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Budgeting For A New Baby

One of the many changes that a new baby makes to it's parents life is a financial one. The mother's maternity pay will undoubtedly be much lower that her usual salary, and if Mum reduces her working hours or gives up work completely the whole family will have to adjust their spending to accomodate this reduced income.


Emma Clarke Coxon

Emma Clarke Coxon is a 26 year old mum from Andover in Hampshire who is currently on maternity leave. Here she tells us how she is adjusting financially to the challenge of being a new mum.

"Having my regular salary reduced to maternity pay and child benefits was quite a shock initially. It feels like it would have been very easy for us to get into debt but being sensible and putting a freeze on clothes shopping and any non-essential purchases seems to have been the key."

"My husband’s salary takes care of our mortgage and household bills, but I still have quite a lot of responsibility to cover with my maternity pay and child benefits."

Emma mainly spends her money on:

  • Food shopping
  • Nappies, clothes and toys for baby girl
  • Car repayments, insurance and tax
  • Mobile phone bill

Having debts can be a scary prospect when a baby comes along
"I was quite lucky to have never had any student debt as I went straight from school into work. My only debt is my car which I bought on my credit card two years ago. I shall continue to pay this off during my maternity leave but can’t imagine it will make very much of an impact until I get back to work."

Emma’s top tips for new parents
"Ask your health visitor what family events your local council puts on for free. In Hampshire they seem to have events every Monday, Tuesday and Wednesday – everything from baby massage, singing and nursery rhymes groups to CV and job workshops for mums wanting to go back to work. These events can really fill up your week, leaving you with less free time to be spending money."

"During pregnancy makes sure you check out some local groups such as ‘Aquabump’ – you get to meet lots of pregnant women and can make some great friends. This can come in very useful when your baby arrives as you can share child care, without having to exchange any money."

"With quite a lot of free time on your hands you have time to budget so make sure you shop around!"

"I have become the voucher queen and always find myself looking on the internet for special deals – sounds miserly but you can save heaps of money."

Top tips for new parents - Top five need to know…

  • Talk to your employer about maternity leave and statutory maternity pay.
  • Find out if you qualify for other benefits or income.
  • Budget for the initial outlay, as well as ongoing childcare costs.
  • Budget for childminding/nanny fees if you’re returning to work.
  • Shop around for a CTF (Child Trust Fund) to get the best deal for your child.

Find out more about how to handle your finances when having a baby at www.whataboutmoney.info, the new money management website from the Financial Services Authority (FSA).

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