Let’s face it, having children is one expensive business. I was recently approached by a friend of mine who is starting to panic really. He has spent all of his time looking after his pregnant wife, and it has just suddenly dawned on him, they are both very ’skint’ and are struggling for money. How are they going to afford another life? What do they need to pay for? Well the truth is, you have to plan plan plan. I know it sounds boring, but when my wife had her first child, there were so many unexpected costs involved, and there still are and our daughter is now 22 years old!
So, where do you start? The way I did it, was list all of the things that I think a baby / child would need from 0 years and beyond. Then we started putting so much money away a month towards our daughters life. Things like a baby car seat, they are not cheap! List it, price it up, find the best deal. Let your family and friends know what you need, if you are lucky enough to receive presents, then perhaps somebody will buy what you are looking for? Baby clothes, decorating costs for the newborns room. I’m just freestyling here, there are so many costs that we forget about. Toys, food, healthcare, school clothes and books etc etc etc.
Remember, just list everything you can, and start saving.
I guess what I’m trying to say, is plan for the future. Open a savings account, put so much in a month, even if it’s a very small amount. Believe me, there will be a time that you’ll be extremely glad you started putting that money away, no matter how little that money is! Even if you just put £5 away a month for your newborn, by the time they are 18 years old, they will have £1080 waiting for them. Perhaps that will help for university, or maybe will contribute towards a car or house deposit?! The truth is, it will help. Do it, and plan ahead for your family.
