hi rayray we are pretty much in the same situation. My dp earns enough to pay the mortgage and car payment only. I am going to try control freaks suggestion and put some of my pay away for maternity leave and def do my budget up tomoro. I was thinking of either doing tupperware or family day care or something like that to get a small income when bubs is about 6 months old. Any suggestions?
Rather then just 'saving' money now (which is a good idea, but often gets whittled away quickly) use this money to pay things off in advance. Either put it on your mortgage, pay it in credit onto yu various bills (ie, electricity, gas, phone), And even buying some coles or woolies vouchers to put away for groceries once bubs is here. This way the mney doesn't get wittled away on other expense that pop up (and there will always be other expenses to pop up) but will actually be there for the things you will actually need them for. Also trying t stock up now on things like nappies, wipes, toilet paper, etc, that you are going to need - even if you already have heaps.
Definitely try living on as minimal as possible before bubs is born. If you have foxtel, get rid of it; reconsider the mobile phone plans; even reconsider if you need the home phone or not.
Make sure you ALWAYS use a shopping list when grocery shopping and stick to an allcated budget, adding the cost of everything as you go, so you can sacrifice things before you make it to the checkout.
Only use cash, not eftpos - it is easier to to 'forget' how much you have spent when it is on a card. But make sure you only have enough cash on you for specific things. If you have a credit card, top using it now, pay it off and either get rid of it or put it away somewhere safe - don't use it unless absolutely neccessary - It may be cliche but freezing it in a container of water does work.
Als remember that babies themselves are only as expensive as you let them be - they dn't need all of the 'extras' that people tend to buy nowdays - a couple of generations ago, babies would often be found sleeping in a drawer, fully breastfed and in cloth nappies - and although I wouldn't recomend bubs sleeping in a draw, the same principle hold true: they only need a place to sleep, food and nappies (and I know there are mum's out there who don't even think they need nappies ) There are plenty of second hand options around.
Also talk to your mortgage provider, you may be able to make lesser interest only payments for a while - this may means the mortgage take longer to pay off overall, but it could ease your financial situation by a couple of hundred $ a month, whilst on maternity leave.
Visit the Family Assistance website and use the estimator to figure out how much FTB you will be entitled to once bubs is born, and you should be eligible for the baby bonus, which is paid over the first six months after bubs is born and should help.
thanks so much misty. You have some really seat ideas. I will definatly pay more off my utilities and mortgage and car loan. I dont have any credit cards and never will lol. You are right. Things always come up. I think i just have to be really strict. I love the idea about buying woolworths vouchers. I might buy say a $20 voucher every fortnight. I will also stock up on things like toilet paper, shampoo, conditioner, nappies, wipes and things like that. I feel so much better this morning. Thanks so so much xx B
Bee - i do tupperware, well I did before the bub anyway. I think at about 6 moths it would be good. Its good in that theres no cash outlay, but it all depends on whether you have the support of people to babysit for you? I was only ever able to do parties if they fit around DHs schedule which pretty much meant weekends only.
You make about 30%, and when you subtract costs for paperwork etc its probably closer to 20% whihc is still good.
Getting utility bills ahead is a fantastic idea, because in teh first month or so it can be hard to get your head around anything other than bub, so not having to think about it would be excellent.
The other thing Im doing, temporaily, is getting all mine as monthly bills rather than bimonthly or quarterly, as DH is paid fortnightly. My job was monthly so all our direct debits are set up for the week after Im paid which is a PITA on fortnightly incomes, though it has made me a lot better at budgeting which is great.
i think you've been given some really great ideas!
i think if it were me, id be trying to pay extra off the bills, and also stock up on basics (disposables if thats what you're using, wipes, perhaps even baby clothes up to size 1) and then find out what entitlements you will receive, and maybe make a budget and start it, using your 'new income' amount, and putting away the rest.
i also love the idea of buying coles vouchers... i plan to do this with my tax return and baby bonus instalments.
I started putting the majority of my pay onto the mortgage when I found out I was pg, this meant we got used to living off of DF wage (he was also paying our min mortgage repayments)
I stocked up on the ex shopping items and purchased bulk items things like laundry poder, shampoo and cond and other cleaning products. We also went in with family for a third of a butchered cow and a dozen chickens and dad gave us 10kg of fish he has caught so we didnt need to buy meet for over 6months. I also put xmas presents on layby and paid them off so we didnt have the financial stress or shopping with a newborn.
I have used microsoft money for our budget and its really useful. We also pay $20 a week in advance on the electricity via direct debit, this way our bills only have between $100-200 left to pay when we get them. DP changed mobile phone carriers and for the same usage he is saving $50
Im not sure if you are entitled to maternity pay but I was and with dd2 I could take it at 1/2pay so with my 6 weeks of anual leave and 28weeks of half pay (only 1.5 days of pay but it was still $300 a week) I was able to stay home until dd2 was 8months and part of the reason I returned was because I needed the stimulation. Im still bf dd and she has expressed breast milk when Im working.
Planning and budgeting are the key. When bubs arrive worrying about your finances is the lst thing you need to worry about
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) There are plenty of second hand options around.
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