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Financially preparing for your first baby

You have already made a huge decision deciding to have a baby, or maybe they were unexpected, either way your little bundle of joy is going to spend nearly every penny you have, but they’re worth it. With there being an almost endless list of items that need to be brought it can all seem a little overwhelming and frightening, but there are so many ways you can prepare for the arrival of your baby and in this article I am going to share with you some of my own top tips. Enjoy!

Ready, set… SAVE.

Now this is a lot easier said than done, but if you have future plans to have children then it’s helpful (however many years in advance this is) to be setting aside money every month that can be used for items for your baby once the time comes, it may seem far off but that’s even more spending money! On the other hand, children can come along unexpected and without planning, leaving you with no time to prepare financially. Don’t panic, as soon as you find out you’re expecting the best thing to do is to sit down with your partner and draw together a plan; look at your income and your outgoings, is there anything you’re buying every month that isn’t particularly important? Maybe cut down that weekly takeaway or meal out to monthly. Say you order a £20 Chinese every week for yourself and your partner that’s already £720 in 9 months! And combined with other things you could cut back on you’re sure to make big savings.

Know what you’re planning on spending

Using this baby cost calculator you’re able to find out the average costs of items and services children use within the first 3 years. This is a really handy device as it gives you average costs on individual items for example; the cost of clothes are averaged around £4,000 and childcare at £30,000.

Knowing this information can encourage you to look at ways to reduce the amount you’re spending either by looking to buy second hand items rather than getting the most expensive items. Next, decide when you will be going back to work and whether you will going back full time or part time and what type of childcare your child is going to receive. Become aware of ways that will enable you to reduce your childcare costs such as, using childcare vouchers, asking friends and family to help out or reducing your working hours to look after them but make sure you know what your employer can offer you without you losing out on money- Have a read of Citizens advice’s article on ‘Parental rights at work’ for a breakdown of your rights at work.

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Just don’t worry

Everything may seem overwhelming and extremely daunting but this is going to be one of the most exciting and biggest experiences of your life, don’t spend the whole time worrying about how you’re going to cope and make sure you have fun and enjoy your pregnancy and your little bundle of joy. Remember that they don’t need the best of everything but they do need you.