The ‘what ifs’ become more important when you become a family, so don’t forget to write or update your will. Factor in the cost of insurance payments to your spending plan.
Paying into a pension remains as important as ever. If you’re not working, or your earnings are below a certain level, you can build up credits for the state pension if you claim child benefit for under-12s. This means you won’t lose out on your state pension if you’ve got a gap in your working history.
If you are on paid maternity/paternity leave, you will continue to make pension contributions. Your employer will still pay its contributions based on the salary you would have received had you not gone on leave.
If you have a personal or stakeholder pension, you (or your partner) can still pay in up to £2,808 each year after tax, even if you’re not working. Again, make sure to include these costs in your spending plan. For more information check out The Pensions Advisory Service
Click here to return to the Pregnancy and Finance article. Or, click here for more help and advice on becoming a parent.