Maternity Leave- How to make your money last

Today’ s Guest Post is about making maternity leave cash last the distance

For the rest of the workforce, maternity leave seems like a blissful experience; a long term paid absence where you get to spend quality time with your new-born child. However, anyone that thinks that must know nothing about raising a child (!) From late nights to sudden, seemingly random illnesses, having a young baby can often be very stressful. There are lots of things to consider and one of the easiest to neglect is your finances, especially if your pregnancy wasn’t strictly ‘planned’. If you already have existing debts, it can make things doubly worse. So, this blog is going to outline some of the key ways to make sure you manage your money on maternity leave and make sure your bank balance is as happy and healthy as your baby is.

·         Manage your pay

 Every company is different but there is statutory regulation that your employer must adhere to, so it’s important to know your rights in this regard. No matter what the change in income, the most important thing to do is to calculate what your new income is and draw up a new budget for yourself.  Bear in mind to factor in the whole new series of costs which will come from having to feed and clothe a new born baby.

·         Days out

You suddenly have a whole load of free time and staying indoors with your baby will quickly lead to cabin fever. So the best thing to do is plan days out! There are loads of free things to do in Scotland, from museums and parks to family events, so you should never be too stuck for ideas! Check The List to keep up to date with events around town.

·         Breastfeeding

If you are comfortable with it, not only is breastfeeding recommended as healthier for your baby than any other type of milk, you’ll also save huge amounts on buying the powdered variety. 

·         Re-usable Nappies

Although you don’t see glossy adverts for these, like you do for so many disposal nappies, re-usable cloth nappies are a far cheaper option than buying disposable. You can find cheap ones in loads of stores and you can control how many you buy, although it’s best to have plenty to prevent you having to constantly wash them.

·         Ebay your life

You’ll have lots of free time to tidy and sort- so why not clear out your house and sell off any unwanted items you have! Bear in mind that the tatty designer top that’s 10 years old, may seem worthless to you, but could be valuable online.

·         Borrow your buggy

Think of any old friends whose children are all grown up, and consider that they may have an expensive buggy which they no longer use. Chances are you’ll get a good price for it and your friend will be glad to get some money back on their expensive purchase!

The most important thing to do is to manage your money. If you don’t keep a good track of your spending, you could find yourself in dire straits- and it’s important to remember your saving for two now! So if you are struggling, make sure you get expert debt advice as soon as possible.

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