How to save for having a baby

Whether you’re an expecting parent, or you’re planning to have children sometime in the future, it’s important to get your finances in order. So, dive into our how to save for a baby guide to learn all the best tips and insights. We’ll teach you how to financially prepare for a baby in the UK, as well as offering some money-saving tricks.

Financially preparing for a baby

When preparing for parenthood, making sure your finances are in order should be a top priority. But how much does having a baby really cost?

Well, if you’re wondering how much to save for a baby, studies suggest that you could spend between £6000-£12,000 in your baby’s first year alone. Just think about it - there’s the on-going necessities such as nappies, clothing, and feeding equipment to purchase, not to mention the extras (such as nursery decorations and toys).

So, it’s important to save as much as possible beforehand so you’re prepared to tackle whatever the first-year throws at you.

What do I need for a baby?

The first month of a baby’s life is typically the most expensive. So, while we’ve mentioned a few items already, below we’ve created a baby checklist, highlighting further things you’ll need to save for:

• A cot, mattress, bedding, and mattress protector.

• Changing table and changing mat.

• Baby monitor, night light.

• Babygrows, hats, socks, and bibs.

• Baby bathtub, soft wash cloths, baby shampoo and lotions.

• Pram, car seat, carrier and highchair.

It’s also important to consider the ongoing expenses such as nappies and food which you’ll need to factor into your longer-term monthly budgeting.

Also, while the NHS covers most costs when it comes to prenatal care and birth, you might want to save for private scans, tests, or specialised birthing plans.

The importance of planning ahead

Planning ahead is key when it comes to saving for a baby. Even if you’re not intending on having children soon, but you one day hope to, it’s a great idea to start saving as soon as you can.

The earlier you do so, the more you’ll be able to put away. Plus, the more interest you’ll accumulate on your savings!

It’s also important to plan ahead when it comes to things such as future childcare costs. Sending a child (under the age of 2) to part-time nursery in the UK sets parents back around £148.63 weekly. That’s just over £7000 a year, so it’s important to save and budget effectively from the get-go.

You might want to set yourself a challenge to boost your savings within a year. If so, dive into our how much can I save in a year guide for inspiration.

Money-saving tips

It can be difficult to know where to begin when it comes to saving to have a baby, so below we’ve outlined some actionable strategies to help you.

1. Create a baby budget

Our first and perhaps most important tip is to create a clear budget. A budget will give you a handy snapshot of what you’re currently spending each month, as well as areas you might be able to cut back on, so you can see if there’s room in your budget for everything your child will need. For instance, do you have any unused subscriptions you’re still paying for? If so, cancel them and pay the money into your savings instead.

If you’re working, you should also check whether you’re entitled to maternity or paternity pay and factor this in.

Budgeting is also important before you have a baby – we all know that children can be expensive, so it’s good to establish an emergency fund for unexpected costs.

Our guide on effective monthly budgeting tips has plenty more information on this topic, so make sure to check it out before you get started.

2. Cut costs

Considered shopping for second-hand or gently used children’s items. This is a great way to save money on baby clothes and nursery furniture. Your baby will grow out of their clothes quickly, so it’s definitely worth having a look on second hand sites or popping to your local charity shops to snap up some bargains.

Alternatively, once your baby outgrows their toys, pram, clothing, or other baby bits and pieces, see if you can make some money back by selling good-quality items on sites like Vinted.

3. Boost your income

Another way to increase your savings before having a baby is by working towards boosting your income. You could dedicate any spare time into starting a side hustle, such as part-time freelancing or tutoring, which might be easier to do before you have a newborn to look after.

Or, how about committing to a huge home clear-out then selling any unwanted items online? From unused tech to unwanted clothes, sites such as eBay are ideal for listing your items. You’ll be able to build up a nice saving spot, plus you’ll have a clutter-free home with more room for your little one - what’s not to love?

4. Check what benefits you might be entitled to

Finally, it’s important to look into whether you’re eligible for any benefits designed to help in pregnancy and beyond. For instance, The Healthy Start Scheme (from the NHS) helps expectant and new mothers afford baby essentials. Plus, there’s the Tax-Free Childcare Scheme which is offered by the government to assist with childcare costs.

There are also Child Benefits and Maternity Grants to bear in mind too. So, make sure to do your research and take advantage of what is available.

It can be hard to know where to begin when saving for a baby, but hopefully you’re now feeling prepared and ready to tackle what is perhaps going to be your most exciting journey yet.

In the meantime, make sure to head over to the Moneyboat blog where you’ll find plenty more insights on simple ways to save money.