Preparations for Pregnancy
Any responsible parent or parent to be knows that there is a long list of things to consider before deciding to have a baby, whether it’s your first, second or even seventh addition to the family. Not only does the arrival of a child drastically alter the family dynamic, regardless of how many children you may or may not already have, it is also a huge financial commitment and it is of utmost importance to be realistic about whether or not this is something you are able to take on during these unstable economic times.
If you are considering having a baby, it is an excellent idea to start saving straight away. Even if the more immediate costs of childcare are well within your financial reach, there is no saying what kind of economic pressures your young family will face as they grow up. As university fees are set to increase 300% in the year 2012, those hoping to offer their children a flourishing education in the future are likely to have to start planning earlier and saving more.
The best way to start is to set up a savings account with a bank or building society like Santander and to keep this account dedicated solely to the provision of your future child or children. Keeping it separate from other savings accounts that may be dipped into for holidays, work on the house, investments and other treats and expenses, will help to make it a particular priority. It also makes it clear that this money is money for the baby and for the baby alone, helping you to be more aware of the money that you have dedicated towards your child and preventing it from being spent unnecessarily or unwittingly on other things.
Savings accounts come in all different shapes and sizes and it is important to take time to decide which one will best suit your needs. Some will keep your cash accessible at all times, handy in case of financial emergencies. Others will lock away your savings for a fixed period of time, forcing you to be more disciplined in your savings habits and more aware of your spending.
Having a child should be a joyful and exhilarating time. The last thing you need is unnecessary financial pressure to cast a shadow over this magical period. In this respect, responsible saving is key to achieving a stress-free pregnancy.