Although a new baby entering the family is a very exciting time, it puts a financial strain on many families. From room decorating to food, clothes, and toys, there are many new costs that will need to be factored into your budget.
Many people will also experience a reduction in income, due to taking time off work to look after a baby.
So, how much does it cost?
Research done in 2016 found that the cost of raising a child to the age of 21 is now approximately £230,000!
It’s an expensive time for most. Costs include everything from nappies and baby food to childcare and clothing. Childcare is also rising in costs for many people, with the average cost of sending a child under two to nursery being £242 (full time).
Research has also found that the most expensive time for parents is between their child’s first birthday and when they start school.
Almost half of mothers now say that they have been forced to go back to work earlier than they would have wished, or have taken on extra work, to help meet the cost of raising a family.
There are lots of nifty tips on how to save money during pregnancy, on things like new pregnancy clothes and decorating – read some here.
The Money Advice Service pregnancy plan
- Step 1 – Take stock of your money situation
- Step 2 – Cut back on your expenses e.g. are all subscriptions you have necessary?
- Step 3 – Reduce your debts where possible
- Step 4 – Open a savings account
- Step 5 – Boost your income e.g. check what benefits may be available to you and see what financial support you can get with childcare. Use benefits calculators to see what you may be entitled to.
Support with family circumstances
- Home Start – Home Start is one of the leading family support charities in the UK – www.home-start.org.uk/
- Family Lives – Family Lives is a charity with over three decades of experience helping parents to deal with the changes that are a constant part of family life – www.familylives.org.uk/ – Helpline: 0808 800 2222
- Adoption UK – National charity run by and for adopters www.adoptionuk.org