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Money Issues

Money Issues

Having children is one of the most expensive life choices we make. Of course it's worth every penny, but getting the balance right and ensuring a good lifestyle for your family is not as easy as it might seem. Especially if you don't have the good social and financial means already in place when starting a family.

Things are not that bad and this section of our website will guide you through the money issues that you are most likely to encounter when having a baby. From living on a budget to saving for their future, and how to get back to work after maternity leave.

And, of course, there's always our friendly BabyWonderland Forum where you can share top tips on how to manage with like-minded other parents.

 




Saving for Children

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Think Small - Start Early

saving for baby The second line showed up on your test, in the ladies' at work.

Oh, my Gosh! You stare at it for a while and then feel your eyes blurring with emotion. You search for your mobile in your work handbag, packed with OPKs and pregnancy tests. "Sweetheart, I have something to tell you" and burst into tears. Finally, find your voice again and continue "On the way home, please can you pop into our bank for some info on their children's savings options?"

You wipe your eyes and nose, wrap the test nicely and lay it in the bag and get back to your desk, with your mind at rest that everything will be OK.

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Child Maintenance

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child maintenance Child Maintenance (CM) is paid by a non-resident parent to help the resident parent/tutor raise their child. So if you care for a child whose other parent lives elsewhere - that parent should give you money. The Child Support Agency can work out and collect CM for you.

Who can apply for Child Maintenance?

You can ask for Child Maintenance to be worked out and collected if any of the following apply:

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Baby on a Budget

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You can do it!

baby on a budget Having a baby on a budget is a common concern for any family with children. Children add extra pressure to the day to day living costs and it’s not easy finding the right balance between spending and savings.

What are the causes of financial discomfort?

The answer is simple: choices cause poverty. Like everything else, it's a matter of choices. If you choose to live in a big house with a £1500+/month mortgage and £5000+/year maintenance and bills, this is an expensive choice. Choosing to have children too young, choosing to mortgage a house too early, choosing to pay for years to come for a car, these are all choices that actually lead to financial discomfort.

Saving may seem as the biggest discomfort of them all. While saving, you don't enjoy the comfort of spending on all the nice stuff you would have if you didn't save. But answer this simple question: what is for the better: ending the year with £2000 in savings, or ending it with £2000 in debt?

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Maternity Leave

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maternity leave If you're a working mother you have a statutory right to a minimum amount of maternity leave. Your employer may also offer their own maternity leave scheme.

The basics of Maternity Leave

Statutory maternity leave is for 52 weeks. You may be entitled to receive Statutory Maternity Pay for up to 39 weeks of the leave.

To qualify for maternity leave you must be an 'employee'. (There are three main categories of working individuals: 'employees', 'workers' and 'self-employed'. You're classed as an employee if you're working under a contract of employment. A contract need not be in writing - it exists when you and your employer agree terms and conditions of employment. It can also be implied from your actions and those of the person you are working for. Your contract will normally set out what you're expected to do. You'll usually be expected to do the work yourself - ie you can't send someone else to do your work for you.)

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