It's recommended you pay off as many debts as you can before your baby arrives. Your monthly spending will go up when you're providing for an extra person. Paying off your overdraft and cutting down on credit card and loan repayments means you have more money to spend on your baby.
Now that you'll be supporting a family, you might want to consider life insurance and critical illness insurance that provides financial assistance in case of unexpected events.
You might be entitled to benefits and financial support, either from the government or your employer.
Any help they can provide will also be important to planning for parenthood.
Once you've focused on your essential spending and checked out the support available to you, the next thing to decide is your working arrangements. Will you have one income or two?
Going from two incomes to just one can be a challenge, but it’s easier if you plan ahead.
You both might want a more flexible working pattern in order to share childcare responsibilities. Talk to your employer about working from home, job sharing or working annualised hours so you can save on childcare and travelling to and from the office.
If you're planning on returning to work after your baby is born, you'll want to think about the different childcare options available.
Ready to create a financial plan for parenthood?
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