Monday, 13 July 2015

Life Moments with Natwest: Having Your First Baby*



Last month I had the very exciting opportunity of working with Natwest on a really great campaign all about the big moments in life. You can read all about what I got up to here



Natwest are on a mission to help us out with the big key moments in life and one of the biggest life changing moments is definitely having your first child. When you get wrapped up in the excitement of your pregnancy, finances can often fall down the list of things to look at and prioritise. I can put my hands up and say I was looking at all the fun bits and bobs I could buy for the baby before I sat down with my husband and discussed budgets and money.

I sat down with expectant mum Laura, who is a Soloist with the Royal ballet, to discuss how her life has changed since becoming pregnant and to try and help her out with some tips on budgeting and planning for the special new arrival.



In addition to the video I also got to help out with providing some 'expert' advice and tips for their website. There's no getting away from the fact that having kids can be expensive and I was more than happy to help out with some of the tips I've picked up so far.

I thought it would be helpful to share a few of them with you here.


Top five bits of financial advice I would give to my friends:
  1. Set yourself a budget in preparation for baby’s arrival – you need to make sure you are financially covered before and after your little one arrives.
  2. Make sure you know where you stand in terms of maternity and paternity pay and you claim your child benefit from the government. It’s also worth checking what else you are entitled to such as  Child Benefit, Child Tax Credit, Income Support, Housing to Council Tax relief. Go to direct.gov.uk to find out more.
  3. Don’t waste money on products you don’t need – make a list of the essentials and a few extras and stick to it.
  4. Buy nappies and wipes in bulk to save money – you can either do this at supermarket Baby & Toddler events or through subscriptions on Amazon etc.
  5. Don’t buy everything brand new – from ex display models in stores to nearly new sales and Gumtree, there are plenty ways to get good quality items for less. Don’t forget, people are very genourous when it comes to a new arrival and you can always steer people in the right direction if they ask what you need!
‘Must haves’ you might need to budget for:

- Infant car seat as required by law
- Nappies, changing mat, cotton balls, mild soap, nappy cream, baby bath or support, nail clippers and thermometer
- Baby vests, bodysuits, sleepsuits & muslin cloths (lots of muslin cloths!)
- Breastfeeding supplies, such as a nursing bra and pads
- Baby bottles and teats, even if you are planning to breastfeed
- Formula milk and bottle steriliser if you choose not to breastfeed
- Cot/Moses Basket/Bedside crib, sheets and blankets/sleeping bag (your baby does not need a pillow)
- Pushchair and/or baby carrier
- Baby monitor
- Baby play mat and a few sensory toys for development and stimulation

Natwest are a super helpful bunch and have some very useful tools to help with your budget planning. There is a budget calculator which can break things down for you and make it easier to visualise your expenses. The cost of raising a child calculator is very interactive and colourful, which makes it really easy to use and very interesting. £192,689.72 as a possible cost for 0-17 years?!



If that isn't a reason to sort out your finances before your baby arrives, I don't know what is!

What is your top financial tip for preparing for a new baby?
* I worked with Natwest on this project and have been compensated. As always though, all opinions are my own and all work is my own

2 comments :

  1. Great tips Sarah. Children are so expensive, aren't they!! ;-) xx

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  2. Good tips :) I always do wonder though at the sum of nearly £200k. Is it really that or just because quite naturally we only want to give our children the best and the newest, which is not necessarily required... I have certainly spent a fortune already but that's because in many cases I have chosen the nice and new and fancy option.

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