Planning for a family is a brilliant time, when life seems to stretch before you and your partner in a sunny haze. But financial planning is a huge burden to a lot of parents, and it is important to get accurate advice for parents, and plan effectively, so that you know exactly how to deal with your finances under pressure. Read on for tips on preparing for a family online!

1) Make a list

Make a list of things you consider essential and talk to friends and relatives in order to figure out what they used and liked with their baby. What were the most useful items they bought? What did they never use?

Then make a list of the home improvements that need to happen before the baby is born, perhaps a nursery to be decorated or a bathroom to be finished.

Once you have this list, you will at least know what you need to save for and this will also act as motivation when temptation to dip into the pots appears!

2) Save where you can

Savings will build up easily once you get into a routine of putting aside money on a regular basis. Savings shouldn’t be seen as a luxury but instead as a necessity for rainy day emergencies, retirement and more pressingly, children. Even if only a small amount can be put aside, every little helps. The best way to ensure you save each month is to ask your bank to transfer some money to a savings account each month to coincide with receipt of your salary (i.e. a standing order).

Getting an ISA is the perfect way to save money at a high rate of interest. But there are catches and tricks that banks can pull when setting you up with one. We recommend these ISA guides for anyone who wants to find out more about this effective savings plan.

3) Use your tax breaks

Make the most of the tax breaks available through Individual Savings Accounts (ISAs). ISAs are a fantastic as they allow people to save £7,200 a year (£3,600 for a cash ISA) tax-free, and to put aside small sums of money regularly, or a one off lump sum. As well as the tax advantages your money can be accessed at any time and withdrawals made without cost.

Child Trust Funds are also a good way to reap the benefits of tax-free savings and can be opened for children up to the age of five, allowing friends or family to put money aside for the future of their little loved ones.

4) Re-consider your outgoings

Now you have a baby to plan for, it might be a sensible idea to re-consider your monthly outgoings and see where costs can be cut and savings can be made. The money you spend on socialising or gym membership are obvious cut-backs, but perhaps other expenses such as clothes and cigarettes can be diverted into a savings pot.

5) Join up!

Don’t be too proud to join groups such as the Boots scheme. Vouchers and freebies from family-focused companies are also really useful, like the huge range of brochures on child savings that are available, free of charge, from our financial guidance pages.

6) Limit your access!

A better option for people wishing to plan for financial emergencies, but who struggle to save regularly, is to shop around for saving accounts that allow limited access to their savings. These accounts can be an excellent way of ensuring that you save, and although they can be restrictive if you need regular access to your cash, for the purpose of making a one off withdrawal in advance of the birth of your child such an account is ideal.

7) Keeping up appearances

As tempting as it may be, there is no need to keep up with 'the Joneses'. Don’t live beyond your means by splurging on fashionable prams or designer dummies.

8) Do your research

It really helps to know what you're dealing with when you save for your child. Reading up on brochures such as the Bailie Gifford guide to investing for children is packed with jargon-busting information on different financial plans, uses and tactics. Get your free copy here.

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