I'm really worried that we're going to run out of money while I'm on parental leave :-( I'm taking 28 weeks off which is made up of 4 weeks annual leave and 18 weeks PPL, then 6 weeks with no income. After tax, PPL comes in at just over half of my ordinary income so it's a substantial drop in income.
My big struggle is trying to figure out what to pay when, as at the moment we pay our bills, savings and car loan from my monthly pay, and mortgage, groceries, petrol and other day-to-day living expenses from hubby's pay. But obviously with my income being substantially reduced, it won't cover what it currently covers. On paper, we have enough money with our modest savings as long as we strictly stick to the budget (and there are some things i've included that aren't essentials so can be reduced or cut out like small amounts for entertainment and clothing if necessary), but it's so difficult with my income varying every month to figure out what expenses should be paid when to ensure we have enough money to get by.
Also, I'm considering speaking to the bank and seeing if we can either reduce our mortgage payments by 50% for the whole time I'm on leave, that gives us an extra $500 per fortnight but also will add extra time onto the mortgage (we're about $12k ahead in payments so it won't increase it much) or whether to take a mortgage repayment holiday for the last 2 months which would give us an additional $1000 per fortnight for 3 fortnights (which is more than we'd need). Has anyone done either of these and have any advice / recommendations?
I guess overall I'm just looking for some reassurance from people who have been in a position similar to mine... Since the age of 15 I haven't been without work so the thought of being out of work for 6 months really freaks me out. Things always seem to just work out for us but I'm scared our luck has run out. I haven't even really spent much time researching anything to do with birthing / pain management / early days with a baby coz I'm always looking up things about money instead, and bub is due in less than 5 weeks! I want to spend our first few weeks getting used to the new member of our family rather than worrying about money but I can't stop thinking about it :-(