Close Menu
Exposed News

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot
    Eve Plumb Net Worth

    Eve Plumb Net Worth 2025 – How Rich Is The Brady Bunch Star?

    October 28, 2025
    oil in hair

    Understanding the ideal duration for leaving oil in hair

    October 27, 2025
    First-Time Landlords

    Top Tips from Manchester Letting Agents for First-Time Landlords

    October 22, 2025
    Facebook X (Twitter) Instagram Threads
    Subscribe
    Exposed News
    Login
    • Breaking News
    • Fashion News
    • Movies
    • Trending Topics
    • Exposed Magazine
    • Celebrities News
    Wednesday, October 29
    Exposed News

    Financial Planning Before and After Having a Child

    Exposed NewsBy Exposed NewsSeptember 27, 2023 Exposed Magazine
    Share
    Facebook Twitter Pinterest Threads Bluesky Copy Link

    Are you planning to have a child in the future and wondering how to prepare financially? Reports show that in the UK, raising a child from birth to age 18 in 2023 costs £223,256. This figure includes housing and childcare costs – it also showcases a rise of 10% since 2022. 

    It’s clear that raising a child can have a strong impact on a person or couple’s finances, which is why it’s so important to do financial planning before trying for a baby or if you’re already expecting. But don’t panic, there are a few simple steps you can take to help prepare. 

    Financial Preparation Before Parenthood 

    First and foremost, if you’re in a couple, you should openly discuss the financial impact that a child could have. By doing this, you can identify areas that might require more attention, allowing you to set financial goals to work towards. You can use online calculators to work out how much it could cost to raise a baby in their first year and other means of financial planning as a starting point.

    When it comes to taking action, you might decide to prioritise boosting your credit score to prepare for any significant financial changes, such as applying for a mortgage. Refreshing your budget and identifying how much you can put aside where possible can also help you prepare for what’s ahead.

    Investing in Your Child’s Future 

    A savings account is a great way to help you build a pot that will support your child’s upbringing. It might be used for their education for example, or simply to give them more financial security as they grow older. Either way, parents who are able to save money in this way will be able to make a real difference to their child’s future. 

    The sooner you start saving, the more interest you’ll gain, meaning you’ll receive a greater return on the money you put in. Every penny counts – even if you routinely change the amount you invest to accommodate your own financial circumstances.

    Budgeting for Ongoing Childcare Costs 

    It’s important to prepare for and accommodate ongoing costs. Childcare fees take up a significant amount of any parent’s budget, so anything that can alleviate this can be extremely helpful. Nappies, formula and other items need to be rebought frequently too. Other costs include clothing and footwear, as little ones grow out of items extremely quickly. Borrowing or inheriting clothes from friends and family can make a huge difference. 

    By identifying these costs and tracking your spending, you can work towards more cost-effective solutions. You should also anticipate unforeseen costs, which might include school trips and other expenses required for their education, as well as baby classes or hobbies and clubs as they grow older.

    Stay Out of Debt

    Whilst this might sound obvious, it’s easier said than done. Unexpected costs can take you by surprise, with many parents taking out loans to cover them. Healthcare is often an unexpected cost that pushes many families into debt, but more recently, simple bills for food, energy and rent are pushing more and more people into the danger zone. If you do find yourself in debt, you can find help from a bankruptcy lawyer here.

    This is especially useful if you’re facing foreclosure on your home, or you’re being harassed by debt collectors. Many lawyers are happy to give advice based on their years of legal expertise, so don’t suffer in silence if you’re struggling.

    Share. Facebook Twitter Pinterest Bluesky Threads Tumblr Telegram Email
    Previous ArticleMarijuana Legalization in California: Impacts and Insights for Highland Park Residents
    Next Article Strategic Tips for Far-Sighted Investors
    Exposed News
    • Website

    Exposed News is an independent digital publisher covering celebrity gossip, trending stories, and entertainment insights. Our editorial team is committed to fact-checked, reader-friendly updates that balance accuracy with engaging storytelling. With expertise in media and digital trends, Exposed News delivers trustworthy content that keeps you informed and entertained every day.

    Related Posts

    Quotex review with its outstanding trading benefits

    July 26, 2025

    Enhancing Ecommerce Success: Ecommerce Accountants, London, and Effective Management Reporting

    July 26, 2025

    Understanding Traceloans: A Comprehensive Guide

    July 26, 2025
    Top Posts
    Meghan Markle

    Is Meghan Markle Pregnant Right Now

    October 22, 2025566 Views
    anya taylor-joy

    Anya Taylor-Joy Movies, Career, and Life Story

    October 22, 2025487 Views
    Fashion Stylist Guide 2025

    How to Become a Fashion Stylist Guide 2025

    October 21, 2025483 Views
    Don't Miss
    Eve Plumb Net Worth

    Eve Plumb Net Worth 2025 – How Rich Is The Brady Bunch Star?

    By Exposed NewsOctober 28, 2025 Celebrities News

    Eve Plumb is a name you probably recognize from your childhood television memories. If you…

    oil in hair

    Understanding the ideal duration for leaving oil in hair

    October 27, 2025
    First-Time Landlords

    Top Tips from Manchester Letting Agents for First-Time Landlords

    October 22, 2025
    Meghan Markle

    Is Meghan Markle Pregnant Right Now

    October 22, 2025
    Top Trending
    Most Popular
    Alaska Flood Disaster 2025

    Alaska Flood Disaster 2025: Homes Swept Away, Dozens Rescued After Typhoon Halong Remnants

    October 13, 2025298 Views
    Our Picks

    Change Tether TRC20 (USDT) to Cash

    July 26, 2025

    Freedom Holding Corp: An Innovator in Financial Services

    July 26, 2025

    AFFF Lawsuit Update 2024: Where Settlement Talks Stand, and What’s Next?

    July 26, 2025
    Editorial Credit

    All content on Exposed News is verified and written by our editorial team to maintain factual accuracy and reliability. We bring you trusted updates on breaking news, celebrity gossip, fashion trends, and entertainment stories from around the world.

    For collaborations, tips, or inquiries, contact us at officialtalkseo@gmail.com

    Stay informed. Stay curious. Stay connected with Exposed News — your source for real stories and viral culture.

    Facebook X (Twitter) Instagram Pinterest
    • About
    • Privacy Policy
    • Contact us
    © 2025 ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?