Planning your finances

Becoming a parent can be stressful enough, without having to worry about money. If you have money worries or are thinking about how you are going to manage your money, the Parents Guide to Money on the Money Advice Service website can help.


There are simple ways to keep abreast of your spending with a budgeting and baby calculator. This calculator aims to identify how your spending may change in the 1st year of your baby being born. For further help on budgeting, contact the Money Advice Service on 0300 500 5000.

Savings/Low Cost Credit

It is important to consider other financial matters when you are having a baby. This can include life insurance, mortgage or rent and savings. Further details can be found on the Money Advice Service website.

Having a baby can be quite expensive and it is understandable that some families take on extra borrowing and get into difficulty. The Money Advice Service's tools and planners can help you work out how much money you will need to spend in repayments if you need to take on extra borrowing.

Credit Unions can offer savings and great value loans. Each Credit Union has a common bond which determines who can join it – this may be dependent on where someone lives or where they work or members of the same association, such as a church or trade union. In order to find your nearest available credit union, visit the Association of British Credit Unions website or call them on 0161 832 3694. The Scottish League of Credit Unions can also provide advice. You can also call them on 0141 774 5020.

Christmas can be a stressful time, but there is a scheme which helps people save for Christmas. Consumer Direct is running “Save Xmas” a scheme, where they can help you work out the best way for you to save. You can contact Consumer Direct on 08454 040506 for advice. Citizens Advice may also be able to help you choose the best way to save for Christmas. Pop into your nearest bureau or call Citizens Advice Direct on 0844 848 9600.

If you find that you are struggling to cope with your finances, there is free, confidential and impartial advice available. Citizens Advice can provide you with advice with your debt. Pop into your nearest bureau or call Citizens Advice Direct on 0844 848 9600. You can also call National Debtline on 0808 808 4000.

Last Updated: 23 December 2014
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