How do you cope financially

[Sarahe]

Hi the enmormity of this has just hit me. How do you cope???

I am the main wage earner and was planning to take nine months maternity.

now I dont think I can I just dont think we will be able to cope, we have done all the usual things changed our mortgage down graded the car, reduced our monthly outgoings (got rid of all luxurys) and yet I still think we wont be able to cope.

My partners wage will cover all bills but will leave us no living expenses ie shopping money etc.

I know we will get child tax credit and child benefit but it wont be alot as they say we earn to much as a joint couple but with me out of work we would bring home substantally less. more then half as a joint couple !

I am really beginning to worry I been in constant tears, and it seems every bit of money we save to cover the three months of no pay somthing comes out of the woodwork (ie my travel card is not fully refundable so I would still owe my compay £500 after the refund on the ticket)

Its stressing me and putting alot of pressure on my partner but I am scared we just wont cope


How does everyone else cope, does it all click into place or do you go back to work earlier my working day at the moment is 7 til 7 including commuting, I worry if I go back to early i will miss those special moments in our babies life.

 

[tommy]

i have just put my notice in at work to say i'm not going back we will find it hard but think it will be worth it not to missthe special moments we get £400 a month family tax and family allowence so hoping that will help plus fact the cost of child care

 

[Amanda]

I've got the same worries. I'm also the major wage earner. I'm only taking the standard 6 months off due to this, and I am really worried about the 4 and a half months or so on maternity pay. I have been with this company for 7 years, so could take another 6 months unpaid, but there is no way we could do this.

When I get paid on the last day of the month, £1000 goes straight into another account to pay all of the rent and bills for the month. The rest of my money then pays for the food for the month, I see nothing of it. We then put diesel in the cars, pay for clothes, and any other things out of DH's pittance of a wage. So, when I go on maternity leave, I'll be losing £1000 per month which is the rent and bill money. How on earth are we to manage??? Where is the money going to come from to pay these bills??? Surely the tax credits aren't going to make this amount up?? And, when I do come back work, where is the £600 per month childcare going to come from???

AAAaarrggghhh!!!!!!

 

[michelle82]

Me and my OH earn exactly the same working full time (we work at the same place) but when I go back part time we obviously will have less cash but are in the situation that all the bills and mortgage were set up when I was single and were only ever based on one wage obviously babies arent cheap but my money will allow us the luxurys. Luckily my parents are looking after Matthew so no childcare to pay out for but as we have decent in comes we get next to no tax credit etc its pants you work hard for your money pay your taxes and get next to nothing for it!!! I mean they encourage mothers to stay at home but how when you get nothing!!!

 

[Rosieroo]

I didn't think that we'd ever cope financially, but after being forced out of my job when I was pregnant we learnt to cope.
Our mortgage repayment is half of DH's wages. At the moment we get £115 a month tax credits but from April this drops to £79, we also get £68 child allowance. With the rest that is left over after our mortgage we just have to be careful. Once council tax, water rates, gas, electric, tv license, life insurance, phone bills, Internet & TV (we have the most basic of basic packages for the TV) we are left with £570 a month for food, petrol, clothes/toys for Ella and savings for things like house insurance, car insurance, car tax, MOT, Christmas.

But we're in a better position than some in the way that if we keep things tight I can stay home and look after Ella, I am very grateful for that.

 

[nikki1306]

Hi Everyone

If your household income is less than £15000 a year you are entitled to working tax credit aswell and child tax credit,you will also more than likely be entitled to housing benefit if you rent your home and council tax benefit.

I know its not ideal but if your entitled to it then claim it,you really have to look into what help you are entitled to when you are on a low income and when you go back to work tax credits will pay up to 90% of your child care costs depending on your income?

Soon as your income drops put in an application cause any help is better than nothing xx

 

[stephlw25]

unfortunately the housing benefit and council benefit might not apply.
I applyed for both but because I live with my OH and he works full time we were not entitled to it! bummer!

 

[Amanda]

Me too Steph, I'll apply, but I know I won't be entitled to anything.

Unfortunately, I earn a good wage for the rest of the year, (quite a lot more than £15000), so they think that I should be able to save to see me through the tight months. But, as I've said before, I pay all the rent, bills, and also buy all the food. How can I save anything there???

 

[Tiny Sue]

Childcare is so expensive here in Ireland, and we're wondering where ours is going to come from as child benefit will only cover about a quarter of it...

Sue

 

[pips]

sue i'm the same. i was asked 600pounds a month to put baby zo in the nursery. thats ridiculous!! i dont even earn anything being a student and am thankful i can handle all the rest...
but i must go back to uni in a month and don't know what i will do with my daughter
any suggestions anyone?

 

[lisa31]

We are the same - I may have to go back work sooner than we thought - but then will have to pay £600 quid for a nursery!?

Not happy at all..

L x

 

[hels]

Pips dont your uni have a crech? Ours does and dfrom what i gather its pretty cheap.
I am joining you all...i too am worried how were going to manage, im meant to be going back to work on 1st April, and i dont know how we'll cope yet!
what we have planned is that ill go back 2 days a week, and simon wil have charlotte, and he'll work 3 days a week with the agency and ill have charlotte, then we'll have 2 days together.
But ill only be £100 per week better off than when i was on maternity, but we really need the money.
I was the main earner too, we need to raise £1000 per month for bills and mortgages, anything else is to live off.
Some times i wonder if ill be better forgetting my career and geting a little P/T job and get more in tax credits??????? Plus help with child care???? if anyone can advise how much you get let me know!

 

[lisa31]

Dont get ya hopes up hels - I looked into doing part time but the benefits are still crap for us cos O/H earns too much

L x