How Much Money to Save for Maternity Leave UK 2023
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- Опубліковано 15 лип 2024
- Are you starting to think about how much money you need to save for maternity leave in 2023 in the UK? If you need to figure out exactly how much money to save for your maternity leave even with statutory maternity pay - hopefully this is a helpful video for you!
Statutory Maternity Pay (SMP) is paid for up to 39 weeks. (9 months!) You get:
90% of your average weekly earnings (before tax) for the first 6 weeks
£172.48 or 90% of your average weekly earnings (whichever is lower) for the next 33 weeks
SMP is paid in the same way as your wages (for example monthly or weekly). Tax and National Insurance will be deducted.
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00:00 - intro
01:39 - incomings and outgoings
03:31 - what does your work offer?
05:39 - how long do you want to take mat leave?
07:56 - how much to top up statutory mat pay per month
08:24 - total you need to save for mat leave
12:16 - how much have I saved?
15:03 - you’ll be fine!
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I hope you find this video helpful guys! I’d love to know how much you’re aiming to / have been able to save for your mat leave if you’re willing to share? 💸🫶🏼
Remember SMP stops at 9 months/39 weeks!! So the final 3 months is £0 😭😭
Great video! I'm also very fortunate to get 6 months pay so I've been working out what I need per month to pay my share of bills plus being comfortable and having a little bit of money left over for me. I already had savings but I'm planning on saving as much as I can during the first few months of full pay when I'll most likely be house bound looking after a newborn :-) It's disappointing that we still have to pay tax and NI when on statutory pay, I really don't know how anyone is expected to live off of that money - Especially anyone that's a single parent!
This is a really helpful video Shan - thank you for sharing your experience so openly and honestly. I’m sure it will be useful to so many women out there ❤ I was the same as you and scraped by on my first maternity leave 🙈 I’ve definitely learnt from that and have started saving for another leave before we have even started trying for a second!
So glad you found it helpful! I think it’s so important to have these convos so that we can learn from each others mistakes haha! I did exactly the same and didn’t start trying until he had enough saved 🙈💸
This is so helpful ❤️ thank you so much Shan ❤️ I finally uploaded my first ever UA-cam video today and will be documenting my pregnancy too !❤️ your confidence has helped me so much and made me realise I can do this ❤️
Ah this is amazing! Well done!! Trust me, the hardest part is just starting, but you’ve done it - can’t sit to give it a watch xxx
Loved how informative this is. I was not able to work with my last pregnancy, due to severe illness, so I was put on the ESA benefit. It was NOT a fun time. We learned so many things to stretch the budget. Facebook marketplace became my holy place for baby stuff and meal prepping my new passion. I couldn't imagine having to worry about maternity leave as well! You are all so strong and the way you share your knowledge for other women is amazing.
🥹🥹 thank you so much for your support lovely, means so much! 🫶🏼
Controversial, but most people don’t realise if you’re only on SMP it’s worth applying for universal credit for maternity leave, even if you wouldn’t normally be eligible x
My partner found this out from a colleague so we did and it made such a difference. It also ended up coming in handy when the month before I went back he was between jobs and out of work.
I honestly on my first baby hadnr saved didnt have sod all savings newly married etc had to move because the flat was tiny etc and ended finishing work early i had the shock of my life after 6 weeks when my wages dropped! I ended up in debt and took years to pay off! I felt so much pressure... nearly 8 years on i have 4 kids and learnt my lesson big time!! You just have to if possible simplify things and cut back where possible and remember its 12 months out of forever! Cuddles and walks in the park catch ups with friends cost nothing. Also we were so lucky we got given so much by people! Xx
I didnt do any calculations and after watching this im definitely going to be better prepared next time. Me and my partner started putting away a set £200 a month each once i fell pregnant. What i found helpful as well is the 5 months I was still receiving full pay whilst on maternity leave I kept putting those savings away as my income was no different at that point.
So my biggest tip is, unless you have put away exactly what you want saved by the time you go on maternity leave, if you get a good period of full pay whilst you are on materniry leave, use that period to keep saving as you were before leave.
Super helpful thankyou! I get 3 month full pay so going to hopefully save majority of my wage during that time when I can’t imagine I’ll be doing much apart from staying inside with a new born!
I live in Australia so it’s a bit different here, but I’m already planning how much I will need to save for my second which I’m not even planning on trying to conceive until end of next year! But I’m a single mum by choice so have to plan it out as there is no second income!
In Canada, it is or was! It's a part of Grade 11, and the course one needed to choose is or was called Society, Challenge, and Change ... Females who did take parenting classes all throughout, starting from grade 10, this all came standard. Very few males would partake or choose such classes, so therefore, it was also included in the other! ... The education system is much different nowadays, so all this may be irrelevant ... or yet more relevant than ever ... I took my classes one year ahead generally. I would always have to get pre-approval from the VP to do so ... I never took a parenting class, but it is scattered throughout some other courses that are not prerequisites and required for one to graduate ...
Yes, same, 6 months full pay. Then I’ll have 8 weeks with the gov which is not much, and then holiday which is paid , so I’ll always have money.
Such a helpful video for the mamas to be!!! I was so unorganised when I was pregnant with my George, as he wasn’t planned we literally didn’t save a penny & Maternity leave has been such a difficult time😩 x
I really hope it was helpful to people, it’s such a mind boggling time and finances are just another thing to have to worry about!
It’s different for everyone but we can hopefully just get ourselves in the best position possible to not have to struggle as much! 🤎
@@HomeWithShan It definitely will, I wish I’d of watched when I was pregnant! It’s motivating knowing it is possible to do, as you’ve achieved it yourself!
Ive always been a ‘deal with later’ person, but now I have my little one Im trying to get into a more organised lifestyle haha!😂 x
Wow! I get 6 weeks full pay then SMP, no matter how long I’ve been in the job, it’s so bad. I can’t afford to save anything either, so god knows what I’m gonna do when I have baby no.2. I lost my job when I was like 6 months pregnant with baby no.2 and couldn’t get another job or I wouldn’t get SMP, that was tough, so tough x
Remember the SMP payment would have NI and tax etc deducted. Only really affects people who get some sort of OMP payment ontop for part of maternity (to take you above the first tax line) but worth a thought if your only saving the minimum as I nearly missed this. 4 weeks wow your pregnancy seems to have went so fast but maybe not for you. Im going back to work next week after 9 months off with third kid but hoping for a lottery win so I don't need too 😂
You are so lucky with what your employer pays... I'm in South Africa and maternity leave is completely unpaid for me....
I could only afford to take 2 months off, so baby went to daycare at 8 weeks old.
I sold my car when I was pregnant so that was my maternity pot 😂 worked well for us as we no longer needed 2 cars anyway. It will be a lot harder when we try for baby #2. Prioritising our financial position this year and then will start saving next year and trying in about a year’s time! Definitely worth being prepared. I’m a nurse so I get a pretty good package through NHS but you still have to think about these things. Stat mat pay is brutal 😅 xxx
Ah that’s a good one! I had to buy a new car last time cause a car seat wouldn’t fit in my fiat 500 I had at the time haha!! Like you say, so worth being prepared!! 🫣💸
Thank you for the video😊 What about the additional costs of having a baby? Surely your expenditures go up with a new baby to provide for?
I’m currently pregnant due in December. My partner and I pay 50/50 towards our mortgage bills etc but my partner earns a little more than me so I subsequently have gone into my overdraft and have a small balance on my credit card. I really need to get these paid off before I can even start to think about saving. I’m worried I won’t have enough time to save 😢
I wish SMP wasn't subject to tax- how much we actually get is less 😓
It is possible, I put aside £500 each month while pregnant but I am having to go back at 9 months
I honestly wish this sort of stuff that most people need and taxes etc everything you need in day to day life was taught in school!
In 2020 I started putting money aside knowing we wanted a baby at one point but then lock down happened and I had to financially support my partner as he was made redundant so I only saved about £3/£400. What I didn’t anticipate for was that on statutory mat pay after 9 months you get nothing and while I was pregnant my company tupeed to another company who wouldn’t accept me to come back part time and I couldn’t afford child care so I had to leave work.
I’m so lucky my parents have allowed my family to live in their family home but the struggle of scraping by is so hard!
It’s quite sad that majoirty of first time mums go in to this situation absolutely clueless until it’s too late and they’re at financial hardship. Wish this was taught to everyone early on as possible so women (and men) can prepare as much as they can
In Canada, it is or was! It's a part of Grade 11, and the course one needed to choose is or was called Society, Challenge, and Change ... Females who did take parenting classes all throughout, starting from grade 10, this all came standard. Very few males would partake or choose such classes, so therefore, it was also included in the other! ... The education system is much different nowadays, so all this may be irrelevant ... or yet more relevant than ever ... I took my classes one year ahead generally. I would always have to get pre-approval from the VP to do so ... I never took a parenting class, but it is scattered throughout some other courses that are not prerequisites and required for one to graduate ...
@@StevenRockwood that’s really good that in Canada they teach that.
There is nothing like that in the UK education.
Sex education is taught with parent consent but I think things you actually need in day to day adult life outside of school should be taught. When I passed my driving test I had no idea how to even insure a car 🤣 my partner recently wrote my car off and the process is so confusing.
It’s only now I have a family I am starting to look in to mortgages etc and that is also confusing and totally unaffordable for most people now including renting. I wish school taught you need to save a minimum of about 30% of the value of the house to put a deposit down for a mortgage and just life in the UK is confusing 🤣
@@alexdadam All of what you have mentioned is / was taught here in Canada! Things may have changed, but not that much. They prepared us for real life. It was drilled into us in our prerequisites as well as sprinkled into our electives so as to not miss important issues we may face. It all starts off in grade 6 [the start of middle school here] with an introduction to values, influences, and peers and then continues throughout albeit by different names. By the time I was 18, I had my first credit card. I owned my first sportscar by 20, yet I had four cars prior. I purchased my first property by 23, and by 25, my partner and I owned three; two of which generated monthly income. At the age of 26, we sold all to build our dream home. All this wouldn't have been achievable if I hadn't been prepared! ... 👌🤘 ...
@@StevenRockwood that is honestly amazing. I really wish the UK would do this and would have done this.
In school they always say “oh wait until you get out in to the real world” “nothing will prepare you for the real world” they’re absolutely right nothing did prepare anyone for the real world because we wasn’t taught to be prepared for the real world.
I remember in science having to learn about the cells inside a leaf… I questioned how this would have any relevance to majority of peoples day to day life and how it prepared people for the real world and I got kicked out of the lesson because I questioned the curriculum 😂 unless you want to be a scientist. It really had no relevance to anyone in day to day life. They deemed that being important but not actually teaching children essential lessons and life skills
Im due my second baby in July, im so greatful that my employer has a great maternity policy. Full pay 6 months then smp. With my first i took 12 months this tiem im only taking 9 months. Me and my partner match whatever we put into our savings account every month.
Im self-employed 😅 so im going to have to go back after about a month
Omg UK has such awful maternity leave/pay. So sad.
I work for the nhs and only get full pay for 2 months….
Thank you for your video! I’m not too sure if I understood well but after your 6 months fully paid you you would only have another 3 for the government as the SMP is only covered for 39 weeks, is that correct?
Thank you! ❤
I thought this as well x
Yes last bit of leave would be completely unpaid
Yes this is correct! So in Shan's case it's 6 months full pay, 3 months of SMP subsidised by savings, then 3 months of pure savings (or annual leave) 😊 This is exactly what I did when I had my son 🥰
Yeah that’s exactly right! This caught me out last time around which is why I went back after 9 months! Xxx
Just to add not everyone gets this, this is very generous entitlement. Statutory (if your employer doesn't provide an enhanced package) is far less generous!
Do they ask back maternity leave money if you don't return back to job as you get pregnant again
Won't your self employed - youtube income affect your SMP?
No it doesn’t x
@@AmeliaRane And why so?
This video was not relatable as you got 6 months full pay
Like lots of people? It’s dependant on if your job offers a MAT benefit package.. Jesus.