Having a family has a huge impact on your life and your finances. Getting proper financial plans in place is essential.
Our top tips
If you're thinking of growing your family, check-out this great guide 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 you get started.
Make sure you claim what you’re entitled to. Click here for more information.
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. Click here for more information.
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.
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.
Visit the Money Advice Service for more information.