How... To prepare financially for a baby

Having a baby is one of the top motivators for getting better at saving, according to research by new online bank Marcus by Goldman Sachs - second only to retirement, and beating buying a first home or getting married.

"Having a baby is one of the most joyous moments in your life, but as well as a potential reduction in income during maternity or paternity leave, you'll inevitably see your outgoings rise, which can make life harder financially," says the bank's Des McDaid.

So how can you make sure you're financially prepared for having a baby? Here are tips from Marcus by Goldman Sachs:

1. Cut down bills now where possible by switching providers. Many bills are going up from April, so now is the perfect time to look for better deals and make savings. If you can cut your costs, put the monthly difference into your savings account.

2. Cancel any unused subscriptions. If you have any subscriptions services or memberships languishing unused, speak to the company about cancelling or putting it on hold, saving you the monthly charge.

3. Commit to saving a certain amount each month. Put away a regular amount each month into your savings account and it will gradually add up.

4. Remember loyalty cards. We often collect points as we shop but sometimes forget that we have valuable 'cash' sitting in our wallets by way of loyalty cards, so start using them.

5. Ask about workplace benefits. Know what you are eligible for as this can vary depending on your employment situation. Understanding your maternity or paternity pay and allowance will help you plan ahead. Some employers will offer additional benefits which can help with costs.

6. Speak to your friends and family. People who are already parents will be able to tell you what you do and don't need. They may also be able to pass on items no longer needed by their children, which could save you a lot of money.

7. Start a savings account for your child. Consider setting up an account where you can regularly deposit money.