Looking After Your New Family

Having a baby will be one of the most exciting things that happens in your life – and you will want to make sure that you do everything you can to nurture and protect the new addition to your family.

Most people do not realise how huge the financial commitment is – so it is time to put your house in order.

Here are some of the things you need to do…

  • Find out how much your statutory maternity or paternity pay will be – all the details are on the www.gov.uk website.. Check out your obligations relating to Statutory Maternity Leave and Statutory Maternity Pay. Contact your human resources department and look at your employment contract in case your company offers anything more
  • Start saving – your baby will need lots of clothes, equipment and food. You have around 7-8 months knowing that a baby is on the way – but you don’t need to wait – the earlier you start the better.
  • Baby equipment can be a status symbol..you may spend over £3,500 in the first year-  think about whether it’s worth paying for the ‘name’ – or whether an alternative brand or 2nd hand would be just as good. Borrowing and recirculating keeps the costs down.
  • Make sure all your safety equipment meets British Safety standards.
  • Will you be living on one salary for up to a year…? Think about how you will manage?
  • Get your life insured – a simple term insurance or family income benefit policy is not expensive and will mean that should a disaster strike there will be funds to look after the family.
  • Make a will – it lets you make sure your baby is provided for and cared for it anything should happen to you – at the very least, you want to appoint guardians for your newborn.
  • Apply for child benefit – it’s not automatic and will only be backdated 3 months. Payments are tax-free as long as neither parent earns more than £50,000 a year. This also helps to protect your State Pension if you decide to stay at home and look after your child.
  • Claim your free prescriptions and NHS dental care
  • Don’t forget to register the birth too….
  • Open a savings account for your baby – he/she has their own tax allowances and can have a Junior ISA – which may have a higher rate than those available to grown ups.

For more information, please email me on vm@fffp.co.uk, or call me on 01233 722999 or 02085810088 [direct]

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