How to make statutory maternity pay work?

Posted by RepresentativeDue499@reddit | AskUK | View on Reddit | 44 comments

Hi there,

Im due in August and trying to work out my mat leave along with money bills etc

The first 24 weeks of my mat leave is full pay then drops to 13 weeks SMP, then after that, you have the option to take a further 13 weeks but this will be unpaid.

I plan to take the 24 weeks and was planning to take the further 13weeks on SMP but i really dont know how we are going to make it work?

Me and my husband both have fairly well paid jobs but we also have a morguage, car etc to pay for and looks to be SMP is £194 a week. Does anyone know if this is taxed or if thats after tax? I earn roughly £2,200 clear a month so this is a significant drop for me.

Ive been putting money past but dont want to eat into our savings as ive worked out that i need to save around £4,200 to cover the loss of earnings to pay bills etc while im on SMP. My husband is also picking up extra hours at work but unfortunately this isnt always possible for me due to the nature of my job. We love a quiet life as it is, we dont go away big holidays or weekends away, we dont go to pubs and neither of us smoke. We try and budget food shop as it is. I dont get my nails, lashes etc done just a hair trim every 3 months so unsure how else we can cut down on costs to save?

Basically just wondering howww the heck do you survive?? Im trying not to go back early as i want as much time with the little one as possible and also if i do back early, we are then looking at childcare bills as neither of us have any retired relatives which could help us out.

Also seen on other posts regarding child tax credit or something? Can anyone explain this and how to go about it if we qualify? This will be our first child earth side.

Any advice would be appreciated😮‍💨