Becoming a first-time parent is an experience like no other, and nothing can ever quite prepare you for it. You may listen to advice online, in books, or even from family members and friends, but everyone's experience is unique, and the quickest way to learn is to go into it open-minded, ready to make mistakes along the way.

There are many considerations to make before deciding to have a baby, such as financial stability, your relationship with your partner and your living circumstances. While it’s important to talk through these topics with your partner if you’re considering starting a family, it’s also necessary to understand that if you’re looking for the perfect time to have a baby, you’ll probably never find one. As long as you and your partner, along with support from family and friends, can confidently support your child as they grow, you should start a family whenever you feel ready.​

An important part of preparing to have a baby is budgeting for life with a growing family. One minute you’re only considering your personal finances, such as how much to save for food every week or for drinks with friends, then the next, you’re saving for strollers, nappies and car seats. Although it’s impossible to accurately predict your monthly expenses once your baby arrives, you can certainly plan for the expenses that are essential. In addition, we want you to feel prepared for those unexpected costs once your baby arrives. Here’s a list of family expenses that catch first-time parents out.

Increased Household Bills

Often an expense that first-time parents forget to budget for is spiking household bills like water, electricity and gas. You might be thinking, where exactly does this increase come from? Babies alone can double your washing load every week, from washing bed sheets and rompers to bibs and your own milk-stained clothes. This extra washing can use up significantly more water than you’re used to, and combined with extra heating to keep your newborn toasty through the colder months, your utility bills could look quite different. To help and budget for rising utility costs, factor in a financial buffer on top of your typical monthly savings for household expenses.

Medical Costs

Every mothers post-partum journey looks different. For some, getting back to normal life can feel easy and manageable. For others, it can feel overwhelming and stressful. You may need support from medical professionals throughout your postpartum journey, whether that’s through mental health assessments or post-partum physical therapy. The NHS can provide you with necessary postpartum care and support, though it's still a good idea to budget for medical costs, in case you decide to seek private medical support. There are also several holistic medical treatments such as massage and acupuncture that can be helpful to postpartum recovery, which you may require saved expenses for too.

Pre-Childcare Deposits

Parents must research local nurseries for their newborns as early as they can,  sometimes up to 12 months in advance. Nurseries, especially those that are in popular locations, can be competitive to secure a place with, and often parents are pressured into making a decision far earlier than they anticipated. Because of the high demand for nursery places, most will require a significant deposit to secure your child a space. In the UK, on average, parents can be expected to pay anywhere between £100 and £500!

Baby Gifts

Buying clothes and toys for your baby before they’re born is completely necessary, though it can be expensive if your newborn decides they have no interest in what you’ve so kindly bought them. Something that you spot in the store that you love and can imagine them enjoying could just be something they hate and never touch. The truth is, you have no idea what they’ll get attached to and what they’ll loathe, and it ultimately comes down to trial and error. This is why parents must save a small amount of money to top up baby toys and clothing, especially if your little one gets a little picky!

Maternity and Paternity Leave

If you’re a new mum and are employed full-time in the UK, you are entitled to up to 52 weeks of statutory maternity leave. In terms of costs during your maternity period, you will be given 90% of your average weekly earnings for a total of 6 weeks, followed by £194.32 each week (or 90% of earnings if it is lower than this amount) for the remainder of your maternity leave. For new fathers, if you’re employed full time, you will be entitled to up to 2 weeks of paternity leave. Many parents will take the full course of their statutory leave, though what they’re given by the government doesn't cover all of their usual living expenses. On the other hand, some parents decide to extend their leave periods beyond the 52- or 2-week limit, which means they are no longer entitled to support from their workplace or the government.

In both cases, couples must prepare for this period where financial circumstances may be uncertain and stressful. Even if it's a small, manageable amount every week, it’s a good idea to make regular savings into a regular or savings account for everyday expenses through this leave period.

While becoming a parent certainly requires you to become selfless, in every sense of the word, it's also important that you allow yourself and your partner to still indulge in the treats and activities you love. It might be treating yourself to a new lip gloss from time to time, or planning a special date night together while a family member takes care of your newborn. It will, of course, take time to adjust to your new spending habits and financial priorities. However, you'll gradually learn where to spend and where to save, helping you and your partner manage your finances while ensuring your newborn has everything they need, and you can still enjoy life's little pleasures along the way.