Bumpupyour babybudget
Here are our 10 tips to make a money plan while you’re pregnant.. and deal with the costly bits Meghan doesn’t have to worry about
GOOD Morning Britain presenter Susanna Reid, above, looked striking in a red dress, winged eyeliner and bold scarlet lips at the ITV gala. Use these products to get the look. This is your golden opportunity to clear credit cards and loans. Once you’re not paying interest, you’ll be better off every month.
Start small by paying an extra bit off each month and gradually keep pushing to the maximum you can afford. Or think about switching to a zero per cent balance transfer deal and ensure you clear the debt within the introductory period. While it’s always important to have an emergency fund, the arrival of a baby makes one vital.
You should work towards having three to six months’ worth of expenses set aside in an easy access account. You and your partner should investigate what maternity and paternity leave you’re entitled to, what your employer will pay you during that time, and how much your income will fall each month. You will need to let your employer know at least 15 weeks in advance what leave you’re planning to take. It’s also worth looking into any childcare benefits or family insurance cover on offer. If you are on a low income, check if you qualify for Healthy Start vouchers or the Sure Start Maternity Grant, and that you’re getting all the benefits you’re entitled to. If you can’t afford childcare, look at everything from sharing leave to asking family for help, juggling work to reduce the need for care, or trying affordable care.
Types of the latter could be forming or joining a babysitting club, or sharing a nanny. When looking for prams, clothes, car seats and nursery furniture, you can borrow, buy second-hand, shop around, hunt down freebies and ask friends and family to chip in. Your will needs to take children into account – including establishing guardians if something was to happen to you. Part of providing for a child means establishing life insurance so they are financially secure if you die. Set up a Junior ISA for your child. That way, if family and friends want to buy a present, you can ask them to pay into the JISA and help build up a nest egg for when they turn 18.
You can choose cash or stocks and shares, but over an 18-year timescale, a share-based JISA has far more potential for growth.