Hello, I am a mum to a three year old boy. I am just wondering when other mums thought they were financially ready for another child? my first child I had help from the government (which since starting full time work I no longer require) I will want to return to work as soon as appropriate while my partner will plan to stay home with children ( financially makes more sense, though unsure how I will feel when child is actually born) I am also still in my early 20's just curious as to how much money I should save to be on the safe side.
4 Replies
Start living off one wage (yours) and put his into savings so you become used to the one wage and have savings. If you can live of your salary alone then your financially ready!
^^perfect advice!
What are your future plans financially? For example do you plan on buying a house or do you own one already? Do you need a bigger car? Or a second car? Break down the weekly budget realistically including all bills and any repayments at the top of the list.
Honestly living on one wage sucks! We have found that being on one wage with two children and trying to buy a house is impossible. I have returned to work for a few nights a week just to help financially.
Good on you for giving this serious thought before launching into the deep end - I'm so impressed. No real advice here that hasn't already been given. Look into your employer's paid maternity leave policy, and check out your paid parental leave entitlements through Centrelink - when you string together your work and government pay, you might be able to take a decent amount of time off without suffering financially after your second baby. I work for Queensland Health, and I got 14 weeks paid maternity leave, then my holiday/recreation leave, then I could also take the paid parental leave payment through Centrelink, starting when my maternity leave ended. I chose to take my maternity and holiday pay at half pay, for double the length of time. Less money but more time with my kids :) All up I had a year off.