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First Time Father - General Advice

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CptrallsCptralls Forumite
72 posts
10 Posts
Hi All,
My wife and I are expecting our first kid in July, we're both in our mid 30's and it's extremely exciting. 
What sort of general preparation should we make in terms of their finances? I want to put any money they get into a good paying account although Mum wants to use it for premium bonds - what are the best options for new borns?
Also are there any other general money saving tips we should be aware of ahead of the little arrival?
Thanks in advance

Replies

  • Savvy_SueSavvy_Sue Forumite
    42.4K posts
    Part of the Furniture 10,000 Posts Name Dropper
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    These days, there are very few good paying accounts, but there will be an article on the main site about savings for children. Some accounts will mean you won't be able to touch the money even if you need it (I think), whereas you can cash premium bonds in - there's no one answer here. We had to spend our child benefit as it came in, but others manage to save it for future expenses.

    General tips, not all moneysaving:
    • babies don't know and couldn't care whether they are surrounded by brand new, top of the range, designer 'stuff', or second hand budget items, so don't be tempted to spend money you haven't got (or even have got) in an attempt to keep up with the Joneses.
    • Get on top of your budgeting and spending now rather than waiting until you've lost Mum's income: know where the money goes NOW and think about how you could do more on less.
    • Expect your plans and priorities to change over time. Babies will do that to you.
    • Expect to make mistakes. Very very few of these will actually matter.
    • Remember you don't 'help' with the baby / the housework / the shopping. You're a family, and the baby / the housework / the shopping are an equal responsibility. You may decide to organise things in a particular way, but google 'the mental load' if you don't know what I'm talking about, and if you DO know what I'm talking about then forgive me.

    Still knitting!
    Completed: TWO adult cardigans, 3 baby jumpers, 3 shawls, 1 sweat band, 3 pairs baby bootees, 2 sets of handwarmers, 1 Wise Man Knitivity figure + 1 sheep, 2 pairs socks, 3 balaclavas, multiple hats and poppies, 3 peony flowers, 4 butterflies ...
    Current projects: pink balaclava (for myself), seaman's hat, about to start another cardigan!
  • FireflyawayFireflyaway Forumite
    2.8K posts
    Fifth Anniversary 1,000 Posts
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    Congratulations!  I am quite a fan of premium bonds. Mainly because interest rates on savings accounts are so low. My husband and I stuck some money in premium bonds and won something most months, £25 or £50 and sometimes £75. You can automatically reinvest winnings or have a little treat. 
    My main advice is what I learned as a parent / wish I'd done differently.
    1- when your child is old enough, teach them about money. Just every day as you go. Tell them how much things cost. Tell them you have bills to pay, explain why debt isn't good etc so they grow up with an understanding and it's normal to them. 2 - kids want your time, not money. An hour in the park, drawing, playing in the bath, reading stories etc will mean much more than buying expensive toys. 3 - remember you and your wife are still partners. You will be parents but also still partners. Put time aside to spend as a couple. Prioritise your relationship. You don't have to become involved in everything baby to the exclusion of everything else. Have both. It's a way off but your child will become independent and it will be the 2 of you again. 4. Good communication with your wife regarding parenting. Things will crop up as your child grows and you need to discuss it together and decide what to do. Be united. Kids soon pick up if they can play you off against one another to get their own way!
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