5 Simple Ways To Budget When Starting A Family

Starting a family is an exciting time in your life but it can also be very expensive. There are so many things you need to buy from nappies, a cot and clothes plus so much more. As new parents you will need to learn how to budget especially if you are saving money towards a mortgage too! Here I've put together some tips on how you can budget when starting a family of your own.

Set up a savings account

If you are trying to save money towards a mortgage to buy your own home the first thing you should do is sit down and work out how much money you can be putting in savings from your pay cheque each month. Open a bank account with a good interest rate so you are also collecting some extra money as you save. Do some research, find a few local banks and arrange some meetings to sit down and find out which branch is best for you. 


Find out what you are entitled to. What benefits you are able to receive. Every parent is able to claim child benefit and you may even be entitled to child and working tax too. The sooner you are aware of your entitlements, the easier it is to budget. I actually wasn't aware that I could claim child tax and working tax whilst on maternity leave. If you see this as extra income you could be transferring that to your savings account to save up for a mortgage or Christmas. 

Find out the latest deals

Deals are a great way of saving money, you may not think that 50p off an item makes much of a different but if you're able to save 50p off every time on something different it all adds up in the long run. Same goes for coupons that you find in the newspapers and online for example if you shop at Tesco. Another great way of budgeting is to change brands or even supermarkets. Just by changing the brand of items you usually buy to cheaper ones you can also be saving a lot of money. 

Cheaper bills

Use comparing websites to work out if you could be paying less for your monthly bills. Many people don't realise just by switching companies that they could be saving money each month. I recently switched our car insurance and we are now saving £50 a month! I will definitely be doing the same for all of our other bills as I assume that we are paying more than we should be for those too. 

Cash back sites

Using cash back sites such as Quidco and Topcashback are great for online shoppers! They are brilliant for saving money whilst you shop, and you don't even have to leave your home! Many of the sites have all of your favourite retailers to choose from. The money you receive back from these sites can be used towards Christmas or you could transfer it over to your savings account. 

How have you learnt to budget since becoming parents?

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  1. Great tips. I wasn't swear you claim working or child tax credits in maternity leave either!!
    L x

  2. great tips that I will be putting into action once little one has arrived


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