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Want a baby Lets talk money first

Want a baby lets talk money first
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Want a baby Lets talk money first! In 2014, the average cost of raising a child until the age of 21 is a staggering £227,266. In other words, bringing up a child costs the equivalent of nine whole years working on the average salary of £26,500 according to figures calculated by the Centre of Economic and Business Research.

Financial stress

Research commissioned by Aviva has shown that a family’s financial stress peaks during the first two years of a child’s life, with many parents struggling to make ends meet. Bringing home a new baby and settling into a new family dynamic should be among the best times of your life, but worrying about money can take much of the shine off it. However, there are ways you can cut costs and make the most of what you do have.

No right time

Waiting until you’re financially comfortable before starting a family is easy in theory but pretty difficult in real life. Even if you are able to set aside broodiness for a while, where do you set the target for savings or earnings? And what if your little bundle of joy comes along earlier than planned? The answer is that there is no ‘right’ time to have a baby. Goalposts will change as time goes on so it’s best to work with what you’ve got rather than pin hopes on what you might have in the future.

Plan ahead

That said there are plenty of advantages to be had by doing some planning. Knowing exactly how much money you’ll have coming in will help you budget while you’re off on maternity leave and beyond. As long as you’ve been working for your employer for 26 weeks or more and earn more than £95 a week, you’ll be entitled to claim statutory maternity pay (SMP). Look into your company’s maternity package and see if it offers any additional benefits but remember you may have to pay at least some of these payments back if you choose not to return to work.

Shop around

Want a baby lets talk money firstIt may sound obvious, but shopping around for the right price can save you loads. Use the internet to compare prices and keep an eye out for sales and promotions. Don’t forget to search for voucher codes before making a purchase – even 10% off the cost of a travel system can be a hefty saving.

Don’t buy what you don’t need

While you’d like to give your child everything she could ever want, there is only so much a baby actually needs. Ask friends and family with kids what their best and worst buys were. You might be surprised at some of the things considered a waste of money – and they may well be on your wish list! Read online reviews of products and think about how practical they are before you buy. A vintage-style Silver Cross pram may look and feel wonderful, but how easily can you get it on the bus?

Borrow

Most babies only sleep in a moses basket for the first four months or so before they’re too big for it and you’d be horrified at how quickly a baby grows out of clothes! For this reason, it makes sense to borrow items that won’t be used for a long period of time. Alternatively you could buy second-hand; there are loads of baby and child markets around the country. Not only will you save money on things that your baby won’t get much use out of, the items themselves will still be in good condition as they’ve not had much use already.

 

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About Maria Brett

About Maria Brett

Maria is a freelance writer with over 10 years' experience producing content for a variety of publications and websites. When not working or looking after her two gorgeous sons, she can usually be found playing flugelhorn in a brass band, helping out at her local hospital radio station, shouting at the television while watching Formula 1, at the cinema or plonked on the couch with a cold glass of wine.

Website: Maria Brett

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