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Budgeting for having children
Planning your family finances with itsyourmoney.ie.
Planning to have kids can be very exciting. Having kids can be life changing in many ways though, not the least of which is your financial status.
Costs vary depending on what age your child is, but you may need to count cents and prepare for extra expenditure at various stages throughout your child’s life such as:
- When you are pregnant and seeing the doctor a lot. The government will pay for six free visits to your GP during your pregnancy, but you will need to pay if you visit the G.P. more than this.
- Baby cloths, nappies and formula if not breastfeeding.
- Childcare
- School books and exam fees
- College fees and accommodation
- Emergency savings – with a little one on board, you’ll need to have at least three months salary in savings, in case you lose your job. The ideal saving fund is actually one year’s salary.
So it is extremely important to plan for these sort of things and to budget your money well.
If you would like to learn more about budget for having children, click here to go to the itsyourmoney.ie factsheets on having children.
itsyourmoney.ie
Web: itsyourmoney.ie
Email: itsyourmoney@nca.ie
Phone: Consumer helpline Lo-call 1890 432 432
