Two kinds of cost
Separate the one-off costs from the new monthly costs.
- One-off: pram, car seat, cot, clothes, hospital or birth costs.
- Monthly: nappies, food, clothes, childcare, higher bills.
- Income: any leave, and how much your pay changes during it.
Try the new budget early
Work out a budget for life with a baby and try living on it for a few months before the baby arrives. Put the difference into savings. You learn what is realistic, and you build a cushion.
Plan together
Check the rules for leave and benefits where you live, and talk through how you will share costs while one or both of you earn less. Wollie shows the household view for both of you, so the plan is based on the same numbers.
Questions
When should we start saving for a baby?
As early as you can. Even a few months of extra saving gives you a buffer for the first year.
How much does a baby cost?
It varies a lot by country and choices, especially childcare. Look at your own numbers and local costs rather than a general figure.
This guide is general information, not financial advice.