What money tips would you give a new parent?

  • JamieJ's Avatar
    Former Community Manager
    Calling all new or expectant parents. Firstly, congrats on your new little one. I’d like to hear how much time was spent planning finances before going off on leave. Feeling the strain of a lower income with another mouth to feed? Or are you feeling smug with a fool-proof plan in place that’s helping you stretch the pennies? Let us know your top tips (or worries) for financial survival when becoming a parent.
  • 10 Replies

  • JamieJ's Avatar
    Former Community Manager
    Are you a new parent or expecting a little one soon? We want to hear from you! Let us know how you’re finding budgeting ahead of leave from work and how you expect to cope on a reduced income.

    Are you going back to work early because you know you’ll struggle financially, or do you have some great budgeting tips you’d love to share?

    Please tell all…
  • GEM343's Avatar
    Get a credit union account. I help to run a credit union and can confirm that many young parents on low incomes and/or living on benefits find an account very useful to help deal with intermittent expenses such as the washing machine dying or a need to buy school uniform. The capacity to borrow up to 3 x savings gives a planned way of coping with emergencies at moderate interest without paying the silly APR rates of provident or pay day loan companies.
  • RustyShacklefud's Avatar
    1. Work out what you want to have new...matresses, car seats etc. And what you will be happy with second hand. 2. Clothes really don't last long, not that they wear out but they grow so quickly. So be really sure if you want something new. Otherwise, charity shops are good for clothes (and orchard toys /jigsaws when they are older).3. Check freecycle for furniture. 4. Mention you are expecting a baby anywhere, and you ll be amazed about how often you'll find someone laying something off that will be useful. 5. Online auction sites for pre walking shoes. 6. Check what arrangements are for shared parental pay as well as shared parental leave. If I had my time again I could have had (as a Dad) 6 weeks at 90% and 16 weeks at half pay - the money is one thing but this is time I will never get to have. And this is still a new thing for a lot of employers so check now!!
  • Mummy123's Avatar
    It's a big step becoming a parent but one thing to remember babies don't need toys or the latest gadgets, so prioritise, what do you really need, ask other parents what they found useful and what was a waste and when people are buying gifts for the new arrival ask for different age clothes as they grow so quick or check fb market place or local baby selling groups.
  • Yvonne82's Avatar
    I'm a new mum and always keen to save money where I can as nappies and things can be expensive! My tip is to sign up to user testing panels if you can - you can sign up from your laptop / desktop in under 5 minutes for free and in return for your reviews/thoughts you can get lots of freebies such as branded nappies and creams which will help you save money, meaning more spare funds for your little one!
  • RossM's Avatar
    Community Manager
    Loving all these excellent tips
  • Yvonne82's Avatar
    I suggest joining as many baby groups as possible for new parent offers and competitions. There's a baby show on live today ( Baby show live @ home ) taking place virtually on facebook where with a special code you can save 25% on lots of great baby brands - every little helps!
  • Yvonne82's Avatar
    Most people anticipate a drop in finances but it can hit hard if not prepared. If you have the time before you go on maternity try leave use a free maternity leave wage calculator to try and calculate how much money you will receive per week. ( I got a free template from google ) That way you can see the difference in pay clearly and you can plan your finances well ahead.