Having a baby is one of life's joys, but there's no denying that the cost of bringing up children is very expensive so you need to think about the financial commitment a family brings.
If you or your partner cut back on work, you'll have less money coming in. But a little planning can help you keep on top of things.
Even before your baby is born you should consider producing a monthly budget allowing for the anticipated fall in household income, remember whilst your income may fall and heating bills go up your entertaining expenses are likely to fall as you will be going out less.
There are a number of benefits and tax credits to help you before and after the baby arrives, so see what's available.
You may be entitled to statutory maternity or paternity pay from your company. Your company may pay you more than the legal minimum, so find out what it offers.
Depending on when your child is born, you may receive payment from the Child Trust Fund (CTF),which is a savings and investment account for children provided by the Government.
Although it might seem a long way off, time does fly and planning for future spending such as school fees, university education or even weddings is something best tackled sooner rather than later, so you should consider a savings plan for them now.