Having a baby can put you in a financial endeavour. From preparing your home to be conducive for the new member to arrive up until the necessary preparation that includes childbirth and the needs of the child. There are a lot of expenses that have to be considered in your budget when this happens.
Moreover, while you’re on maternity leave, it may lead to being in debt due to reduced in your income or due to the expenses of having a new member of the household.
Ways to Increase Your Income
If you’ll be getting a maternity leave or having one, while struggling to cope up with debts, you might be thinking about what you can do to cushion the impact. We can help you determine the options available, you can either give us a call or use our debt advice tool for free debt advice.
Moreover, reviewing your finances and checking both your income and expenses each month is a must. This way, you will get a clear picture on how you’re spending your money. Also, you might consider these tips to increase your income.
Finding Ways to Reduce Spending
As you create your budget, try to see whether you can eliminate some of the areas that you can live without. Also, you can check if it’s possible to minimize some of the costs. From simple price comparison when doing your regular groceries up to check affordable suppliers – all these can help out in reducing your regular expenses.
Online Parent Communities
There are supportive online communities that you can refer to. These are parent communities that you can join online. From this group, you may be able to get some creative money-saving strategies that allow you to increase your income.
Since your expenses continually grow, you can check if you are eligible for certain benefits. You can refer to our guide on increasing income and saving money for more information.
Sure Start Maternity Grants
If you’re in a low income or getting some benefits you might qualify for a Sure Start Maternity Grant. This gives a lump sum of £500 for the expenses of having a baby. You can apply for the grant within 11 weeks before you’re due to deliver and up to your baby ageing 3 months old. Because it’s a privilege, you don’t pay back any compensation.
Furthermore, if you have questions on how you can deal with the expenses during maternity, contact us straight away.