QMY HUSBAND AND I HAVE JUST FOUND OUT WE ARE EXPECTING A BABY – IT’S A BIT OF A SURPRISE AS WE WERE HOPING TO SAVE FOR A FEW MORE YEARS BEFORE STARTING A FAMILY. HOW WILL WE COPE FINANCIALLY?
AMoney magazine senior writer Susan Hely says: Money worries are common among mums-to-be, and for good reason – many women focus on falling pregnant and only later figure out how they’re going to afford a baby on a single income.
Pregnancy is the time to knuckle down and save, even though there is a temptation to think of it as the last chance to take that holiday without a baby or to buy lots of lovely baby equipment. Sit down and go through your finances, which includes listing all your baby-related costs, and what government tax benefits you can claim.
The most painless way to save is to have an automatic deduction made from your pay into a high-investment account, preferably a bonus-saver style of account. Shop around because there are good introductory rates on offer.