*Sponsored post
In
2014, reports showed that the cost of raising a child through to the
age of 21 exceeded £220,000. The study, carried out by the Centre of
Economic and Business Research (CEBR), also confirmed that
(unsurprisingly) 71% of people had to make cutbacks after becoming
parents; and that the fastest rising cost of bringing up a baby is
childcare.
The
Money
Advice Service offers free, impartial information on a range of
money matters, including planning for a baby and coping financially
with becoming parents. The site also has a number of budgeting tools,
including calculators, to help you cope with life changes such as
becoming a parent for the first time, or extending your family.
Check the basics
There
are a number of practical things you can do to cut the costs of
parenting. Firstly, check you’re accessing all the benefits and
maternity pay you’re entitled to. Free, online benefits checkers
are widely available, including on the www.gov.uk
website. As an expectant or new mum there are also free treatments
and prescriptions available to you and your children – research
carefully what’s available and make sure you’re not paying for
things you shouldn’t.
Get advice from people going through the same thing as you
The
website www.moneysavingexpert.com
has forums for mums and dads which contain a whole load of tips from
real parents about managing on a budget, and the range of subjects
being discussed at any one time is vast. At this very moment there
are discussions going on about how to decide whether to stay at home
or go back to work after having a baby; which equipment you really
need for your new baby; and managing maintenance payments – and if
nobody’s talking about the subject you’re interested in, it’s
easy to start a conversation.
Raising a child alone
If
you’re raising a child alone, financial pressure can be even more
intense and studies show that single parents have been the most
impacted by the current squeeze on household incomes. Organisations
such as Gingerbread
provide advice and practical support and networks of other people in
the same situation as you. There’s a free helpline and downloadable
factsheets on issues facing single parents, including managing
finances.
Make a will
Finally,
although nobody likes to think about the subject, make sure you have
arrangements in place to support your family if you are not around. A
will and life insurance can help to support your family financially
if the unthinkable happens – and you can get the best deal on
insurance products by using any of the comparison websites.
No comments:
Post a Comment