Financial planning for parents-to-be: check what you are entitled to

Expecting a baby is one of the most exciting things in the world.  It is also one of the most expensive!  But there is lots of financial help for new parents, if you know where to look.  So follow my guide to make sure that you claim what you are entitled to so you can give your baby the best possible start in life.     

Having a new mouth to feed at a time when your household income may well be reduced can be a difficult juggling act.  That’s why there is lots of support for new mums and dads – but you need to know where to look.  So I’ve pulled together a round-up of the benefits that you may be able to claim to ease the financial pressures and enable you to enjoy your little of bundle of joy to the full. 

Check what you’re entitled to

You are unlikely to qualify for all of the potential benefits for new parents, but knowing what is available and where to find out more information gives you a great head start to make sure you and your family get the help you’re entitled to.

1. Talk to your employer about Statutory Maternity or Paternity Pay, plus any additional paid leave your employer offers.   Contact Jobcentre Plus or the Jobs and Benefits Office if you’re self-employed or on certain benefits.
2.  If you’re a pregnant woman or new mum, you are entitled to free prescriptions and dental treatment until your child’s first birthday.  Ask your doctor or midwife to issue the relevant MATB1 certificate.
3. Claim Child Benefit – you can apply for this as soon as you’ve registered your child’s birth.  You can download a form here.
4.  If you are on a low income or under 18, you are entitled to free vitamins and healthy start vouchers.  Ask your doctor or midwife about them.
5. You may be entitled to Child Tax Credits or Income Support, depending upon your income, the number of children you have, their ages, the hours you and your partner work and your childcare costs.  You can get more information through HM Revenue and Customs.
6. If you are studying, you may be entitled to help with childcare costs, Discretionary Learner Support or help towards your course costs.  You can find out more here. 
7. If you are widowed, you may be entitled to Widowed Parent’s Allowance if your spouse or civil partner had paid enough National Insurance contributions.  Get more information here.

Getting the financial support you are entitled to is the first step for successful financial planning for your family.  Look out for my other tips for financial planning for new parents to make sure you build a solid foundation for your family’s future.

For expert financial planning advice, call Graham on 07740 192505 or email gkinns@coreifa.co.uk to book a no-obligation consultation at our expense 

The benefits of regular savings

Working out where to invest your money in a world of uncertainty can be a risky business.  But there is a way to help ride out the ups and downs of the markets – and that’s by saving regularly.

Unfortunately, none of us have a crystal ball.  If we did, we would all be very rich (and I would be out of a job!).  We would all know which start-ups are going to become household names, which markets are going to crash and which economies are going to emerge as the tigers of the future.  In other words, we would know exactly where to put our investments to safeguard our futures:  we would know what to invest in and, crucially, when to pull our money out of the market. 

But without the ability to see into the future – or the benefit of hindsight – there is a way to try and protect against the ups and downs of the market, and that is to invest regularly.  The technical term is 'pound-cost averaging'.

The benefits of investing small amounts regularly

• Reduced risk: Putting smaller amounts of money into a fund or other investment regularly reduces the overall risk of investing at the wrong time. Compared with investing one large sum in a single transaction, the risk is mitigated by the fact that, over a period of time, your smaller, regular sums will be invested at a variety of prices.
• Affordable: Regular saving is a great way to build up a lump sum from almost nothing. Setting aside a lump sum of £5,000 is a tall order for plenty of people. However, putting aside £100 a month from your income might be less of an issue – and the addition of investment growth or interest means that you could quickly build up a reasonable amount without necessarily noticing. And the longer you can leave that growing amount alone, the more impressive it potentially becomes.
• Different options: Most investment products offer regular savings as an option, including investment funds, Individual Savings Accounts (ISAs), life assurance and pension plans. 

FOR EXPERT ADVICE ON SAVING FOR YOUR FUTURE, 

call Graham on 07740 192505 

or email gkinns@coreifa.co.uk 

to book a no-obligation consultation at our expense