Don't Let Money Wornes Ruin This Special Time; New Research Suggests Many Parents-to-Be Are Worried about How They'll Cope with the Financial Costs of Looking after a Baby LISA SALMON Asks the Experts about the Best Ways to Ease the Financial Baby Burden

Daily Post (Liverpool, England), April 16, 2013 | Go to article overview

Don't Let Money Wornes Ruin This Special Time; New Research Suggests Many Parents-to-Be Are Worried about How They'll Cope with the Financial Costs of Looking after a Baby LISA SALMON Asks the Experts about the Best Ways to Ease the Financial Baby Burden


Byline: LISA SALMON

THE UK is experiencing a baby boom - but for some parents-to-be die excitement about their new arrival is dampened by worries about how they'll cope financially. A new report by comparison website MoneySupermarket.com has revealed that more than a third (37%) of expectant parents are concerned about how they'll afford the cost of having a baby, and 44% of mem say the stress has caused rows with meir partner. Some of mat stress may be connected to the fact mat the national average cost of childcare per year is now PS4,993 for 25 hours - and up to double that, of course, for die 23% of parents expecting to pay for full-time nursery care (26-50 hours). But many working mums feel they have no option but to pay childcare costs, as the need for more money means mat once baby's born, nearly half of working mums (45%) cut short their maternity leave. Instead of taking off the full year they're entided to on reduced maternity pay, a third (34%) of those questioned by MoneySupermarket are planning to take six to eight months off after the birth, while 10% say they'll take just three to six months. Clare Francis, personal finance expert at MoneySupermarket, right, says: "As exciting as planning for a baby is, it can also be a daunting and stressful time. "Having to adjust your lifestyle to cope wim the new arrival is hard enough, but wim many couples seeing a fall in income due to one of diem giving up work or taking maternity leave, it can heap further pressure on families when they least need it. "However, money worries needn't get in die way of what should be a magical time. Planning ahead and understanding your finances ahead of adding to your family is vitally important, and will save you many sleepless nights - at least until die baby arrives." Reviewing household outgoings, saving some money if possible and reducing everyday spending can ease money pressures, says Clare, although 65% of parents say diey haven't worked out how much household costs will rise once baby's born. Clare advises parents to put some savings in an ISA, and make sure any extra savings are earning competitive interest. Any debts such as credit card bills should be switched to 0% interest deals to reduce outgoings. While half (51%) of expectant parents say they have enough money saved should any unexpected costs arise after baby's born, 24% will rely on credit cards and 17% on overdrafts to deal wim any emergencies. One in five (20%) also say they would borrow from family and friends to get by. "Planning your finances for having a baby needn't be a major cause of stress for expectant parents," says Clare. "Taking a thorough : at your household ^budget, making some k simple L money-saving : changes and k being realistic about how much you really need to spend on mings for your baby will ensure you and your family get . off to a , flying i start." She Istresses Ithat Childcare costs averaging nearly PS5,000 a year can give parents a real financial headache parents shouldn't fall for die marketing hype surrounding what's 'essential' for die arrival of a baby, pointing out: "It's easy to believe you need all me latest paraphernalia and gadgets money can buy. …

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Don't Let Money Wornes Ruin This Special Time; New Research Suggests Many Parents-to-Be Are Worried about How They'll Cope with the Financial Costs of Looking after a Baby LISA SALMON Asks the Experts about the Best Ways to Ease the Financial Baby Burden
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