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New baby expenses

Having a baby can have a huge impact on your personal finances. On average, parents spend £9,500 on their baby in their first year, so planning your new baby expenses and budget in advance makes sense. Here are some important considerations and advice on financial planning for your family...

New baby expenses

Every family will have different needs, but some of the basic expenses during your baby's first year will include clothing, nappies, baby bath items and toiletries, a cot and bedding, a pram, a car seat and baby formula milk.

After maternity or paternity leave is over, a major cost may be childcare. This can be one of the largest expenses associated with having a child, so it's worth considering well in advance, researching options in your area and setting aside money to cover it.

Many families also spend money on "baby proofing" their home (for example, installing child gates), decorating a child's room or nursery, and on toys and play items for their new baby.

How to save on baby expenses

It's important to remember how quickly your child will grow during the first year of their life. Avoid stocking up on size 0 nappies, for example, because they are likely to outgrow them in a couple of weeks.

Speak to friends or family members who have had children to see if they can lend you any items for your new arrival.

If you need to buy items, check our parenting sites and online auction sites to see if you can pick up a bargain.

Help is at hand

You don't have to face new baby expenses on your own. Financial help is available for most families through child benefits and tax credits. The Directgov website has detailed information to help you calculate your entitlements and make sure that you receive the support that you need.

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