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3rd Trimester
how are you ladies doing it?
As much as we're trying to scrimp and save for our LO's arrival and maternity leave, I am super worried about how things are going to work out financially. I make double what my DH makes! I'm just having a hard time seeing how it's all going to work out. I am VERY lucky to have paid leave at 55% so don't feel like I'm complaining please, but it's still stressing me out! Ideally, I would love to take the 12 weeks that I can have, but I might just have to stick with 6.
So, what ways are you all scrimping and saving for LO? What do you or DH plan on doing for extra cash during maternity leave?
I'm so jealous of you Canadian ladies out there right now!! Be very thankful for what you have!
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Re: how are you ladies doing it?
I feel the same way. I found out I was pregnant 1 week after I started my new job. We don't have paid maternity leave and I'm not even eligible for FMLA. I'll be on a leave of absence. Luckily I've paid in to AFLAC for approximately 9 months, so as long as I make it to July 1st, I'll be able to tap into that short-term disability (it's only a certain percentage of my pay though - not 100%), as well as a few banked sick leave hours at work for about 3 weeks of pay + 6 weeks of pay through AFLAC. I make almost 3-4 times as much as my hubby, and the stress is unbearable as I'm starting my 8 week countdown. It's getting harder and harder to go to work, and I want to try to work up until the day our LO comes.
We saved on some bills because they were student loans and we called and received forebearances (not sure if this is your situation). We've always been great payers on all of our bills, so I'm just going to hang on tight and pray for the best. I know it's going to be a rough 2 months though. Hubby has promised to work some more hours to try to compensate as well.
I think we'll be okay with the addition of the little one. We received quite a bit of money from our shower, and I'm protecting with every bone in my body, so if we need to fall back on that for formula or diapers we'll have it.
I thought the same thing about Canadian women just the other day. Wouldn't it be nice to have a million dollars or at least be Canadian?! Haha.
It is wonderful that we get a year leave!
We don't get 100% pay, we get 55% of our gross. Some jobs do pay top up for so long. Im not complaing , we are treated well for mat leave!
Well, at least it's nice to see I'm not the only one worrying! Thanks for the input! We'll just keep saving and hope for the best I guess. Even amidst all the worrying about this stuff, I am most importantly so excited to meet this little guy! Money can't compare to that!
Little M 6/16/2013
Angel baby 5/17/2014
With me i got layed off in January so my last day of work was on 15th.. so Jan 15 is when my Employment insurance benefits end .
It was tight for awhile.. but im really good with budgeting/using coupons when i can. and have had alot of help with baby things etc.. and if ever was in trouble not like id want to but we can count on family. Hoping DH will finally decide on a career he's been debating about! Most of baby stuff is used, lent, or on sale! I did diy on letters/hanging art in his room! Hopefully get a few things off of our registry when baby comes!
As for me we'll see if even worth it to go back to work.. if im just going back to work to pay for daycare i dont see point if dont quality to get it subsidized!
Things arent easy in canada believe me..
Gas it pretty high, everything seems to be going up .
Where i live in Canada we have lowest min wage and so many people are looking for jobs, getting layed off etc.
Agreed. Also, our leave is only paid at 55% usually, so in the long run, we're actually making LESS money than you ladies who go back after 12 weeks, instead of the 50 we get. And the first two weeks are completely unpaid.
And Then There Were Three...
Married: 08/14/10
Baby #1 Born: 06/18/11
June Moms Blog
And for me big drama with my ei application and i think i had more wait time and i was so poor waiting for ei to come in.
Good idea to pay a little extra into monthly bills! I am going to do that for the next little bit!
I have been super worried about taking leave. I actually decided to take the 4 weeks prior to my due date that CA allows- I work a demanding job, and its hard enough right now. I need to get my OB to approve officially, but I know he will. I have saved about $1000 for each month I will be off (4 total) and I know thats not nearly enough! My hubby keeps saying hes going to get a second job for awhile...but... he has yet to actually do it!
I am more worried about paying for childcare post leave! Plus, all our regualr bills, and a hospital bill. AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH! I know we will get through it, for sure. Its just a scary thought!
I'm a benefits administrator by trade, so the best thing you can do to plan ahead is to educate yourself on what resources you have available to you to start with, so you can plan around that. Talk to your employer and DH's employer and find out exactly what kind of benefits you have to begin with!!
First off is savings. Part of my paycheck goes directly into our savings before I even see it thanks to direct deposit. Second is the fact that since we bought our car we've always paid more than the minimum, which will allow us to skip a payment while I'm on leave if necessary. Third is my paid time off. I can cash it out in chunks while I'm out on leave to cover our insurance premiums and the first two weeks of unpaid leave until my disability pay kicks in (60% for 4 weeks, which is also taxed as income). Since I'm using leave for the first two full weeks off, and I'm paid in arrears by my employer, that extends the length of time past delivery that I'll be getting paychecks (I could get one or maybe even two more paychecks after baby comes depending on when I go out).
My disability pay should cover utility bills for about two months (the ones I pay) after that, and at the end of leave I will cash out whatever paid leave I have left to give me essentially an extra paycheck before I go back to work. That and our savings is there if we need to tap into it for a bill or two here and there.
Out of pocket medical expenses will be covered by my FSA account, so we'll be using pre-tax dollars to pay for the majority of those expenses after the baby is born. Since I knew last year I was obviously pregnant I put in the max allowed by my employer - and since it's an FSA, the money is available up front even though I haven't contributed it all yet. And remember, having a baby is a qualifying event and allows you to increase your FSA limit in the middle of the year up to the max allowed by your/DH's employer!!! At least pay all your hospital and pediatrician copays and coinsurance with tax-free money!! If you have a dependent care FSA account at your work or DH's work you can use pre-tax money to help subsidize your daycare costs after you go back also.
DH only has to cover the babysitter for DD and his student loan payments, which can be deferred for a while if necessary also. We use coupons and sales like crazy, I walk to work every day and DH works from home so we save on gas and car insurance that way also. You can also call up your cable company and tell them you have to drop/decrease service b/c you have a baby coming and they'll probably give you a temporary lower promotional rate too. We keep our thermostat at 80 degrees during the summer and use fans a lot to avoid cranking up the AC unless absolutely necessary, and I'm a light-turning-off nazi to keep our electric bill in check.
I see your point - but I don't get ANY paid maternity leave...and its 6 weeks off. In Chicago, everything is sky high at the moment too...Some parts of Chicago are $4.80 for a gallon of gas. Crazy.... Luckily I will be leaving after the baby and looking for something part time. It's not worth it since I hardly get any vacation time and don't get paid maternity anyhow.
Really wish our government would work on this.
I was told long ago to never live outside of your means. Find what you can live off of and even though you get paid more each year, or you get tax returns, or anything else, live off of the same amount of your first salary. This helped me tremendously. I know that's a little late for you now, but it's something to keep in mind for the future. By doing just this we have been debt-free for two years, saved up an emergency fund, started investing, and have two IRAs for retirement.
Live like you're poor. Find anything you can live without and live without it. Clip coupons. Don't over-cook or over-buy, most people tend to throw out a lot of produce and left-overs. Before making a "want" purchase sleep on it. Seriously, how many people out there regret buying something after the fact? Ditch cable, you can stream so much through the internet legally these days cable is just a extra payment.
We're going to put our student loans into forbearance, we put our tax refund straight into savings for the summer (~$2000+), and since I live in California I will get 60% of my salary during my 12 weeks of disability/family leave. We've totaled up our necessary monthly costs and think we'll do fine until I go back to work. My husband is finishing his PhD next year, so we only get a little fellowship $ every month from him - I'm earning most of the money, so we had to figure out something. We'll also save money when I go back to work because as my husband writes his dissertation from home, he'll be taking care of the baby - no day care.
BFP #1: 10/2011, Pre-eclampsia in last 6 weeks, emergency C-section, DD born 6/25/11
BFP #2: 8/16/14, Ectopic Pregnancy & Methotrexate Inj. 9/5/14, Adverse MTX reaction, HCG levels down after 2 weeks
BFP #3: 2/23/2016, EDD 10/28/2016
the biggest thing we're doing to save is cutting the cord...no more TV! which really everything (except for my hbo shows) is on hulu or we watch post-season on netflix anyway so it's no big deal.