how do you afford to have maternity leave and then pay for child care when you go back?

Question

im preg with my first child and was wondering how people manage money wise whilts they are on maternity leave and when they have to go back to work can anyone give me any tips on this me and my partner both work full time and come home with about 1800 after tax and ni we have about 400 to spare when we have paid the house bills and stuff we are not a couple who go made with money and dont go out all the time i was just wondering how everybody else managed because i know im not on my own.thank in advance of your reply

Answer 1

Our joint income was just a little less than yours, and to tell the truth, we were only marginally better off, if I went back to work and paid child care costs, about £150 per month.

So we took the bull by the horns, cut back on a few things and I stayed home. It was worth every penny pinching moment. Now that the children have just started full time school I have got a Part time job which works around the school day, and we can afford not to be quite so tight with our money. Remember you will get about £60 child benefit each month, and you may be entitled to get some child tax credit, its worth applying for even if you have never claimed anything before ( we hadn't and it didn't feel right to start with) If the government deem that you are entitled to something, then take it, afterall its what the benefit is there for.

Answer 2

My son is just over 6 months old now. I had very little time off as I wasn't entitled to maternity pay from my employer as I hadn't worked long enough. However, if you have worked for more than 12 months for the same employer you are entitled to full maternity pay for 6 months, then a reduced amount for another 6 months (please check that this is correct though). If this is not correct it is very similar.

My boyfriend is a teacher and I have returned to education. We get just over £400 in Working Tax Credits (this includes the childcare element). Our childcare comes to just over £500. So we don't have too much to pay, and our parents normally split this remaining amount between them to help us out.

It isn't always easy to juggle everything financially, but with careful planning and a realistic budget I am proof that it can be done. Also be careful with the childcare you choose. My childminder charges £2.90 an hour (I understand this is pretty standard throughout the UK). However, if I drop my son off late or pick him up early or keep him off (even with notice) she still gets paid for a full week. A nursery would not charge for time off with notice.

One more bit of advise, apply for the Child Benefit as soon as possible as you need this before you can get the Working/Child Tax Credits.

I hope this has been helpful to you!

Answer 3

If you are on a joint income then you are entitled to quite a lot of help from the government. Talk to your local job centre about what benefits you are entitled to. It could make all the difference to your financial situation. The government is all in favour of women going back to work after children, so there is financial support for people like you who want to do this. I think you could get a nursery place paid for a few days a week and also tax credits etc.

Answer 4

child caree fulltime is going to cost you more than 100 a month. If you are in the uk why not have the maternity leave; go back for the amount of time you have to so you do not have to pay the maternity aloowance back and then lookinto staying at home and seeing how much you would get in tax credits.

Answer 5

Re-evaluate what expenses you consider basics around the house: cable TV (or, in Britain, television charges), dining out, vacations (holidays), movies/concerts, new clothes, cell phones, gym memberships, and so on.

Step two is removing these expenses. Eliminate them from your budget entirely.

Step three is cutting back on everything that can't be eliminated; move to a smaller less expensive place, if necessary. Do all (ALL!) your cooking at home. Every dollar saved is important.

Step four is action for the husband; he needs to get a better job.

I wish you good luck, and hope you can stay off the public dole!

Answer 6

Just do the best you can. Our son was born with his lungs collapsed, so I decided to stay home with him, and my husband is the only one working. You learn to SAVE. Wic helps, too. If you plan to FF you won't have to buy the formula. Is there a trusted adult you could leave the baby with instead of sending him to a daycare? I'd much rather you do that, if possible.

Answer 7

my husband and i are also stressing about this. he is in grad school, i bring home the bacon :) yet, we decided this morning, not to put the baby in daycare. our goal is to have me work 30 hours a week, and since he is a student, we are going to flex our schedules so one of us will be with the baby at all times! we are so excited to have discovered this option. we will save $1000 a month on daycare, and that basically equals what i will lose in salary by cutting down my hours.

Answer 8

all i can advice is that sometimes it works out, better to go part time working, that cuts down on childcare costs, gives you some time with your baby, and you pay less tax and ni, however even though your income is less it can work out better than working full time, with high childcare costs.