A guide to help you prepare to start a family

Starting a family is one of the most exciting periods in life. But it can be daunting and tiring too. One of the best ways to deal with the stress of starting a family is by preparing carefully. Read on for a guide on how to get yourself ready to have a family.

Budget for the first year of your child’s life

Having a child is an expensive endeavour. Indeed, the time around pregnancy will usually see you spend an extra £3530, while the first three years of your child’s life will – on average – cost you an average of £44,097. As such, you should try and budget to cut your spending. Begin by calculating your income over this period. Next, you should draw up a list of the essential purchases you’ll have to make: this includes nappies, extra food, furniture and clothes. Try and find quality products at the cheapest price to fulfil these needs. If your spending is set to go above your income, you should try and make cutbacks in other areas of your life.

Consider moving home

If you’re having children, you might need to move home to have enough space for your family. Begin searching for new houses for sale near me. Ideally, you’ll find somewhere affordable, in a handy location for your family’s lifestyle and with parking on site.

Plan your parental leave time in advance

You should plan your parental lead in advance too. Begin by finding out the allotment of parental leave you’re allowed and try to take the maximum – your partner should do the same. Once you’ve arranged to take the time off, you should work with your colleagues to create a transition period. By helping your colleagues smoothly cover your work, it’ll be easier for you to slot back in when you return.

Invest in your child’s future

Everyone wants the best for their children. And one of the best ways to achieve this is by investing in their future. You can do this by setting up a junior ISA and by gradually depositing disposable income in this account. This can help your child and ease the financial pressure on yourself in the future.

Starting a family is difficult but rewarding. And by following the guide above, you can put yourself in a great position to raise a family.

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Michael P
Los Angeles based finance writer covering everything from crypto to the markets.

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