
Trying for a baby	Pregnant	Birth & labour	Baby	Toddler

The financial impact of having a baby

1) Find out what benefits you're eligible for. Every parent is eligible for child benefit, but the amount goes up depending on your circumstances. At the basic rate at the time of press you get £18.10 a week for your eldest child and £12.10 a week for any other children. See http://www.direct.gov.uk/en/Parents for more details.

2) If you're returning to work, start investigating childcare options well in advance, as this can be very expensive. Why not talk to your friends as they might be able to give you some helpful advice; they might even suggest a nanny share, where a nanny looks after both your babies and you go halves on the cost.

3) You don't have to buy the most expensive buggy/pram/cot. Obviously, safety must be your number one priority, but some of the equipment on offer is ridiculously overpriced. The NCT run nearly new sales in local areas, and Ebay can offer fantastic deals on second-hand pushchairs. Also, try to think ahead when you are buying equipment. A cot bed might be more expensive, but cheaper in the long run as it converts into a junior bed. Selling your baby equipment online, or locally might also be a good way to save money if you have finished having children and need to clear some space!

4) Check your health and life insurance so that you know what is and what isn't covered. Some health insurrance policies cover children as well, or your whole family so it's worth checking this when you are renewing your policy or starting one.

5) Start saving while you're pregnant; even if you put just a bit of money a side each month, this will add up. Ask your partner to do the same. Every bit counts. luckily when you get pregnant you stop drinking - put what you would normally have spent on a night out (cabs included) away as a fund for your baby.

6) You don't have to buy the most expensive baby clothes. Children will soon outgrow them and/or cover them in mess and sick. Supermarkets do great alternatives. Although it's nice to have a few smarter outfits, save these for special occasions like birthdays or Christmas. Some items, such as mattresses and nursery furniture, are best bought new but the same doesn't apply for what your child wears - accept clothes from friends and siblings who've got children.

7) When supermarket shopping, stick to food you really need rather than food you really want. You could save a lot of money just buy switching to a cheaper supermarket. Try to look out for special offers eg 'buy one get one free'. Buy own brand products; they'll taste just as good and you'll save more than you might think.

8) Eat at home; save trips to restaurants for special occasions. Hey, you might even become a better cook in the process! To ensure you still have a social life, why not invite friends round for dinner and ask everyone to bring a dish?
Even by making these small changes, you will save a reasonable amount of money. Although you might initially feel as if you're missing out, your little bundle of joy will make it all worthwhile. Furthermore, you'll begin to realise the value of money and when you do treat yourself, it will seem all the more special.

9) Only buy essential items: if it’s your first child you may be tempted to get all the gadgets and equipments, but you’ll save a lot of money by just buying things you really need, like nappies, clothes, buggies, prams and car seats. You don’t really need to spend money on things like baby baths, as you can use your normal bath and bathe with your baby, which can be a great way for you both to bond.

10) It’s not necessary to buy loads of expensive toys for your children when they’re little, as for the first year or so they won’t really pay much attention to them. Instead, visit a toy library. Similarly, if you’re trying to save money this Christmas, don’t worry about buying loads of pressies for your baby – they’ll be more interested in the wrapping paper.

11) Join the library! Most libraries have fantastic children's sections where your child can pick which books he wants each week. It also means you'll never get bored of them as a new batch will arrive each week!

12) After your baby is born you are eligible to receive £250 child trust fund to start off your child's savings, so make sure you claim it! See http://www.childtrustfund.gov.uk for more information.