Going from a couple to a family may be one of the biggest changes you and your partner ever experience.
It may be one of the most exciting times of your lives. Or possibly the scariest. Suddenly there are new and important decisions to make.
- How will you manage your finances?
- What about your working lives?
- How will the new addition affect your relationship?
The answers may involve difficult conversations. Even compromises. But once you’ve dealt with these issues, you can get on with enjoying family life.
Obviously most new mums will stop work for a while. But when does a mum go back? And will there be enough money in the pot to fund a break and cover child-care expenses? What will the baby cost you, and where might you have to cut back? And don’t forget there’s the question of how will you both feel about these changes. You may find yourself feeling happy, resentful, excited, jealous, or a mixture of all of these.
Img Source: babydoppler.com
At times when emotions are running high, we don’t always find it easy to make rational money decisions, which is why you should plan ahead. Then build in some time to review your decisions and check their impact. Remembering all the time the importance of working together as a team, negotiating and agreeing on your priorities.
Whatever choices you make, preparation and communication are vital.
In this series of articles, we explore some of the changes for new and expecting parents. We’ll also give you practical advice as well as some tips and exercises to help you get started. Check them out below:
Activity 1: Check out what benefits you’re entitled to
Activity 2: Work out a spending plan together
Activity 3: Discuss where you can save money
Activity 4: What happens if ends don’t meet?
Activity 5: Protect your family’s future
Exercise 2: Setting up a joint account
