22 August 2016

Maternity pay: know your options

There’s lots of things for expectant parents to consider, even in the early stages of pregnancy. One thing that’s good to think about as early as possible is how long of a break you plan to take for maternity leave, and this is likely to depend on what maternity pay your work offers.

Starting a family - maternity pay

Play video - Starting a family - maternity payGroup of families sat on sofa

What do you know about maternity pay?

Mum: So the baby’s due on the 2nd of September, it’s the not the easiest thing to get your head around, especially for us first time parents, it’s all a bit overwhelming. With regards to Mat pay, I think you do have to plan in advance and that’s something that we haven’t done. And due date is around the corner, so…

Dad: We’re winging it. Basically.

Mum: Yeah, totally.

What did you find most challenging?

Dad: Around Christmas time is when we found out, so we had already bought our Christmas presents and we’d been on holiday before then.

Mum: As you may have gauged it was an unplanned pregnancy, but I guess that puts things into perspective because all of a sudden you do have to start planning, and if we had our time again then I think budgeting would have definitely been a major factor to consider.

Dad: It’s the pressures of not knowing where the money is going to come from all the time, and being prepared to put things aside.

And if you had your time again?

Mum: Had I financially prepared myself a little bit better for the situation, I would have taken 12 months off of work to spend that first year with our child. There is so much to take into consideration, neither of us I don’t think were mentally prepared for how much thought and preparation does go into having a child. So…

Dad: We’ve got each other that’s all that matters.

If you’re about to start a family of your own and thinking about your finances, you may like our in-depth guide. And it might also be worth looking into our savings options, or the life insurance we supply (provided by L&G), which could provide you with peace of mind to safeguard your family’s future.

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