Jessica Broad is one such hopeful parent who started saving for a potential baby over two years ago, preparing for how expensive it may be
Jessica Broad, from Kent, has been with her partner for 16 years and they hope to start a family within the next couple of years. In total she has managed to save around £10,000 towards future children, which she keeps in a designated savings account.
Jessica, who works at JDRF UK, the type 1 diabetes charity based in London, now works from home the majority of the week and the money she used to spend on train fares is being set aside for a future family. Sarah Coles, a personal finance analyst at investment platform Hargreaves Lansdown, says Jessica’s diligence is impressive and that it’s sensible for prospective parents to prepare themselves for a hefty financial shock.
But even this wage can leave savings tight. The cost of living crisis is impacting people across the country and many would say it is impossible to save extra money at a time when costs are rising faster than wages. Natasha and her partner, 28, don’t have a set timeframe of when they would like to have children, but think they will likely start trying within the next few years.
“I like to have separate savings accounts or I end up wasting money. I learned the hard way about living within my means at university, when I would end every year in my overdraft. Since then I’ve got much better at budgeting and setting money aside. If we are lucky enough to have a family one day, I would feel far more comfortable having some money saved up in advance as I hear all the time about how expensive children are.”Planning ahead for a child makes sound financial sense.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Top summer holiday family days out for £10 or less in Shropshire and Mid WalesAs the summer holidays are upon us, there are plenty of things to do in Shropshire to keep the family entertained.
Read more »
Green credentials: Why we’re all urged to go green to save moneyGo eco-friendly and save cash
Read more »
Dead woman rotted in flat for six weeks 'after mental health team lost track'A dead woman rotted in her east London home for six weeks after ‘appalling’ failures by her mental health team, says her family.
Read more »
From slashing cinema cost to FREE food - these 22 holiday tips save hundredsSCHOOL’S out for the summer and keeping the family entertained during the six-week holiday can be brutal on the bank balance. But family days out don’t have to cost the earth. Emma Pietras and Laur…
Read more »
Asda launches money saving hub to help parents struggling with the cost of livingAs the cost of living continues to affect families across the UK, Asda has launched a new online money-saving advice hub.
Read more »
Cyclist dies on major road in WatfordA cyclist died in Watford last night despite the best efforts of paramedics to save him.
Read more »