Preparing financially for a new baby
Having a baby is one of life's most exciting moments, but it also brings new financial responsibilities. Planning ahead can help you enjoy this special time without money stress.
The costs add up quickly: nursery furniture, clothing, pram, car seat, and ongoing expenses like nappies and food. Creating a detailed budget before baby arrives helps you prepare realistically.
Remember that some costs are one-off, while others are monthly. Factor in both when planning your budget.
The UK offers various support for new parents. Child Benefit provides £24.80 per week for your first child. Statutory Maternity Pay covers 90% of your average earnings for 6 weeks, then £184.03 per week for 33 weeks.
You may also qualify for Maternity Allowance if you're self-employed or don't qualify for SMP. Check your eligibility early.
Start by listing essential baby items and researching costs. Consider whether you'll use new or pre-loved items. Join local parent groups for advice and potential hand-me-downs.
Factor in childcare costs if you plan to return to work. This can be one of the largest ongoing expenses for families.
Consider opening a savings account for your child. Even small regular deposits build up over time. Junior ISAs allow tax-free savings up to £9,000 per year.
Use Delphina to budget for your new arrival and track expenses.