Thinking of having children? Plan ahead

Tips for parents
Family finances
Education spending


If you are about to become a parent, congratulations! Having a baby is an exciting and special event. You should, however, be fully prepared financially for the new arrival. Here are some practical tips to follow:

Review your budget

Talk about finances with your partner
Tell each other about your own financial situation and that of your family. Be honest about it. This will help you make good decisions and plan an accurate budget.

Create a budget and plan to save
Make a budget based on your assets and income. Work out, for example, how much you can afford to spend on childcare each month. Can you save extra for the children, or your retirement?

Make a list of expenses
This should include essential and repeat spending such as water, electricity and gas. Also, non-essential and one-off costs like holidays, entertaining or home appliances. This way you can prioritise your spending when you make a budget to include childcare.

Calculate costs during pregnancy and your baby's first year
Our having a baby - budgeting worksheet can help you plan.


Put into action your family's financial plan

Raising a child is expensive and the costs can rise hugely. When you talk about the family budget with your partner, you may need to change your plans because of the following:


  • Who will take care of your child?
  • Can you manage on one income, if one of you gives up the job and is a full-time carer
  • Will you ask your parents or relatives to help out?
  • Do you need a domestic helper?


  • Do you have enough room for children?
  • Will you need to buy or rent a new house?
  • Will you need to live closer to your parents so they can look after your child?
  • Are there kindergartens or schools nearby?
  • If you do move, think ahead about which school you want your child to attend.


Insurance protects against the unexpected. If you are the family breadwinner you should consider buying medical insurance for the family, and life insurance for you and your partner.


You should start saving and think of long-term investments as soon as possible for your child's education as education costs will rise over time.

Money management for having children