Young families

Having a family has a huge impact on your life and your finances. Getting proper financial plans in place is essential.

Our top tips

A great source of information is ‘The Parents Guide to Money’ from the Money Advice Service. It’s full of useful information. For more top tips, keep reading.

Work out a budget

It will allow you to see how much of your income is taken up by necessary expenses like bills and accommodation costs, and works out what you have left to spend on non essential items  - or to set aside and start saving. Check out this budgeting tool to help get you started.

Benefits

Make sure you claim what you’re entitled to. Visit Direct Gov for details.

Protect what’s important

Protect yourself and your family against unforeseen events—like redundancy, ill health, accidents, and premature death. Consider what insurance you need and how much. This calculator and guide can help you work our what you might need.

Make a spending plan

Write down your goals and include costs, timescales—short, medium and long-term.

Make a Will

It doesn't matter how much money you have; a valid Will is essential to provide for your family in the event of death. You should also consider a  power of attorney. Find out more here.

Money worries

Did you know...?

• You can get free, independent help with debt problems.
• Special schemes may help if you have mortgage problems.
• You can still be entitled to redundancy pay if you’re on maternity leave.
• You may qualify for cash help if your hours are cut.
• Paying off debt may make more sense than saving for now.

For more information, visit www.moneyadviceservice.org.uk