Money may not be top of your mind when you’re pregnant. But, as bringing up a child can cost you up to £194,000* until they’re 21, you can’t afford to ignore it. Try these tips to help you save for your new or growing family.

Budgeting for a newborn

1. Budget: Even if you’ve never drawn up a household budget, it’s not too late to start. Tot up your income and all your outgoings. Keep all your receipts for a month to give you an idea of where your money’s going, and where you might be able to cut back. Try the FSA budgeting calculator to see how your income and spending might change in the first year of your baby’s life.
2. Save: As soon as you can, start putting aside some money each week to pay for baby kit, pay off credit, or boost your maternity pay.
3. Savings accounts: Set up an easy access savings account as soon as you know you’re pregnant. Try and put away a set amount each month while both partners are still working so you have a nest egg to dip into. Consider tax-free savings accounts such as ISAs.
4. Maternity leave and childcare costs: If you’re in paid work, discuss maternity leave with your employer as soon as possible so you know how long you can take and how much you will get paid. If you’re going back to work, look into the cost of childcare in your area now, so you can plan how much of your income will need to be set aside.
5. Mortgage payments: Shop around to see if it’s worth your while in terms of fees and penalties to switch to a lower cost deal or a more flexible one.
6. Bills: Paying bills by direct debit can be a cheaper option and helps your budget planning.
7. Home-cooking: Cut your weekly food bill by cooking from scratch rather than relying on pre-prepared foods and ready meals. You’re less likely to buy what you don’t really need by shopping little and often rather than doing a mega monthly shop, and buying bigger items online.
8. Baby buys: When buying for your new baby, concentrate on what’s essential. If friends and relatives want to buy presents, ask if they’d mind clubbing together for a big buy such as a buggy or cot rather than lots of teddies and rattles. Borrow what you can and welcome good quality hand-me-downs with open arms (except car seats and mattresses, which should be new to ensure safety).

Budgeting for a baby

1. Set up savings accounts for your children as soon as they are born.
2. Claim child benefit and any tax credits you’re entitled to. Check out the Bounty guide to Benefits
3. Shop through free savings schemes such as KidStart at all kinds of big name retailers and save for your little one every time you buy something.

Budgeting for a family

• Forget buy-now -pay-later. Get back to basics and enjoy the benefits of good old-fashioned family thriftiness.

Shopping

1. Shop around for everyday items and take a look at mySupermarket.co.uk, which helps you compare prices at 4 top UK supermarkets and save up to 20% on your shopping.
2. Avoid spending money on things you don’t really need by making a list and sticking to it.
3. Keep an eye out for BOGOF-style offers on non-perishable items. They are not such good value on foods you may end up throwing away.
4. With KidStart you can save for your child’s future without it costing you a penny! Find out here how you can turn everyday shopping into savings for your children.

Household bills and everyday expenses

1. Take some time out to shop around for better insurance deals and cheaper rates from utility suppliers – it’s a real eye opener finding out how much you could save.
2. Switch to walking or public transport, wherever you can to cut down on petrol bills and save on parking costs (not to mention keeping fit).
3. Save on heating bills the thrifty, as well as eco-friendly way, by switching off lights and appliances when you’re not using them and turning down the thermostat.

Holidays

1. Open a savings account just for holidays and transfer a little into it each month.
2. Holiday at home or take short breaks instead of a traditional summer holiday. Take a look at our travel and motoring site for some inspiration for seaside, countryside or city breaks.

Leisure

1. Mix more expensive family treats with free activities such as a trip to the park or museum, gardening, camping in the garden, playing board games, a walk in the country or a picnic.
2. Older kids can earn money in the holidays for pricey days out at theme parks and so on by selling their junk (which results in a much-needed clear out too) or doing chores such as washing the car, ironing, stacking and unloading the dishwasher – the list is endless.

Birthdays and Christmas

1. Bake cakes or make other home-made edible goodies with the children, to give as presents or tuck into at a party.
2. Club together with other family members so that everyone chips in to buy a gift for each child (and adult too if you like). That way everyone gets one present they really want, which would be too expensive to buy otherwise.
3. Get creative and make your own cards and gifts – raid your local craft shop for ideas.
4. Turn your favourite photos into personalised gifts – photo collages, for example, are great fun and an inexpensive way to give a unique pressie.

What do you think? We want to hear how you save money – share your budgeting tips on the Bounty Money matters forum.