How to make your Budget Baby Friendly



By My Family Club





Having a baby is one of the most rewarding and exciting experiences a family will face.  However they don’t come cheap, in fact the average parents-to-be could spend up to £2000 before baby even arrives!

 Add in all those unexpected expenses – not to mention the fact one of you is on maternity leave – and managing your finances and coping with a new arrival can seem quite a daunting prospects.


 1. Remember the basics


Next, try and work out what you’ll be spending on your new baby, from the big things such as prams and cots to the small things such as soft toys and bottles.

If you’re working, make sure you take your maternity pay into consideration, and if you’re self-employed you may be entitled to Maternity Allowance. Don't forget that there are some benefits available to new and expectant mums such as free dental care and free prescriptions.


2. Start making a savings pot

Try and get your household budget down by making sure you are paying as little as possible for basics such as broadband, gas and electricity. You might want to shop around using comparison websites to do this, or contact your existing supplier to check you are on the cheapest tariffs.

You might also want to switch your bank account so you get a decent rate of interest if you are in credit, or a better overdraft rate if you are in the red.


3. Work it all out

Take your household budget and subtract it from your household income. You should make two budgets: Your pre-baby budget, which uses your current income; and your new family budget, which is based on your post-baby income.

Any spare cash from your pre-baby budget needs to be put into an accessible savings account paying a good rate of interest. Or if you have quite a bit of debt make sure you make that a priority and get that paid off

Your post-baby budget is a good reminder of what you will be living on when you become a family, so make sure you claim what you are entitled to, such as child benefit, and find out if you are also eligible for the Child Tax Credit.


4. Fall in love with freebies

You can get some really good second hand stuff online. Check out to see if other local mums in your area have any baby clothes, or larger items like cots that they no longer need.

You can also go to your local NCT Nearly New Sale where you can pick up nearly new items such as travel systems for a fraction of the cost.

You might also want to put in a word at local charity shops and ask them to put aside any relevant baby bits when they come in – so you have a whole bag of baby clothes to choose from the next time you visit.

Now is a good time to try and stock up on cheap nappies, bedding and clothes.


5. Take a (short) repayment break

Ideally try and pay any credit cards off before you go on maternity leave; if that's not possible you may be able to switch to one that offers you an interest-free break.

The same goes for some mortgages. If your mortgage company doesn’t offer repayment breaks, it may be worth asking anyway. Another option is to reduce your payments by going interest-only for a few months.


With thanks to My Family Club




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