]

I've been worrying about it. My work doesn't provide maternity leave so I have to go out on disability which is capped at $170.00/week...which is a LOT less than I make in a week...we can't survive on that...so my OH and I are putting away (from our tax returns) $1000.00 that will be used to cover rent while I am out on maternity leave. Unfortunately I will be taking the minimum of 4-6 weeks...or whatever I can convince my doctor to give me (preferably 4).

 

[MsJMouse]

$170 a week is defiantely unliveable. I don't really have that much to complain about but I really was hoping to be able to take a reasonable amount of time off (about 6months).

The aussie government has just introduced paid maternity leave at the minimum wage which is $570 a week before tax for a total of 18 weeks which started for anyone whose baby was born from 1st Jan this year onwards so I will be eligible for that.

 

[grey_pony]

Oh I'm definitely worried! My job is very physical (EMT) so I am not sure how long I will be able to work once I get a big bump. I also was in the military and now receive GI benefits to attend school. I plan to take the fall semester off to spend with the baby. If I don't go to school, I don't get any money. And I will only be able to work weekends when DH is home. It will be tight!! But we will somehow make it work. Good luck

 

[MsJMouse]

Wow an EMT. That is pretty physical. I am pretty lucky with my job as I am able to work from home a couple of days a week and hopefully will be able to continue to do so I come back from maternity leave. Plus my job is all sitting(which sometimes is not a good thing - easy to put on weight as not moving around enough).

Good luck with school. It is great that you are able to take the semester off without any academic problems (I read about that in your other post).

 

[sleonie]

I'm in the UK, I will be taking what the government offers as Maternity pay as I am self employed...

 

[pinkpolkadot]

I'm in the UK, I will be taking what the government offers as Maternity pay as I am self employed...

Me too. I am unsure of how to work it though as you can't claim it if you are still working but I can't close the business (don't want all my hard work going down the pan!!) so hubby will be looking after it while I can't. I think I will have to sign the business over to him or make him a partner in order to claim the maternity allowance though which will be a pain in the butt!!

 

[firsttimer80]

I know the feeling, Maternity pay in the UK is not enough to survive!!
£124.88 a week doesnt even cover my mortgage let alone bills and general living!!
Still trying to sell my hubbys house, the market has crashed and we are stuck with 2 mortgages and baby due August!!!!
I think i will not use my car for 6 months as i wont be able to afford fuel.
I cant claim benefits because my normal salary is 'too high' (its just average, but above the amount for benefits) Feels unfair that i am penalised for earning more as i wont get that money i normally earn for 6 months!!!
Now saving as hard as i can to try and have some money to fall back on.
Scary thought but i guess things are never as bad as you think.......

 

[bump0911]

Hi MsJMouse

I am like you - a complete worrier and like to be really organised. I am in the fortunate position of working from home but even I am worrying about whether I will be able to look after a baby and a dog while working full time from home!!

They say there is never a right time to have a baby when money is involved. You just learn to adapt.

 

[Cocoa]

We are really worried about this too. My work contract has recently changed from 16wks 90% pay to 6 weeks. Im absolutely gutted! I really wanted a lot of time with my baby but no idea how we can afford me working on half pay then stat mat after 6 weeks! My husbands wages wont cover the mortgage and bills. Im so worried and really dont want to leave my baby at 6wks, but I dont think there's any choice. I hate how you get no benefits if you earn iver a certain amount, i think we get it worse off as when you earn more, your expenses are more so you do need that extra money when one half stops working to have a baby.

 

[Braven05]

Thats our approach...we'll adapt. If I waiting until we were financially secure we'd never have kids...and I'm not getting any younger!

 

[ClaireMuir123]

I'm very lucky that I work for the government and get full pay for 6 months then maternity pay for 3 months but my wages aren't alot to begin with. The thing is, you'll make it work somehow xxx

 

[sleonie]

I feel the same, i've spent most of my twenties waiting for this mythical 'secure' feeling in life - I still dont have it at 35, so time for a baby before it is all too late!

My hubby is on a low income, and I am self employed. I do a lot of my work from home, but my main contract is not secure at the moment, there was talk of reducing my hours last week, i've since told them I am 5-6 weeks pregnant, but we will have to wait and see what happens with the next 6 months or so of work!

Im not too worried as I have 2 main skills and two industries I can work in, and in the spring and summer i can always find work in my other qualification.

In terms of what we will live on, I don't really know yet. All I know is that I can claim 124.88 for 39 weeks which is not enough. Our life is already as budgeted as we can make it (one car, small flat, low bills) i guess we will just have to wait and see a bit closer to the time...

 

[MsJMouse]

I am glad I am not the only one worrying about this. We were trying for this baby so i thought that we were more organised financially than we actually are now that I really look into it.

As some of you have said we will adapt. The other ladies at work who have children say that you just find a way to make it work and I am mostly (when I am not freaking myself out) a big believer in things happening for a reason and that life always works itself out in the end.

See I am in a much more positive frame of mind tonight!!

 

[Niamh22]

I worried with my first but we just learned to cope you always manange somehow to scrape by, this will be my 2nd and not going to worry as i know somehow we will manage and i fully intend on having the full 9 months off, buying cheaper brands etc makes a difference you won't be going out as much and i buy very little for myself, happy healthy and loved is all your baby needs x

 

[kaths101]

I also dont know how we will get by but i guess we will! I think its terrible we work our butts off for years and then when you need help from the goverment you get £126 a week, we barely get by now with both our incomes but hey ho we will cope somehow

Do you know whether you still get the smp even if you go back to work? I really dont want to go back to work - I would ideally want 6 months - a year off but I doubt that will happen!

 

[SarahJane]

The only answer I can suggest to all is to save like hell now!

I am a financial advisor so probably obsessive about this subject. DH and I have been trying to live off one salary since LO was conceived and before that we saved at least half of my salary every month while TTC so have about 1 years wages now saved. This has NOT been easy and we have had to stop going out, not have take outs, Christmas was budgeted, no holidays, no sky TV, no expensive mobile phones, no shop bought lunches. The minute I tried for this baby, the baby came first and I made sacrifices. That is why I am not worrying about money.

Budgeting is a great idea but my tip would be to act as though the baby is here now and cut back straight away. If it gives you a couple of extra weeks/months with your baby it will be worth it.

Next time you are tempted to buy a sandwich rather than make one at home, buy a can of coke, park in a pay carpark rather than walking, think that the money you are spending could be used to spend more time with your baby.

As for benefits, we are extremely lucky to be receiving £124 a week for having a baby - as a bit of a feminist I look at this from mens point of view who will never be able to claim anything but pay the same tax! Feminism is equality not special treatment because we happen to be born with certain organs!

 

[SarahJane]

comment re smp above relates to single or gay men not couples as am aware that govt is now looking to share smp between men and women in couples

 

[jocelynmarie]

I am worried about it too, I've been waiting and waiting for my hr department to get back to me on this and they have not done so yet. I know its really early in my pregnancy still, but I need to plan accordingly so I am prepared when the baby comes. I'll be looking to get an apartment that is less expensive, I just won't be able to stay in my area that I love

My big fear is paying for daycare once the baby is born.

 

[sleonie]

I think the idea that you can only work for 10 token hours whilst on Maternity Allowance is ridiculous! I work from home and I am self employed, so I could easily do a few hours here and there to help us during my maternity leave, but according to what I am reading, I'm not allowed ;(

How Victorian is that!!!