Budgeting is a crucial component of any successful business. It’s no different for expectant parents. It can be hard to know where to start when making your budget with all the available information. This article will break down some of the most important things you need to factor in when planning for your new arrival.
Identify Your Income
There is a lot you need to consider regarding money when expecting and the first thing to do is identify your income. This comes in the form of your salary, welfare benefits you may be receiving, and, where possible, any other financial support that might come from family or friends. As each person will have a different income, it’s essential to work out what you will have coming in each month and how this can be best put towards your new addition.
If you are not working or on a low income, there is still financial support available from the government, which we will detail later on. However, if your partner is the primary earner in your household, you may need to consider how this will change when the baby arrives. Will one of you stay at home with the child while the other continues working? If so, what are the financial implications of this decision?
Several government schemes can help families financially when both parents continue working. These include childcare vouchers, tax benefits, and maternity leave. However, if you are self-employed or not receiving any financial support from the government for …