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  1. #1
    TheMamma is offline Blessed Mum to two beautiful girls....
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    Default First day of Maternity Leave - and very nervous about $$

    I'm just wondering how many of you have been/are in the same boat as me.

    Today is my first official day of maternity leave and while it feels wonderful.....I also went into a bit of a panic. How are we going to live off one wage?

    I'm just really nervous about it all. So I've decided to try to compile a list of where we can save money etc.

    I just want to know....did anyone else go through this when then finished work? Does it get any easier? I don't want to stress about money and I don't want to have to go back to work until at least 12 months....

    SCARY

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    Ahhh join the club!! I got my last pay check last week and my DH earsn less than me and we have a fairly hefty mortgage.. I'm so worried I could nearly vomit someimtes (sorry TMI!) I don't think his wage will even cover our bills. We can withdraw from our mortgage at a pinch but am hoping to cut down on bills. eg. I only get a flat white when I go out with my mum's group! I make sure everything's turned off at the wall. I've been freezing leftovers for months. I stocked up on boxes and boxes of nappies last year. But I don't think that will cut it.... any tips would be appreciated from me 2!

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    Ive learnt that if you have to survive on very little money it can be done!

    Ive been a sahm for nearly 15mnths now and love it.Im also pregnant with #2
    The first 12mnths was fine for us money wise but then dh lost his job. He didnt work for nearly 3 mnths and we still managed to survive. I dont know how,considering our mortgage alone is $405 a week!
    Dont stress,it can definately be done. Dh has just gone back to work so now i can stop worrying about finances.Phew!

    Youll be fine

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    I was going to say scrimp and save everything you can before you go on leave (thats what im in the processing of doing)
    But i have only just re-read and realise you are already on leave.....

    One thing we have started doing is setting a budget for groceries instead of just having a free for all and buying what ever we feel like it.
    Plan your meals at the start of each week, work out at least 6 meals and only buy the things needed to make them. (man i hate doing this, i prefer just to grab what ever when ever..... )

    Maybe cut you phone/mobile & internet plans down to a lower one? you could save a fair bit per month by doing this.

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    DP and i have been through all the worrying too about me not working for 12 months - and honestly it still scares me!! we sat down though and did our sums and found that we can do it, just by making a few sacrifices and budgeting carefully.

    i do have to admit we are lucky that we have some cash left over from the sale of our last house, so we have put that straight into our mortgage account for the next year.

    anyway, just a few things we have done:
    - reduced mobile phone plans
    - payed off as much as we can on our creditcards while we still have 2 incomes (my last mat leave pay is due in about a month)
    - reduced our foxtel plan ( i know that it is a luxuary, but we budgeted to keep it for my sanity!)
    - made a concious decision to use cloth nappies, not disposable.
    - doing a menu plan for every week and sticking to it!! we've managed to cut down on take aways SOOO much!!
    - most importantly, sticking to the budget!

    they're just little things, but they all help!!

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    Miss Ani, they are great tips!!

    Lejay, I can understand how you feel, I also was worried about $$ when I went on maternity leave, especially when the paid component ended.

    For us, it was important to be organised and plan ahead
    1. Put as much of our savings into the mortgage as possible (we can withdraw the extra repayments at no cost, so it was our safety net, luckily we didn't need to use it, but great to know its there).
    2. Pay off all credit cards and bills, including leaving money aside in anticipation of big bills, like car rego and car insurance (for our 2 cars).
    3. Have a budget and stick to it, including planning meals and buying groceries from a list, going to markets and butchers, buying in bulk, cutting back on takeaways.
    4. Breastfeeding if you can, it saved a lot of money, no formula etc.
    5. Using cloth nappies saved us lots of money, with very small babies you do lots of washing anyway, so it isn't any more work than disposables.
    6. Making sure that you buy all of the big ticket items for baby/nursery before you stop work, so all laybys etc are paid off.
    7. Put the baby bonus money into paying bills/mortgage, or put a little aside for gifts (b'day/xmas) or for a treat for you and your partner and something for the baby!!
    8. Check your deals/plans/tarrifs with electricity, phone, and internet providers - shop around to get the best deal, that is also the cheapest!!
    9. Accept any help that anyone offers, including 2nd hand baby stuff, as it all helps, including baby clothes, they grow so fast and if you can reduce any expenses its a good thing.
    10. Give up any expensive habits (wasn't relevant for us, but is for many people), like drinking, smoking, gambling etc, can save you lots of money.

    Good luck!!

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    I find sticking to a budget really hard... Any tips for me??? ( greatly appreciated ).

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    Quote Originally Posted by zenifa View Post
    4. Breastfeeding if you can, it saved a lot of money, no formula etc.
    ooh! thanks for reminding me about that one, zenifa!! again, something that i'm going to be doing!

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    Quote Originally Posted by zenifa View Post
    5. Using cloth nappies saved us lots of money, with very small babies you do lots of washing anyway, so it isn't any more work than disposables.
    I'd agree here!

    Disposables and wipes can cost over $3000 in 3 years!

    Cloth nappies cost under $1000, you never run out of nappies, you never have to lug boxes of nappies home from the supermarket- and these cloth nappies are reusable for your next babies too, so it's a sound investment!

    PM me if you consider doing this, or come on down to the Cloth Discussion Thread. We're always happy to help! And we all use a mix of cloth and sposies or just cloth so can give you lots of advice on where to buy, what brands etc! Cloth nappies aren't terry squares any more. Here is my son in a cloth nappy for instance, which is a nappy and cover all in one. Spunky eh?

  10. #10
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    Yep - this is my major stress and concern too! we live of my pay only and really do it tough at the moment as we have a new mortgage , 2 personal loans plus a house that needs a few serious things done to it - we didnt expect to fall pg! We already live very spare, really try to save each week but when it comes time for me to go on Maternity leave we are really going to do it tough with no pay coming in at all.(Df pays the entire mortgage and his ersonal loan with his pay - he gets more.)
    Id love to be able to work from home, im smart and have a lot of skills - its just knowing where to start and what you can make money from!(and i dont mean dodgy rip off online surveys etc!)


 

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