How to earn extra money on maternity leave

How to Survive Maternity Leave and the Cash Crunch

Deanna Wilmshurst, of Dartmouth, N. Few people do, says Diane McCurdy, president of McCurdy Financial Planning in Vancouver and author of How Much is Enough? Since Wilmshurst and her hubby, Niels Nielson, are both MBAs, they had no trouble discussing finances. Having trouble stretching your leaner income to cover the monthly expenses? The first thing to do is figure out exactly how much you have coming in and where your money goes.

McCurdy suggests tracking expenses for a month by throwing every receipt into an envelope and then tallying them. Then hash out your priorities.

For Wilmshurst and Nielson it was simple. Wilmshurst and Nielson gave up going to the movies and dinners out. Then they found ways to shave the cost of necessities. In addition, she made all her own baby food and relied on second-hand clothing and equipment from a friend. Try the second-hand shops, suggests McCurdy. But Morenz cautions other couples not to choose that option unless the purchase is absolutely necessary.

But it took us six months after I got back to work to again get comfortable with our finances. What did both Morenz and Wilmshurst learn from their first how to earn extra money on maternity leave leave? That they should better prepare for the money crunch the second time around so both had a nest egg set aside when they gave birth to their second child.

You live and learn.

As a freelancer, Camilla Cornell never actually qualified for mat leave… making her doubly qualified to talk about the money crunch. Mom can collect the whole 35 weeks, or dad can, or it can be divided between them. Top up Some how to earn extra money on maternity leave parents work for companies that top up their employee salaries during their leave, paying the difference up to a percentage between the EI benefit and their normal salary.

The average top-up length is 17 weeks but can be longer — check with your Human Resources department. However, forex lingo game show earned above that amount will be deducted dollar for dollar from your benefits.

You can also apply for the Universal Child Care Benefit UCCB delivered by Canada Revenue Agency. Some families may also qualify for the Canada Child Tax Benefit CCTB.

The amount varies on region, income level and marital status, so check with the Canada Revenue Agency. What is your spending personality?

how to make money during maternity leave? - BabyCenter

Find out with our family finance quiz. Canadian Family Canadian Family. Connect with us Facebook Twitter Pinterest Instagram. Sign up for our free weekly newsletter. Discuss Money With Your Partner Since Wilmshurst and her hubby, Niels Nielson, are both MBAs, they had no trouble discussing finances.

Money Saving Tips Try living on one salary prior to mat leave.

You can bank the second income for an emergency fund and you will be better prepared to live on less. Opt for previously loved clothing, equipment and toys.

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Check out garage sales, second-hand stores and consignment shops. Trade babysitting services with other parents. Start your own gourmet club. Each couple can make a course, bring their babies along, and have a wonderful night out for a pittance.