Starting a Family: Tips for Taking a Close Look at Your Future Finances

With the cost of raising a baby at its highest point ever in the UK alone, it’s clear to see why many couples are choosing to start a family later in life. When combined with other outgoings like rent and bills, not to mention the ongoing stress being a parent can cause, having a child can seem almost impossible.

But, finances don’t have to restrict you from starting a family or cause added stress as long as you’re organized and prepared. Everyone should have the right to start a family, and money shouldn’t stand in your way. Below you’ll find some top tips for taking back control over your finances so you’ll be in a position to start a family of your own.

Begin budgeting early

A 9-month pregnancy seems like a very long time for most expectant parents, resulting in many leaving financial preparation until right at the end of pregnancy. Then, once your baby is born, if you haven’t budgeted and prepared properly you could find yourself unable to buy everything your new-born needs and spiralling into a cycle of debt.

It’s never too soon to begin saving, so as soon as you find out you’re pregnant there’s nothing to say you shouldn’t start saving right away. Put money aside each month to build up a baby fund and cut out mindless spending.

If you’re already struggling with debt, or are worried about your partner’s finances if unmarried, it’s essential to get this straightened out before the baby is born. Consolidating your own debt or even getting advice to consolidate your partner’s debts is an ideal place to start.


Life insurance

Anything can happen at any moment, and it would be catastrophic if something happened to you without having left a financial cushion for your baby. Therefore, buying life insurance as soon as you find out you’re expecting a baby is vital for your peace of mind.

If you’re relatively healthy and have a good record, life insurance isn’t likely to cost a huge amount per month and will be an affordable yet essential preparation to make.


Day care 

If you know you’re going to go back to work once your baby is born, preparing for day care is crucial. In a similar sense to saving and budgeting, many new parents leave organizing day care right until the last minute and may find themselves with no one to take care of their child when the time comes to go back to work.

Day care waitlists can be extremely competitive, so getting your name down as soon as you get pregnant is the best chance you have of getting the specific care service you want.

Starting a family is a hugely exciting milestone for the majority of couples. But, if you don’t take care of your finances for when the time comes, it can be hugely stressful. So getting organized as early as possible is the best thing you can do for your baby before they’re even born!


Olivia Bailey writes about personal finances in her articles which appear at a variety of online homes! When not typing away on the laptop she’s busy raising her kids.

Image courtesy of fantasista at

Speak Your Mind


This site uses Akismet to reduce spam. Learn how your comment data is processed.