23 August 2016

Planning for the first year costs of starting a family

For many expectant couples it can seem like there’s a million and one things to think about and prepare for before the little one arrives. Perhaps the most important is working out how you’re going to cope with the financial changes that lie ahead.

Starting a family - first year costs

Play video - Starting a family - first year costsGroup of families sat on sofa

How did you plan for costs in your first year?

Mum 2: I think I probably could have planned it a bit better actually, the first year costs.
Mum 1: I had to sit him down and say look we need to figure out how we are going to pay for everything, because I wanted to take the full year.
Mum 2: I tended to sort of try and clear as many direct debits as I could.
Mum 1: Yeah.
Mum 2: So sort of paying off my car insurance in full and stuff like that, so that's not a monthly worry.
Mum 1: I cancelled my gym membership, I was like I'm not going to be going to the gym this year so…
Mum 2: what's important.
Mum 1: Yes, exactly.

What about everyday costs?

Mum 2: Obviously I plan to breast feed, but obviously it's not always that easy, So formula wise, that's something that I haven't factored in, but is obviously a massive necessity.
Mum 1: Yeah we didn't buy everything all together, we literally just, you know, had a list of everything and just ticked as we went, and then the rest of things we got as gifts as baby shower stuff so, but like nappies that's never ending you will always need to buy those.
Mum 2: I've got about 200, ready, size 1
Mum 1: Oh yeah that's good to start off with. But you'll be surprised how much they go through. In day, it's like 7-10, it's like, you've just changed them and it's like they've done another poop and oh no that's another nappy gone. 
Mum 2: Ok I'll go get some more.

How do you prepare for the unexpected?

Mum 1: Everything that you think you need you plan for, then whatever crops up you'll have to deal with I guess, you know when it comes along.
Mum 2: The thing is, ultimately there's never going to be a right time.
Mum 1: Yeah
Mum 2: I'm never going to have sat there and gone I've got it perfectly down to a 'T' and I'm ready.

If you’re about to start a family of your own and thinking about your finances, you may like our in-depth guide. And it might also be worth looking into our savings options, or the life insurance we supply (provided by L&G), which could provide you with peace of mind to safeguard your family’s future.

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