Children grow up fast, and so can your financial outgoings. While raising a child is rewarding, it can also be a stressful and challenging task. With financial commitments growing as your children age, this can be a strain on your family’s financial situation over time.
Before they’re born
Worrying about finances before your child has even been born? That’s right, all parents-to-be do it, so don’t fret too much! There are seemingly a thousand things to think of buying while you’re nesting; strollers, cot and prenatal care are just a few of the many expenses that you may be thinking about before your baby has arrived. Write a list, add up the total of everything you need and set a goal in your Offspring app. Remember to include your flu jab, childbirth classes and any vitamins or supplements you’ll require too!
When your little one has arrived
This should be one of the best days of your life, but you may find yourself worrying about how you’re going to afford it all. You’re not alone; it’s completely normal to worry about costs, like nappies, swaddle blankets, and baby PJS. However, you have got to get yourself prepared. Pregnancy, Birth and Baby state ‘it is important to start planning before the birth and to budget once the baby is born.’
Toddler and Infancy
Birthdays, Christmas and other special occasions, along with everyday toys, books, clothes – the toddler stage comes with a lot of renewing expenditures. Your child will start growing and growing, sometimes it feels like they’ll never stop! On top of all the cost of regular life items, childcare is a big consideration at this stage.
The cost of childcare has been thought to be changing the way we raise a child, because of the expenses, with many parents ruling out the potential for a second child and having to limit expenditures and take on more work. Our app allows you to choose specific goals – but you don’t have to! You can use the Offspring app to save for ongoing expenses – or whatever you’d like or need at any given time.
You’ve got a lot to think of about when your child starts to attend school, everything from books to lunches. You may even have to consider how your children will get to school too. Uniforms are often at the forefront of every parent’s worries, with Parliament actually stating that, ‘concerns are regularly raised about the cost of school uniforms’. Thus, it may be a good idea to have a separate saving goal for school uniform and shoes, and another for technological items, like laptops and phones.
On top of school, many parents also worry about school holidays. The poll conducted on our Facebook page shows that 75% of people struggled financially during the summer holidays, compared to only 25% who budgeted. Therefore, it would be good to change your saving goal for a specific school holiday objective, regardless if you just want to plan local activities or if you want to go on holidays abroad during this period of your child’s life.
After childhood, it’s time for your child to fly the nest. This could be going to university, getting a career, buying a house, taking a gap year to travel the world or getting married. Parents never stop worrying about their children, and the best way to prepare for all these further financial outgoings is to start a saving goal and focus on one milestone at a time. Once you’ve achieved one, you can change your goal to another.
With Offspring, you can set and change your goals in the app accordingly. This means you can change your saving goals as your child’s life progresses and you need to save for different things or milestones.