How to Cope with the Cost of your First Child
If you are currently expecting your first child, or even your third there are always many things to take into consideration. Are you are willing to give up the vast majority of your social life? Have you assessed your local neighbourhood; are the education and health authorities of a high standard?
These things aside, a majority of first time parents will usually say that the biggest strain for them is on their wallet. Supporting an extra person is a huge burden and at first you can be under a lot of financial stress with numerous unexpected expenditures; clothes, food, gear, healthcare and of course enough nappies for a small army! It is estimated that you can spend up to £5000 in your baby’s first year. This does not take into account the emotional and time cost to you, it is the equivalent of having a job 365 days a year with no breaks.
A lot of people can struggle initially as they underestimate the cost of having a child and with inflation and the current financial market, things are becoming more and more expensive. For the first few months as well it may be difficult due to a parent not working, so it may be advisable to save up enough to help you while you are off work. However if this is difficult because your income is not sufficient enough then another option might be a loan.
If you need a helping hand in getting through the first years with a new child then make sure you take out a loan with a reputable provider, at a good rate, so you don’t find yourself accumulating debt for years to come. Reputable providers such as Santander offer some excellent rates on loans – 8.9% APR for loans between £7,500 and £14,950.
Consider your child’s future before he or she arrives to make sure you can provide the warm and loving environment you want for your baby. And make sure you have all the necessary finances in place to provide everything you and your baby will need.