5 Financial Questions You Should Ask Your Partner Before Having Children
For some, having a child is one of life’s most meaningful milestones. Although its true that it can be expensive and involves financial planning, approaching this new chapter with open communication and ultimately preparation can ease the transition into parenthood. Whilst there is never a perfect time to start a family, experts at MoneyPlus looked into the average costs of a child in the UK.
Anel Andrew, Insolvency Practitioner says, “Life events like having a baby don’t always come at the perfect financial moment, and with 33% of Brits considering not having children due to financial concerns, we want to provide advice and guidance on how to prepare for this financial choice. That’s why we have pulled together 5 questions that you should ask your partner before embarking on this life changing journey.”
Who will take time off when the baby is born?
In the UK, statutory maternity leave is up to 52 weeks, with statutory maternity pay for up to 39 weeks. Paternity leave is significantly lower at typically two weeks. For some, shared parental leave could be an option which allows you to split the leave between you both on a more flexible basis. It’s important to discuss who will take time off and choose the leave you plan to take and figure out your finances from there.
Will we both return to work?
Returning to work after parental leave is another factor to consider. Will both parents return to work full-time straight away or will you have a phased return? Is there an option for one parent to stay at home full-time? It is important to review options such as funded childcare, which can significantly ease the cost. By discussing and planning in advance you can make informed choices that best suit your family.
Can we afford to have a child right now?
It’s rare that anyone ever has perfect finances, however stepping back and looking at them from a fresh perspective can help you decide if you are ready for a child. Consider one time purchases, such as a pram, furniture and a car seat as well as the ongoing essentials such as food, clothing and nappies. Anel Andrew recommends to “Use this time to budget realistically and explore government support such as Child Benefit or Universal Credit”.
Will having a child affect our career or life goals?
Having children is one of the most life changing decisions you could ever make, and will impact your future in more ways than one. Will this financial choice impact your timeline to buy your first home or even change your job? Talking openly with your partner about your personal and shared future goals is important as you can then make an informed decision on how a baby will fit into your future plans.
Do we need to adjust our lifestyle to make room for expenses?
Children bring with them laughter, joy and sometimes some additional expenses, but this doesn’t mean you have to change your life entirely. By looking over your current spending habits you can identify where you may be able to make small changes by cutting out unnecessary spending and know how much money you would have.
Becoming a parent is life changing, but that doesn’t have to make it scary. By having open and honest communication, you will be able to make informed decisions on whether or not now is the right time to have children and can also strengthen your relationship.
For further support, you can get free, impartial money advice from MoneyHelper.
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