Jacqueline Dewey, Managing Director at Noddle.co.uk shares her tips for financial stability for parents.
Parenting on Female First
Save: Agree with your partner how much you’ll aim to save each month in the lead up to the birth and try to stick to that amount. There are some great online tools to give you a helping hand, e.g. from the Money Advice Service
Move your money: Once you’ve agreed how much you’ll put aside each month, make sure it’s working hard for you. Shop around for bank accounts with the best interest rates. Some banks even incentivise you for switching your account to them
Budget: As well as the costs of a new baby, you may also need to adjust for changes to your income too. This calculator from gov.uk helps you work out what statutory leave and pay you will be entitled to when your baby is born
Use your networks: Speak to other people who have children to find out what items you really need to buy and which (often costly) items aren’t worth the spend
Make a shopping list: Make a list of things you need and assign a budget – especially for big ticket items such as a pram or cot. Try not to deviate from your list too much and don’t get carried away buying toys and clothes – you will often be gifted these by friends and family
Claim what you’re entitled to: As well as statutory maternity pay or maternity allowance, you could be entitled to things like tax credits or child benefits. And don’t forget to register for the NHS Maternity Exemption Certificate for free prescriptions and dental care
Become a bargain hunter: There are lots of clubs both online and on the high street that parents-to-be can join to get access to savings, freebies or extra loyalty points. There are also networks of ‘nearly new’ sales where you can buy and sell baby products
Credit check: Take stock of your finances by checking your credit score. You get a snapshot of all your outstanding credit, such as mobile phone and energy bills, as well as credit cards, loans and mortgages so you can see how much you owe. You can check your score for free through Noddle
Consolidate your debts: You can use the information in your credit report to work out where any problems might arise if you need to borrow more money from your existing lenders. You might want to research changing credit card companies to get a better rate of interest
Sell what you don’t need: If you’ve got old DVDs, games consoles, clothes or books stored away in the attic, now is the time to flog them. Although you might not think they’re worth much, you could be surprised at how much it all adds up to