A growing family?
Two plus two can equal a very happy family. So can two plus three – or even four. Fans of big families say the more the merrier – and as long as you’re careful, you don’t need to break the bank every time a new baby comes along.
‘The good thing about a growing family is that you learn lessons with every new arrival,’ says mum of three Alison Steen from Shrewsbury in Shropshire.
‘I was a typical new mum and spent a fortune when our first baby was due. I cut back a lot, second time around, as we simply reused most of the same clothes and kit. We spent even less when our third baby came along, because we were past masters by then on what we did and didn’t need.’
Second- and third-time parents are experts at finding bargains when they don’t have their own
Big families have lots of lessons for new mums
hand-me-downs to fall back on. They’re big users of ‘nearly new’ sales from organisations like the National Childbirth Trust (NCT). And while lots of first-time mothers research all the different supermarket and other baby clubs and join just one, second- and thirdtime parents decide it makes sense to sign up to them all – because they want to collect and use as many free samples and trial packs and vouchers as they can. And while they keep an eye on items they may need to reuse in the future, lots of parents earn a bit of extra cash by selling used but undamaged baby kit and clothes through the NCT or on auction sites.
How else do new parents save money as their families grow? Mums should remember they don’t just get free dental treatment and prescriptions while they’re pregnant – the bonus lasts for 12 months after giving birth as well. If you’re thinking of going back to work, it’s also worth getting to grips with the complex world of childcare vouchers and other tax credits. There is plenty of official information at www.hmrc.gov.uk and plenty of other advice on what to claim and how on parenting forums.
The bad news is that, despite all these cost-cutting and money-making strategies, existing parents do still struggle as their families grow. Research from the Financial Services Compensation Scheme (FSCS) shows that nearly a quarter of recent parents wish they had done some serious saving before their first baby arrived, while 15 per cent wish they had saved more.
It’s even more important to save safely if your growing family means you might need to buy the ultimate ‘big ticket’ item – a bigger house. Extra bedrooms, a garden and good local schools can all seem a lot more attractive as babies grow up. The sooner you can start putting money aside for a big move like this, the better – because it’s not just the larger house you have to pay for; it’s likely to be the stamp duty, the remortgage, removal and other fees as well. If you’re saving now, then get some peace of mind and check your bank, building society or credit union savings are protected by using the FSCS protection checker at www.fscs.org.uk/protected.