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Having a baby
The future patter of tiny feet will lead to major changes in your life. So make the time now to review your finances and make sure you are prepared - at least financially - for what's in store.
Baby budget
If you already have a budget plan in place then you should review it. If you don't, now would be a good time to do one.
You or your partner may have to reduce your working hours once the baby arrives, which of course will have an impact on the money you have to spend each month. So when working out your budget remember that although you may have less money coming in it's important to ensure you can still cover your bills and living expenses.
Take into account that you won't be going out as much, especially in the first few months. Accept the fact that your responsibilities will change and that you might need to cut back on your spending. Spending £50 to watch your football team play each week may seem somewhat misguided in the circumstances. However, this doesn't mean you have to give up on all your small luxuries, just be a little more responsible when deciding what to spend your money on.
Although it may be hard, try to put some money away for those unpredictable emergencies. You could increase your savings in the months leading up to the birth to help you build up a nice little emergency fund.
If you can, try to clear some debts such as credit or store cards before your baby is born. If this isn't possible then you could look into moving your debts to a card that has a low or 0% interest rate.
Another simple thing you can do to limit the extra costs you will inevitably face is to start stocking up on baby supplies early; things that are non-perishable such as nappies. Look out for buy one get one free offers.
Maternity/Paternity pay
When you tell your employer your happy news you should find out what maternity or paternity pay and leave you are entitled to. This might be more than the statutory minimum so check with HR to find how much you could receive and for how long.
If you don't qualify for maternity pay because you haven't been in your job for long enough there may be other statutory allowances you could receive.
There are also a number of benefits and tax credits available to help ease the financial burden before and after the baby arrives, so check to see what you're entitled to.
Make sure you're all covered
No-one likes to think of bad things happening but they do, so it is doubly important at this time to ensure that you and your new family are protected just in case. If you decide to take out additional insurance make sure the policy you choose provides the cover you need. Find out in what circumstances it would pay out, how much that would be and for how long.
Take the time
You will have numerous other things to deal with before and after the birth so take the time now to get your finances in order. At least then your sleepless nights will only be down to night feeds and baby cries.