How to afford a baby?

[spiffnjim]

My clock is ticking very loudly and want to start trying for a baby. My worry is can we afford it? I have a good job as a pharmacist and am the bread winner in our marriage, my husband is setting up his own company/ part time chef so brings home virtually no money. Our monthly out goings are just covered by my wages about �2600. With bills, mortgage and my bank loan from student debt we just keep our heads above water. If i were to get pregnant i cant see how we could afford to live on the govements SMP of �112 a week. Any ideas how we could afford it? how could anyone live on less than �500 a month?

[sara3]

ticking as in - I want, or time is against you?

[Velvetee]

It will be hard and struggling will put stress on your relationship and possibly cause resentment.

Can your husband do some freelance work through an agency to supplement your incomes?

Saying this, people with alot less have children and manage. Do you plan to return to work after your maternity leave?

[redcrx]

pay off as much of ylour debt as you can. overpay on your mortgage

a baby doesnt need much and if nees be you could be back at work after 2 weeks and your husband could perhaps look after the baby whilst youre at work, depending on his hours.

You can buy childcare vouchers via many employers before they deduct the tax from your pay which can also help or perhaps you could work partime.

[l_h_kings]

You should be entitled to Working Tax Credit as you will still be considered as working full time, and they will only take your partner's wage and possibly your SMP into account when calculating your family's income whist you are on Maternity Leave; not what you were earning previously.

I don't think you're allowed to go back to work until the baby is at least 6 weeks old.

Good Luck.

[redcrx]

you can return to work after 2 weeks not 6.

[no-knowledge]

Nike

[no-knowledge]

choose kids over money anytime.


http://kingjoke.com/pic/NIKE.gif

[Katoninelive]

You could have the baby then get your husband to leave you so you can claim ALL the benefits of a 'One Parent Family' like most others are doing & you'll be better off!!

[Ice.Maiden]

Don't you believe it K. I see a lot of lone parents on benefits, and they struggle to live properly. The ones who have all the latest gadgets and name-brand clothes are either up to their ears in debt, working on the side, or have partners supplementing them.
I agree with noknow though. There's no more worthwhile job in the world than bringing up a child and being there for it.
You should be able to claim Working Tax Credits, and you'd be surprised how many people rally round to help when a baby's on the way. Best of luck.

[aims1202]

You would probably be entitled to tax credits and maybe housing and council tax benefit, go to www.entitledto.com to find out, also for people with very low incomes there is a one off payment of �500 to buy things for your baby, you have to apply at job centre plus when your pregnant up to baby is 3mths.
There are always people getting rid of baby clothes and other stuff, often free. there are websites like netmums.com gumtree.com the nct sales and the papers. I got a beautiful pine cot for �20 and an almost new car seat for free.
Having a baby does not have to be expensive, the most important things are completely free, love and time!

[bobbybob]

There is never a right time. Me and my Husband are having our first baby after working out that we could just about get through. I am now into wk19 and we have both been made redundant. I have managed to get a temporary job to take me up till maternity leave, but having applied for working tax credits, were told that we couldn't get this as we earnt too much last year. However we have now nearly got everything that we need for the baby, and without paying for any of it. Most were from a very good site called freecycle and a few other bits from friends that they have now no use for. You could always look at doing childminding when you have had the baby, so that you can spend more time at home whilst still earning.

[beckyg]

I have just written a book about this!( called How to Afford Time Off with your Baby by Becky Goddard-Hill) as we had a very similar dilemma. Five years down the line I am still off with my two babies and we have survived! You can pre-order it on Amazon and it comes out on September 3rd. The book gives 101 tips to ease the financial strain.

My number one tip to you would be to take a 6 month mortgage break and add the missed payments to the end life of your mortgage this will free you up with substantial cash, at least for a while.

I would also recommend checking if you can stop repaying your loan during your maternity leave, worth asking at least.

I would also definately call the child tax credits department check out www.directgov.co.uk. You will absolutely be entittled to tax credits and working tax credits if yourhusband is on a low income. I got about �400 a month during my babies first year. They will be able to make you an advance estimate so you can plan.

Good luck and listen to that clock. My friend waited to have babies for years then had ovarian cancer and now she can't. You can do it and you will NEVER regretit. best wishes to you.