15 weeks and already stressing about $$$

[TheMamma]

Hubby & I are expecting our first child in May 07. While I am happier than I ever thought I could be - I have to admin that I'm starting to stress somewhat about finances when I'm not working.

I would love to be a SAHM, but I just do not know how we will cope on only one wage. I'm generally not someone who worries about an awful lot, but I admit that I am starting to lose a bit a sleep over this one! DH is not on massive income and I have horrible thoughts about us not being able to pay the morgage and car repayments. Am I being irrational?

Does or did anyone have the same fears and frustrations as me and can you offer any words of advice?

Thanks!

[the_queen]

Check with http://www.centrelink.gov.au to see what you're eligible for. You will definitely be eligible for Family Tax Benefit part B (because you'll be a one-income family) and you'll probably be eligible for Family Tax Benefit part A (this is based on your family's income) but also you should check if you're eligible for Parenting Payment (Partnered). If your partner's income is below a certain level, you will be eligible to get the PP. You may also be eligible for a Concession Card (which is more valuable sometimes than the actual centrelink payment you receive).

Please just remember that you will get by. Perhaps start living now on just his wage - put your whole weekly pay cheque into the savings account - and this will help you see where you need to make cutbacks. Maybe think of using cloth nappies, this is a great way to save money (and it's not big white squares that need soaking and folding anymore - check out the cloth nappy section here on bubhub).

[katiek]

I totally understand how you must be feeling as i also worried to excess about this while i was preg and i admit i still do now. My DH does not make a huge income either

Have you made a budget? See if there are any ways you can cut back (v hard i know esp with increase in interest rates and petrol). I havent been out since DD was born in July as we simply cant afford it. I also don't get any new clothes or anything like that, you just make do with what you have. It can be done!!

Good quality second hand items can save you loads of money and remember that bubs wont have any idea that the things you are using are 2nd hand. All bubs needs is love, warmth, food and shelter.

One way I have found to make a little extra $$ is to look around your house for odds and ends you could sell on Ebay. You will be amazed at what people will buy. I have even sold some of DD's clothing as she grew out of it. Just make sure it is all in good condition. Use the extra $$$ you make to buy a takeaway one night, to buy a non-essential item for bubs, a new top for you etc.

It is definitely hard but having a new baby is a wonderful life changing experience and things will work out. Dont be afraid to ask for help if you need it either.

Good luck

Kate

[dragonflyblu]

I was stressing about this as well, particularly because I did a budget and worked out that the expenses equal DH income almost exactly and we were left with $200 a month :eek: for food and unforseen things.

I reorganised our money, got rid of the expensive credit cards. Stopped using credit cards which was a huge change for me! and worked out what we could do without. Oh yeah everything for bubs is second hand apart from 1 splurge expensive cot ($1400!) I am still working and I put aside my wage into an emergency account. But since I have been working part time I realised that when you have more time you need less money. I know with bubs I may have less time, but when I was working I started at about 7.30 and finished late at night and had interstate or o/s trips so now I feel like I have heaps of time! Now I have time to shop second hand for things or go to the cheaper supermarket, this has made a huge difference. We dont go out to dinner anymore but instead we have group dinners with friends (our house or theirs) and make heaps of stuff from scratch which is much cheaper.

Dont worry you will work out your own way of not only getting by but also having some fun. Oh yeah and as your pregnancy progresses the hormones will kick in and you will find you are quite relaxed about everything:laughing:

[TheMamma]

Thanks to all of you for the advise - its at least comforting to know that I'm not the only one who worries about such things.

I guess there are a lot of areas where we can save. Due to our long working hours we now buy a lot of meat and fruit and veg from Coles/Safeway. I went to the market this week to see if I could save money - WOW! I couldn't believe the savings...

I suppose it just comes down to common sense and knowing your limits. Luckily we are both good with money and generally don't need to spend a lot on ourselves.... and there probably are a few things we can sell on ebay! Those 10 pairs of high stiletto's I really can't be stuffed wearing may be a good start!

Again, thanks for the advise - its greatly appreciated!

:)

[mum2bubba]

I think you and your family will be ok, Centerlink should be able to help out with payments.

Is this your first baby? If you have some help (financially) form family and friends then thats great, but either way you will be ok. :hugs:

You may have to make sacrifices here and there and stick to a tight budget but it'll all be worth it coz you will get to stay home with your baby.

[TheMamma]

Thanks,

I totally agree - I know it will all be worth it in the end. I cannot wait to have our baby and I would sacrafice anything I have to stay at home with him/her!

[neeky]

hey. i stressed a LOT just like you, and im sure MANY others!
my main piece of advice is start a budget now, and stick to it! SAVE SAVE SAVE! we got a high interest internet savings account. we have moeny put straight into that from dps pay. that way we dont see it and spend it unless we absolutely have to!
shopping lists are great. right down everything that you actually need and stick to the list, it takes a little while to get used to that one. and like you said shopping at the markets and the butcher instead of the supermarket saves a lot and its generally much better quality. i also found milk is cheaper in my local fruit shop then the supermarket (only 20c per 2L, but it adds up!)
second hand clothes for bubs, they often grow so fast that they hardly get much wear out of them. and most little baby clothes are in great condition coz they just lay there!
oh and if you can borrow things of friends and family thats good too. we borrowed a change table and rocker, and were given a lot of clothes. in fact my son is one and i personally have only paid for 2 of his clothes (totalling a grand $8!! haha)

Just know that things will be ok. and dont stress too much, its not good for the baby if your not sleeping as much as you should!