Budgeting when you’re pregnant

Budgeting when pregnant

Step 1 – Take stock of your money situation

It’s never too early to work out your budget. Don’t put it off until after the baby is born.

Knowing exactly what’s coming in and going out each month is essential to help you figure out what you can afford.

To get a clear idea of how you spend your money and how much you have left over use our Budget planner.

Knowing how much everything costs will help you prepare for your new arrival and avoid any unexpected expenses.

Work out what your baby will need and how much it will cost with our Baby costs calculator.

Step 2 – Cut back on your expenses

If your income is likely to change (for example, if you stop work), you might need to look at cutting back.

A good starting point is to divide your outgoings into essential and non-essential items.

First, see if you can save on essentials like household bills and groceries by Shopping around.

Next, look at non-essentials. Are there things you could do without, like a gym membership or magazine subscriptions?

Step 3 – Reduce your debts

It’s important not to ignore debts and only pay the minimum each month.

If you take time to deal with debts now, it will save you money in the long run.

If you have credit card debts, see if you can switch lenders to get the best rates.

There are lots of 0% credit cards available (although you’ll need a good credit rating, and, also, there might be a minimum salary level).

Other debts with fixed repayments, like personal loans, might charge for early repayment if you decide to pay them off more quickly, so bear this in mind.

Step 4 – Open a savings account

The sooner you start putting money aside, the better. Build up savings to cover your baby costs and see you through any period of lower income.

It might be better for you to go for an account that you can dip into if you need to, rather than one that will lock your money away.

But, Iif you think you’ll be tempted to spend your savings, make it a little harder to access cash.

For example, try choosing a savings account that doesn’t have a cash machine card.

Step 5 – Boost your income

Claim all your entitlements

You could be entitled to Benefits and other help, like tax credits and Child Benefit, to help towards the cost of raising a family.

You can search for benefits and grants on the Turn2us website.

What you can claim depends on where you live and your personal circumstances.

Other money-making ideas

There are other ways to boost your income, such as doing some work from home.

You could also think about raising cash by selling unwanted possessions or recycling old mobile phones, laptops, etc.

There are dozens of money-making ideas to help get you started on the Money Saving Expert websiteopens in new window.

Keep track of important dates

Top Tip

“One of the first things I did was make a list of what I needed. I wanted to have it all saved before the eight month mark as I knew I wouldn’t fancy shopping after that.”

You have lots of things to do, and dates to remember, when you’re expecting a baby.

Use this Baby money timeline. It gives you a full personalised list of all the money-related dates having to do with your pregnancy and new baby.

Everything - from arranging your maternity leave… to going shopping for baby things… to claiming your Child Benefit.

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