Need some advice.. TTC/money issues

[Mummy&Daddy2Be]

hi all,

i'm just needing to ask this question and get some feedback, hope that's OK

basically.. we're both working at the moment, i have now found out my contract will not be renewed past december 31st (reasons of cutting the budget.. sucks)

i'm really freaking out that we won't be able to afford having a bubs.. i have always wanted to be a stay at home mum, for at least the first few years anyway..

is it possible raising bubs with only 1 income? i just don't want to seem selfish and overlook things.

i know i'll be entitled to baby bonus, after that is there any source of income from centrelink?

sorry, i tend to worry a lot lol..

any advice will be greatly appreciated

thanks ladies

baby dust xx

[Starfish]

Yes, many families have only one income. Also, once your baby is born, you will be entitled to Parenting Payment and Family Tax Benefit.

[misty]

Yes, many families have only one income. Also, once your baby is born, you will be entitled to Parenting Payment and Family Tax Benefit.

Not nessecarily. It depends on what your partner earns. We are entitled to a small amount of family tax benefit (about $300 f/n for 4 children) but not for any other payments at all.

[RhiChiChi]

- For our first born we could survive on one income. DH was paid fairly well and we cut back on alot of extra items & entertainment etc....
- This one wil be a little harder b/c we will have two kids & DH changed jobs & is paid significantly less.... It is doable however we will be staying at home alot!

- In relation to what misty said. We qualify for the PPL but not for Family Tax Benefit A and we will lose FTB once DD goes to school... The other thing to remember is whilst you may qualify for PPL, it is not on your current pay amount, it is at a set amount approx. $530 per week and it is taxable income. Also, you may be better off with the Baby Bonus not PPL. You need to check on the Family Assistance website or call them up. I've called a few times & they are really helpful.

[lady_neon]

Well, for lots of people it's possible and for others it's not. It's entirely dependant on your personal situation. For us, it's possible with cutting back a lifestyle.

Do you have a mortgage and will you be able to make repayments on one income, as well as insurances, personal loans, credit cards, bills, every day expenses. No one can answer that question for you without looking at your financial situation.

If you're going to do it, I'd suggest having at least a couple of months income in savings just in case (but hey, not everyone can do that).

[Mummy&Daddy2Be]

thanks ladies !!

no mortgage at the moment, just renting. no loans or credit cards to pay off, don't like being in debt! lol

Starfish, so you qualify for both parenting payment & family tax benefit? i will have to check out centrelinks website for the payment rates.

we have just put $3,000 on our car (cracked head, radiator.. the list goes on), so that dipped into our pot of savings.

things should be OK... i just worry too much that's all.

EDIT: might i add, we don't go out that often, maybe to the movies/dinner once every few months, we don't drink etc, we live a very basic life but that's how we both like it. just each others company at home, probably sounds boring to some hehe.

thanks so much for all your replies!!

[Rowellen]

A lot of people have babies on one income. The question is more - can you adapt your lifestyle to live within your means on one income? For us, even if DH worked 100 hours a week, he would still get bugger all but we worked it out by having us both work part time. But we get about the same or less than many one income families but we live within our means. We have cut back on EVERYTHING lol! But we are happy and don't need anything else. Sometimes it sucks. I see my friends all going on holidays and buying expensive new cars/gadgets/clothes, sending their kids to private schools etc and can't help but feeling a bit jealous. I make it work though. We are looking at cheaper holidays like camping, I buy the kids nice clothes when they are on special, etc. We bought a small car that works for us rather than an expensive 4X4.

From centrelink - there is FTB parts A & B, Childcare benefit & childcare rebate if you use childcare. I'm not sure if there's anything else as that's all I get. Instead of the baby bonus you could get paid parental leave but you would have to check to see if you are entitled to it. Call Centrelink and ask them what you might be entitled to. I have always found them very friendly & helpful.

[TeniBear]

We do pretty okay (not great, but okay) with me at home and DH as a fast food manager My c-link payments go to food, clothes, and fun stuff (for lack of a better term); his pay goes to bills, rent, petrol and occasionally he has some left over for the "fun fund"


Sent from my iPhone, probably while a toddler sits on my head.