With some estimates placing the cost of baby’s first year over £7,000, planning for the financial impact of the arrival of your bundle of joy should be one of your top priorities – and thankfully online budgeting is easy (and free) with tools such as a ’baby costs calculator’ – Find out more at the Money Advice Service.There’s no doubt about it, becoming parents is a wonderful and life-changing experience, but making your money stretch further, particularly if your income is reduced while one of you takes parental leave, can put additional pressure on your relationship. Talking openly about how you will manage your money together, and having a plan in place, can help ease this pressure.
To help you get thinking about the impact, here are five costs you may not have thought about.1. ChildcareAccording to a report commissioned by the charity Family Action, childcare is the biggest surprise when it comes to baby budgeting. In the survey of 2,000 mums in the UK, almost a quarter (23%) said it was the cost they were least prepared for. And it’s no surprise, figures show that even part-time childcare can cost more than the average mortgage. David Holmes, Chief Executive of Family Action said: “This report shows just how vital it is for first-time parents to plan ahead before the baby is born and think about how they will handle both money and relationship issues.” 2. Formula milkBreastfeeding is widely regarded as the best option for baby, but some mums can’t breastfeed and need to use formula. With tins of formula tipping the £10 mark, the cost of feeding baby soon mounts up. If you need help or support with breastfeeding, speak to your GP or health visitor as there are many local support groups available – you can find out more at www.patient.co.uk3. Disposable nappiesWhether you opt for disposable or reusable nappies, there will be some sort of cost attached – if you are using disposables try supermarket own brands or look out for discount ‘baby events’ at which you can stock up on essentials such as nappies and wipes.4. Heating the house and the increase in other household billsAnother important factor to add into your baby budget is the general uplift in household expenses – heating, electricity, gas and so on. You may find that you need to keep the house a bit warmer, or have the washing machine on more often. The increase may be relatively small, but remember it will come on top of other financial pressures.5.Holidays in term timeAlthough you may have a few years to plan for this one, you’ll notice the difference when you try to take a holiday out of school term time. A recent Guardian report found that the same family getaway during school holidays is anywhere between 7% and 99% more expensive. So, keep planning and budgeting as your little one grows, and looking for the unexpected costs which could impact your family budget.
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