Finances after having a baby

14 May

Having a baby; it’s hard enough that your body isn’t your own, or your time for that matter…to add to the growing list of changes, you’ve also lost some of your financial stability and independence too.  We give some tips on how to make it run a bit smoother!

how to manage financially after a baby

Having a baby can hit you hard financially

Do you hate being ‘dependant’ on your partner for money? How does this make you feel? In the traditional model (which is actually being turned on its head in many instances), mum takes off up to a year for maternity leave during which time the husband (or partner) is back at work earning the money.

What does that do for your feminist views?

Are you constantly asking for money?

Can you go out and buy something without getting ‘permission’?

How can you manage on one income and make it work?

Many mums complain about all of the above, losing their financial independence and security when they are first on maternity leave and then further when they don’t return to work in the capacity they started e.g going back part-time and earning less, starting something new which requires a financial input and investment, or staying at home as a mum and not earning anymore. All of these scenarios require adjustments, and figuring out a way to make it work for you and your family.

With some forward thinking, some of the usual pitfalls can be avoided and you can feel more secure in your new position as a mother.

new mother glow

How to feel more emotionally secure:

1) Decide how much can be spent on extras – that way you can occasionally both treat yourselves without feeling animosity or resentment.

2) Have your own bank account – even buying a coffee with your own money gives a feeling of financial security.

3) BUDGET – get the numbers down on paper and stick to them. If you are constantly spending more than necessary each month, it will leave you feeling stressed (not to mention skint).

4) Figure out what is essential for baby and what is just thrifty; the baby industry is filled with products that are often unnecessary and highly inflated in price.

5) Figure out what you can do part-time whilst you are on maternity leave – even if it is a bit of freelance work (assuming it’s permitted by your employer) you could earn a bit of pocket money. Or look to the future and pen your first book or start a blog about motherhood, these could be fruitful in the long run.

6) Talk to your partner. Financial strain is better ridden if it’s out in the open, don’t keep secrets and don’t put too much pressure on your other half.

7) The financial implications of having a baby are immense – there is just so much to consider after having a baby.  It can be so stressful, that mothers often return to work far before they are ready.  But the financial costs can be high even if you do return to work as well, so make sure you take all of the factors into account.

What do you find financially toughest now that you’ve had a baby? Please comment below.

To help all of you mummies, we have a *SPECIAL OFFER* Book any course by 18th May and use NM20 code to save 20% – a gift in line with this blog post!

finances after a baby


3 Responses to “Finances after having a baby”

  1. Lisa Mallis May 17, 2014 at 8:23 pm #

    Great post! Budget, budget, budget, budget, budget! When you have a plan – so much of the anxiety is reduced!

  2. Delia @ Blog Formatting May 24, 2014 at 1:31 am #

    Before having our daughters, we did a bit of saving that year, and that really helped a lot after they were born so we could keep the same level of comfort and spending. I think planning, when you can, it always a good idea 🙂 Thanks for sharing these great tips!

  3. NurturingMums July 16, 2014 at 2:08 pm #

    Hi Lisa and Delia
    Thanks for your comments – budget and planning, both really important but equally hard to do!

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