Becoming a parent really is life-changing. Whether you are in the exciting stages of preparing for your baby to arrive, or whether you are finding your feet and settling into parenthood, the family finances may well be on your mind.
With all this added responsibility comes a fair few added costs. It’s important to prepare for this financial change as much as you can. That way, you can focus on enjoying your little one grow up rather than stressing over the bills.
We’re here to guide you through our top finance tips for new parents.
Work out a family budget
Budgeting really is key. This is by far the most important of our finance tips for new parents. If you get your family budget nailed, everything else should fall into place.
To work out your budget, save up your receipts from the last few months and calculate how much money is coming in and going out. Highlight your essential expenses such as rent, utilities and food. And make sure you include the additional costs of raising your child; think about formula, nappies and wipes, childcare and nursery furniture.