Saving for the baby

[kedi376]

Just been talking to OH about how much money we need when baby arrives. I hopefully want to take 9 months off work which means doing some serious saving before I go on maternity leave.

We aren't entitled to tax credits, so it will be just SMP for 6 months, then nothing.

I'm able to work out how much we need to cover for rent and bills etc but have no idea how much a baby actually costs on a weekly basis. How much will baby increase the weekly bills?

Are there any hidden costs I need to plan for?

 

[Esoames]

Smp is for 39 weeks so unless you start your leave earlier than just before the due date.

You get £80 a month in child benefit, and we spent £2,500 whilst I was off and I had 12 weeks half pay plus stat after the 6 weeks at 90%. I carried on spending like I was at work doh!

Google nct nearly new sales as you can pick up loads of bargains from there, you don't realise until you've had a baby how little items are used.

Emma xx

 

[Esoames]

Oh and we bought nappies and wipes in advance so I've only spent £70 in a year on nappies as I'd bought so many!

 

[kedi376]

Thanks, that's really helpful. For some reason I had it in my head SMP was 6 months not 9!! Ooooh that's brightened my day!

 

[hellywelly]

I am worrying about this, as I will either go back to work at Oct half term or if we can really save then maybe after the Xmas hols (I teach). It's so hard to work this out as some things for me should cost less, as I drive a long way to work so petrol should go down, but then my friend has spent quite a lot on baby yoga and stuff like that. Which website can you go on to see if you get tax credits and stuff??

 

[littlemiss83]

The £20 a week child benefit should cover all baby things like nappies, powdered milk ect.

The biggest expense is childcare i'd say. And the stuff baby needs before its born is mind-blowing, not cheap at all

 

[kedi376]

I am worrying about this, as I will either go back to work at Oct half term or if we can really save then maybe after the Xmas hols (I teach). It's so hard to work this out as some things for me should cost less, as I drive a long way to work so petrol should go down, but then my friend has spent quite a lot on baby yoga and stuff like that. Which website can you go on to see if you get tax credits and stuff??

You can go to this website, it will lead you onto the right places, hopefully.

http://www.direct.gov.uk/en/Parents/Moneyandworkentitlements/YourMoney/index.htm

 

[kedi376]

The biggest expense is childcare i'd say. And the stuff baby needs before its born is mind-blowing, not cheap at all

If you had to estimate how much do you think you spent on all the things ready for baby?

 

[littlemiss83]

You can buy everything second hand or very cheap and spend maybe £500-£1,000

Or you could buy all of it brand new, but not really expensive brands for around £3,000 and obviously more depending on which brands.

 

[Lilelephant]

We have about 1500 quid and pretty much have everything including nappies etc we have got half new half second hand. We were given the cot be for free and just bought the mattress which helped

 

[jojo_2012]

if you breastfeed you only need nappies and wipes, new clothes every few months, and different toys as they get older. I'd say if you budget £30 you would be safe. It depends on the individual though. This is my 2nd child so I feel wiser and less fussy than the 1st time around.

 

[Mrs N]

Just to say that you dont get child benefit if your household earns over 42k I think!! Just incase that makes a difference to your budgeting!!
xxx

 

[positivity :)]

Just to say that you dont get child benefit if your household earns over 42k I think!! Just incase that makes a difference to your budgeting!!
xxx

i thought it was tax credits over 42k? i thougth everyone got child benefit??

xx

 

[Esoames]

Just to say that you dont get child benefit if your household earns over 42k I think!! Just incase that makes a difference to your budgeting!!
xxx

Nope that's wrong, we earn 58k and get it. It's only when one income is over 42k not combined

 

[littlemiss83]

Just to say that you dont get child benefit if your household earns over 42k I think!! Just incase that makes a difference to your budgeting!!
xxx

I thought they weren't starting this until next year or the one after!!

 

[positivity :)]

Well with overtime and bonus my OH goes over this! I will be so pissed off if that's the case xx

 

[Mrs N]

I know we dont get it!! Might be just one person tho (dont take my word as gospel!!)
xxxx

 

[Bee7]

I've been thinking about money a lot recently too. This being my first pregnancy i really don't know what to expect and what we're entitled to. I'm not too worried about buying 'big things' like a cot/pram etc for the baby as family members have already very kindly agreed to help with things like that. But OH and i are both on pretty low income and i really don't know how we'll cope when my wage goes down to SMP. Luckily i get 6 weeks at 90% pay then a few more at half pay + SMP, before going solely onto SMP. That's a generous maternity package but i'm still worried about how we'll cope.

At the moment i'm literally putting all the spare cash i can into my savings account. Bearing in mind we also need to find a place to live and will need to fork out deposits and a few bits of furniture. I'm hoping i can find a way to make a little extra cash while i'm at home...selling my life on ebay perhaps?!

Also need to fully research what benefits we're entitled to. Does anyone know if the sure start grant is still available for low income families or is it only if you're on benefits?

 

[positivity :)]

I know we dont get it!! Might be just one person tho (dont take my word as gospel!!)
xxxx

i just had a quick look online and it seems that its a universal payment although there are recommendations to include the 42k cap in January 2013, therefore you should be getting it Mrs N! sounds like you deserve some back pay!?

x

 

[Mrs N]

Ooooh shall go and apply me thinks!! Was pretty pi**ed off as I thought it was something that every baby got!!
xxx