My wife just had her 12 week scan, and its the first time we saw our little baby, heart beating etc. Very exciting... but there is a lot we will need to plan for. Appreciate any tips.
Here is my summary:
Joint income per month: £3200 (after pension/401k cuts etc)
After she has the baby she gets 6 weeks of full pay, then it goes to statutory pay, which is a very poorly £550 a month. That totals about £2400 a month.
As you can see above, thats how a lot of our payments go out typically. Usually the Misc section is quite small but the time of the year has bumped it up. With regards to the mortgage overpayments and extra investing (Vanguard), we will most likely need to drop one of these. I am thinking of dropping the overpayments, and continue investing to free up that extra £350 a month.
I need to trim money elsewhere, most likely with dining and socialising and also reducing the food bill...would really appreciate any insight or advice.
Cheers
Zola