What is Bó?
By Craig Hore
If you can, set aside some time during your pregnancy to start planning for the money side of having a baby. Because, when you're struggling with sleep in the first couple of months, you're going to have neither the time nor the inclination to do the sums!
How much does a baby cost on average per month in the UK?
Research shows that the average cost for a baby in the UK is £333 per month. However, the first month often costs significantly more - expect to shell out at least £500 on food, nappies, travel and big purchases such as cots and car seats.
So, how can you make those first few months easier on your budget?
Prepare in advance
Anyone who has children will tell you just how overwhelming the first few months can be. But, if you have prepared money wise, that will be one less headache to deal with.
In the months before your due date think about setting aside a little money each month to help cover the additional costs which are bound to crop up. If the baby is due in September and you find out you are pregnant in February for instance, that gives you around 8 months to save up an extra £500 - that's £62.50 per month. This will be a good start to cover unexpected expenses, especially if you are earning less while on maternity leave or are raising the child alone.
Minimise the bigger expenses
You can also save a lot of money by being savvy about what you buy:
Ask for what you need
As nice as it is to receive tons of toys and cuddly bears, your baby probably doesn't need all of them! If you think friends and family would like to give a gift, why not ask for vouchers instead? Your friends will feel helpful and you can use those vouchers on something that's really useful.
Alternatively, you could set up a gift list at a department or children's store so that is someone wants to get something for your new arrival they can choose something you really need rather than guessing and getting tons of the same thing!
There is a worrying trend of buy now pay later companies targeting new parents due to the ever increasing cost of bringing a baby into the world, so be savvy - save and set aside a little at a time, so you've planned ahead for the increased costs your likely to incur and can avoid getting caught up in debt.
There is no doubt that babies can be expensive. But, with a little planning and saving, you can make those first few months a lot smoother.
You must be 18 or over and a UK tax resident to be eligible for a Bó account. You’ll also need an iPhone on iOS 10 (or later) or an Android phone with 6.0 Marshmallow or above.
Bó is part of National Westminster Bank Plc (“NatWest”), registered in England and Wales (Registered Number 929027). Registered Office: 250 Bishopsgate, London, EC2M 4AA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. NatWest is entered on the Financial Services Register and its Register number is 121878. The Financial Services Register can be accessed at. NatWest's registered VAT number is GB 243852752.
Bó is protected by The Financial Services Compensation Scheme (FSCS). Read more here.
Photo credit: The pic of the mopey pug and all the lovely portrait shots come from unsplash.com. Thanks guys!