Extending maternity leave
I am thinking of extending my maternity leave from 9 to 12 months and I need to work out if I can afford it. I got completely overwhelmed though when going through spending/income/savings and how to go about planning.
Does anyone have a good strategy or simple calculation for doing this, I would love to hear?
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Make a spreadsheet to add up all of your monthly spending
Multiply by 3
Look at how much you have in savings and see if you can cover it
Are you in the UK? You can apply for universal credit etc to cover costs for the last 12 weeks
If you're in the UK the last three months is generally unpaid. If your household income is low then you might get universal credit but otherwise it's just child benefit if you (or a partner) earn under 50-60k each.
To work out if you'd be entitled to universal credit there are various calculators online. You can just google 'entitled to' for a good one.
There’s a great downloadable excel budget planner we use on money saving expert.
do you know what your household income needs to be to be entitled for this? X
can you please send the link?
I was lucky enough to save before having my son. My plan is to have the 12 months off.. 9 months paid, 6 weeks unpaid and 6 weeks holiday use. I will be going back the week after my sons first birthday if this works out correctly x
https://www.moneysavingexpert.com/banking/budget-planning/#spreadsheet
Thank you x
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