Money Milestones

Starting a family

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So you’re having a baby! You may be feeling both excited and anxious about what’s to come. Having a little one will almost certainly impact your finances in some way so it’s best to be prepared. This week we’ll be focusing on all the money basics you need to think about when planning a family.

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  • Make a list of the things you think you may need to buy before the baby arrives. Speak to other parents too for advice on the things they found useful, and what turned out to be a waste of money.

  • How much will it all cost? You can fill out our handy Baby costs calculator which lists baby essentials recommended by the NHS as well as extras you might consider, and a guide to how much they cost.

  • Now to get saving. Even if you only manage to start small, the sooner you do the bigger buffer you will have for when you need it. Remember there are plenty of ways to cut costs when having a baby. Consider borrowing items from friends and family, and snag a bargain by buying a pram, toys or clothes second hand. You can often get them new or barely used.

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  • Gather the details of you and your household’s monthly income, employment contract if relevant, and the baby’s due date.

  • There are lots of benefits and entitlements available to you if you are expecting or have a baby. For a list of what you are eligible for take a look at this guide on Benefits and entitlements to claim when you have a baby.

  • Once you know what benefits and entitlements you might be able to claim, find out the date you need to apply for them. Our Baby money timeline will help you keep track of these milestones.

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Tick the steps and log your mood to move on to the next week.

  • Have a think about how much childcare you might need. Will your child need full-time care or only a few hours a week? It’s worth looking through our guide on Average childcare costs to get an idea of how much to budget for.

  • Childcare can take a big chunk out of your family income, but there might be help available to you. Find out what you qualify for from your employer and the government by using our guide Help with childcare costs.

  • Now that you’ve decided what childcare you can afford, it’s worth researching childminders and nurseries in your local area to confirm prices, and also to see if there’s a waiting list you may need to get on.

  • How do you feel about your finances now?

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      Good
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      Meh
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      Awful
Done