Preparing financially for children

Kiran

I did read on another board that people have been stocking up on things on special prior to the babies arrival, washing powder, dishwasher tablets etc (non perishables). It makes practical sense in my head but im not an expectant parent.

Del_Astra

1 - Anything you want buy it now, while you still can.

2- Breast feed, saves on buying milk. Seriously though you should at least attempt it, and I think NHS encourage you give it a shot still, many benefits, my wife swears it assisted in her getting back into a size 8 dress. Also if it often just as quick to make from fresh baby meals (from 6 months on anyway) rather than purchasing the jars. Join all the clubs, I can't remember them of the top of my head, but you get money saving vouchers 2 for 1's etc.

3 - Ecco Nappies or whatever they are called save money, they weren't for us, we got ours from cash n carry, supermarkets are expensive.

4 - You get given lots of gifts, or rather baby does, so you have loads of clothes, don't be put off ebay / 2nd hand baby clothes, they grow so quickly they are hardly in them, so its not like they are worn.

5 - Plant a money tree.

6 - Childcare is our largest monthly outgoing, so check if employer does childcare vouchers.

7 - If / when it happens enjoy, money is no subsitute for love, that is the most important thing you can give a child.

daveyjp

Go through your bank statements and see how much money you spend on non essentials. Coffees at work, Nights out, clothing you probably don't need, silly gifts, meals out, weekends away etc etc.

It may surprise you just how much money slips through your fingers on stuff you don't actually need.

Babies are cheap to 'run' they get more expensive as they get older, but by then they are part of the family and you have adjusted financially not to spend on non essentials.

samtoby

oshkosh wrote: »

Hi folks,

My wife and I are looking to start a family and was wondering whether anyone knew of a good guide for preparing yourself financially for it?

I've searched this site but found nothing, which I was a little surprised about.

Any useful websites, tips, books etc that people have used would be great.

Many thanks.

I have an eight year old and am planning to have another child in the next two years don't know when though!

My partner works full time and so do I at the moment but after I hopefully have another child I will return part time, hopefully with the help of my Mother and my partners Mother but have not had that chat yet!

I think we will save a pot of money to start for the essentials and then while I am pregnant we will get used to living on one and a half wages. The money we save will be used to help us pay the mortgage while I am on statutory maternity which is just over £500 at present.

I don't think there would ever be enough preparation for a child but to me the most valuable thing will be having a man who loves me and my son, committed to being a family and being my emotional support through the good and the bad of having a child together. That is priceless and believe me it's needed!

My partner is an amazing step father and has offered my son love, warmth and respect. I can't wait to have a child together.

Good luck in your journey!

krissymas

pukkamum wrote: »

Prepare to be skint!
Prepare to wear the same clothes for a long time so the kids can go on a school trip.
Prepare to not eat at any takeaway places anymore as what was once a cheap meal now times by five is a fortune!
Prepare to spend a fortune on the 'must have toys' for xmas only to find them broken and discarded a month later.
Prepare to spend money and time making nice meals only to be told they would rather have nuggets and chips.
Prepare to pay £30 for a pair of school shoes and for them to be wrecked/non fitting within a month.
Prepare to spend x amount of money on school clothes and coats only for them to be lost.

Hope I haven't freaked you out too much!

Yikes! These are the kinda reasons that my partner and I don't feel ready for children yet. I don't want to give up all the things I love and want and need! lol

Perhaps we'll wait a while longer then...!