Ways to save - the out of work with no pay maternity leave addition
September 5, 2017 7:36 AM Subscribe
We are adopting a new born, due in the next week or so. I will be out of work for 6 weeks with no pay, and I make the most money between my husband and I. I need survival/savings tips!
We are adopting a newborn due around September 10th. We blew our entire savings - minus $2000 - on the adoption process. I live in Florida, and I have FMLA which will hold my job during those weeks but I do not qualify for any paid time off.
My husband and I both work full time, and I actually bring home more currently because he changed jobs last year and took a pay cut. (the adoption we did not anticipate during this time.)
The $2000 in savings along with his pay will last us and pay our bills for about 4 weeks. I have already called one place we have a payment through and am paying to defer those payment for 2 months, which will help some.
I am looking for ways to save, at this point. Any suggestions through those 6 weeks to cut back on anything I can so that we don't sink would be super helpful!
We are adopting a newborn due around September 10th. We blew our entire savings - minus $2000 - on the adoption process. I live in Florida, and I have FMLA which will hold my job during those weeks but I do not qualify for any paid time off.
My husband and I both work full time, and I actually bring home more currently because he changed jobs last year and took a pay cut. (the adoption we did not anticipate during this time.)
The $2000 in savings along with his pay will last us and pay our bills for about 4 weeks. I have already called one place we have a payment through and am paying to defer those payment for 2 months, which will help some.
I am looking for ways to save, at this point. Any suggestions through those 6 weeks to cut back on anything I can so that we don't sink would be super helpful!
Depending on your contracts. Cut your cable TV if you still have it. Though this tends to be a longer term saving move, one less payment in the 4 weeks will be nice & it will help you build up your savings again.
Prepare & freeze a pile of cheap filling freezer meals so you're not paying for take out or food shopping when you're both tired & hungry & settling in with the new child.
Most important tip, you don't need half the things you'll be told you need for a new born baby. Yes some of them are super nice to have, but it's amazing what you can get by without. Don't scrimp on a nice safe baby seat/carrier but everything else only buy as needed. They grow out of clothes & diapers & you might have to change formula a few times to find one that sits well with them. Don't stock up until you can afford to do so & know what works, if someone wants to give you a present of any sort look to a costco or Sams club membership as they sell good quality formula & diapers for excellent prices.
posted by wwax at 8:10 AM on September 5, 2017 [5 favorites]
Prepare & freeze a pile of cheap filling freezer meals so you're not paying for take out or food shopping when you're both tired & hungry & settling in with the new child.
Most important tip, you don't need half the things you'll be told you need for a new born baby. Yes some of them are super nice to have, but it's amazing what you can get by without. Don't scrimp on a nice safe baby seat/carrier but everything else only buy as needed. They grow out of clothes & diapers & you might have to change formula a few times to find one that sits well with them. Don't stock up until you can afford to do so & know what works, if someone wants to give you a present of any sort look to a costco or Sams club membership as they sell good quality formula & diapers for excellent prices.
posted by wwax at 8:10 AM on September 5, 2017 [5 favorites]
Congratulations!! It sounds like you need about 2 more weeks of pay, or $1000, to replace if my calculations are correct. Of course you may also be needing some extra money for your newborn.
To earn:
-Can you sell anything on Craig's list or Ebay? Furniture, appliances, electronics, high-end clothes. I just sold an cupboard for $200 on Craigslist. Granted, I think it was worth a lot more but I wasn't willing to wait.
-Look for ads for housekeeping and do a few gigs in the next couple of weeks. You could also do some day to day temp work if you sign up today.
To save:
-change car insurance policy to a higher deductible and/or remove collision if not financing and car isn't worth more than a couple thousand bucks.
-Refinance house mortgage at a lower interest rate.
Things I don't recommend:
-Working from home while on parent leave.
-Withdrawing from retirement.
posted by waving at 8:28 AM on September 5, 2017 [2 favorites]
To earn:
-Can you sell anything on Craig's list or Ebay? Furniture, appliances, electronics, high-end clothes. I just sold an cupboard for $200 on Craigslist. Granted, I think it was worth a lot more but I wasn't willing to wait.
-Look for ads for housekeeping and do a few gigs in the next couple of weeks. You could also do some day to day temp work if you sign up today.
To save:
-change car insurance policy to a higher deductible and/or remove collision if not financing and car isn't worth more than a couple thousand bucks.
-Refinance house mortgage at a lower interest rate.
Things I don't recommend:
-Working from home while on parent leave.
-Withdrawing from retirement.
posted by waving at 8:28 AM on September 5, 2017 [2 favorites]
Are there Facebook groups or other Buy Sell Trade groups in your area for new parents? Where I am there is brisk traffic in unloading unused diapers and formula that hasn't expired, as well as clothes and equipment etc.
I have not really ventured far from the house since baby was born 9 wks ago so typical expenditures for transport / services outside the home have gone unused, if those are places you could look to cut.
I would say our biggest expenditures those first few weeks were for takeout / prepared foods. If you can mitigate that with prepped frozen foods or lean on your friends who cheerily say "let me know what you need!" to bring you food and fruit, that would help. I made my friends casseroles when they had babies but also brought over stuff like bags of almonds and hard boiled eggs because sometimes you don't want, like, a whole heavy Chinese takeout dinner, you just want a handful of protein to get you through the next few hours of babycaring. So put those well-meaning friends and family to work for you feeding you.
Congrats that is so exciting!!!
posted by sestaaak at 8:37 AM on September 5, 2017 [5 favorites]
I have not really ventured far from the house since baby was born 9 wks ago so typical expenditures for transport / services outside the home have gone unused, if those are places you could look to cut.
I would say our biggest expenditures those first few weeks were for takeout / prepared foods. If you can mitigate that with prepped frozen foods or lean on your friends who cheerily say "let me know what you need!" to bring you food and fruit, that would help. I made my friends casseroles when they had babies but also brought over stuff like bags of almonds and hard boiled eggs because sometimes you don't want, like, a whole heavy Chinese takeout dinner, you just want a handful of protein to get you through the next few hours of babycaring. So put those well-meaning friends and family to work for you feeding you.
Congrats that is so exciting!!!
posted by sestaaak at 8:37 AM on September 5, 2017 [5 favorites]
Does your husband qualify for FMLA or even better, paid leave? If you make more than him it might make sense for him to take time off instead of you.
posted by the agents of KAOS at 9:44 AM on September 5, 2017 [5 favorites]
posted by the agents of KAOS at 9:44 AM on September 5, 2017 [5 favorites]
Do you have any flexibility with your job hours? Would they allow you to work part-time while you find volunteers to watch the newborn for the first few months instead of FMLA?
I bet you and your husband's circle of family, friends, church, Facebook pals and co-workers would be thrilled to help out somehow. If they ask for how they can help, please take them up on their offers.
For example: If someone organized a chain of meals or groceries with your input to be delivered to your home to help save on grocery bills, that would be a lifesaver. If someone helped out with buying your brand of formula for a week, or a set of gift cards to your local big box store for your necessities. Cancel your gym membership, downgrade your cable for a few months and reconsider anything else you normally would consider everyday necessities.
posted by IndigoOnTheGo at 11:51 AM on September 5, 2017
I bet you and your husband's circle of family, friends, church, Facebook pals and co-workers would be thrilled to help out somehow. If they ask for how they can help, please take them up on their offers.
For example: If someone organized a chain of meals or groceries with your input to be delivered to your home to help save on grocery bills, that would be a lifesaver. If someone helped out with buying your brand of formula for a week, or a set of gift cards to your local big box store for your necessities. Cancel your gym membership, downgrade your cable for a few months and reconsider anything else you normally would consider everyday necessities.
posted by IndigoOnTheGo at 11:51 AM on September 5, 2017
Two thoughts:
If you have credit card payments (which hopefully you don't), you can change the due date and delay a payment by a couple of weeks, if the timing is right.
While you should not withdraw from retirement, borrowing from your 401k may be an option. Tread carefully here, as if you quit or get laid off before you pay it back, you'll have a few months to pay it back (details in the terms they list) or it counts as a withdrawal, with all the associated taxes and penalties.
If you have a mortgage, you can typically pay up to 10-15 days late without any fees and even longer for a fee, but without it dinging your credit.
BUT all of these strategies require that you pay back / catch up eventually, so may not be ideal unless you normally have a lot of slack in your budget.
posted by ethidda at 11:58 AM on September 5, 2017
If you have credit card payments (which hopefully you don't), you can change the due date and delay a payment by a couple of weeks, if the timing is right.
While you should not withdraw from retirement, borrowing from your 401k may be an option. Tread carefully here, as if you quit or get laid off before you pay it back, you'll have a few months to pay it back (details in the terms they list) or it counts as a withdrawal, with all the associated taxes and penalties.
If you have a mortgage, you can typically pay up to 10-15 days late without any fees and even longer for a fee, but without it dinging your credit.
BUT all of these strategies require that you pay back / catch up eventually, so may not be ideal unless you normally have a lot of slack in your budget.
posted by ethidda at 11:58 AM on September 5, 2017
If you'll be anywhere near what your locality considers to be the poverty line for a family of 3 while on FMLA (congratulations on the +1 yay!), don't hesitate to check out local and state resources are available to support you. (There are things like free and highly subsidized diapers and formula; well baby checks; food assistance; baby boxes; and others.
If there is any baby equipment you want/need, ask around on Facebook before searching Craigslist and OfferUp.
Some well-meaning people may insist on giving a gift. I recommend registering baby somewhere like Walmart or Target where you can put giftcards that can be used for groceries, formula, diapers!!, and etc on the list. To discourage gifts of bouncy seats and pack n' plays (essential but easy to inheret or buy used), add these to your registry once obtained and mark them as purchased. That way well-wishers know you and baby won't be missing out on whatever thing they personally find most important!
posted by Kalatraz at 1:34 PM on September 5, 2017 [1 favorite]
If there is any baby equipment you want/need, ask around on Facebook before searching Craigslist and OfferUp.
Some well-meaning people may insist on giving a gift. I recommend registering baby somewhere like Walmart or Target where you can put giftcards that can be used for groceries, formula, diapers!!, and etc on the list. To discourage gifts of bouncy seats and pack n' plays (essential but easy to inheret or buy used), add these to your registry once obtained and mark them as purchased. That way well-wishers know you and baby won't be missing out on whatever thing they personally find most important!
posted by Kalatraz at 1:34 PM on September 5, 2017 [1 favorite]
Re: baby stuff- put the word out on social media that you're looking for second hand stuff? Ppl usually have heaps because babies churn through stuff so quickly.
Find out which formula and tests the baby is using in hospital/with current carers and replicate if you can. Babies can be fussy and buying lots of new bottles and formulas can add up quickly.
Buy nappies on sale when you see them and be aware that they generally don't last long in the newborn size.
posted by jojobobo at 4:01 PM on September 5, 2017 [1 favorite]
Find out which formula and tests the baby is using in hospital/with current carers and replicate if you can. Babies can be fussy and buying lots of new bottles and formulas can add up quickly.
Buy nappies on sale when you see them and be aware that they generally don't last long in the newborn size.
posted by jojobobo at 4:01 PM on September 5, 2017 [1 favorite]
I feel it should be mentioned that I have found this time to be a particularly tricky time to be frugal. You will likely be very tired and desperate to do anything to get more sleep. Si guess it depends on how much you iusuallt spend on take out or going out but for us those first weeks are usually costly. Which is not to say that you can't be frugal, just that it's not the easiest time to be.
They are also of course incredibly happy and wonderful times. Congratulations.
posted by jojobobo at 4:05 PM on September 5, 2017 [2 favorites]
They are also of course incredibly happy and wonderful times. Congratulations.
posted by jojobobo at 4:05 PM on September 5, 2017 [2 favorites]
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But in a general way, as a frugal person, I myself save on on electricity bills by not using A/C and relying on fans and cross ventilation, I don't have cable TV, I eat at home and generally buy inexpensive foods like pasta, beans, eggs (and inexpensive treats like ice cream). I don't know if that sounds too grim, but it saves quite a bit.
posted by Vispa Teresa at 8:09 AM on September 5, 2017 [2 favorites]