How to Budget When Starting a Family  

When you are starting a family, it is important to get your finances in order. You will want to make sure that you can not only afford everything you need for the new baby, but also you’ll want to ensure that you can fund maternity leave, time off and any unexpected bills that come up. Here are a few ways you can budget when starting a family.


Open a high interest savings account

Open a savings account and set up a direct debit to put a set amount in your savings each month. Start off small then at the end of the month, if you still have money left in your bank then put that in the savings account too. This will make buying items such as cots, prams and car seats much less scary. It will also help towards any hospital costs and could be a safety net for when the mother goes on maternity leave.


Shop for deals

Whether you are shopping for groceries or for life insurance quotes make sure you shop around to get the best deal possible. It might take a little more time to get the shopping done but when you get a good deal and save some money you’ll have more to set aside for your savings. Go to the supermarkets that offer coupons or points, and use comparison sites to get the best deals on life and car insurance.


Cut back on luxuries

Think about cutting back on luxuries when you are budgeting to start a family. Take your own lunch into work, avoid buying a coffee on your commute and walk instead of driving if you can. The money you save can be put into the family pot and the pounds will soon mount up. You can then put this money towards expenses during maternity leave, or towards things for the new baby.


Make a Plan

Make a plan with your partner. Sit down and write down all of your incomings and outgoings. Work out where you can cut back and how much you can afford to save each month. Do you need the second car, or to go for dinner on the weekends? When budgeting for a family it is important to get all of the numbers in place to ensure that you can afford to look after your new family.


Switch to monthly bills

If you currently have quarterly bills then consider switching to monthly payments. Monthly payments are much easier to manage and you won’t get any surprises that take a chunk of your wages when you need them most.



Budgeting to start a family is very important and these are just a few steps you can take towards a less stressful time when you should be concentrating on good health. You may also want to speak to a financial advisor to ensure that you are making the most of your money.