Posted on: November 8, 2017

Category: General

Having a baby brings much anticipation and joy. But it can also be stressful too as you start to think about juggling your mortgage with all the new expenses a family can bring – not to mention a reduction in income when your partner goes on maternity leave. There are, however, a number of ways to manage this and keep your finances on track.

 

Top tips to managing your budget when you start a family

 

  1. Plan ahead – make sure you understand your employer’s maternity leave policy and what you are entitled to in terms of government benefits.
  1. Watch your savings – if you have savings, ensure you adequately manage them by adding to your account wherever you can, rather than ‘dipping in’. If you have to dip in then pay yourself a set amount via a direct transfer each month. This way, you won’t be tempted to pull out more and more on an ad hoc basis which can quickly eat into your savings nest egg.
  1. Keep a tight rein on debt – avoid running up credit cards and personal loan debts. Use the direct transfer method to keep it under control.
  1. See if you qualify – your bank may offer a ‘repayment holiday’ for up to 12 months if you’ve had your mortgage with them for some time or have extenuating circumstances. Contact them to see if you’re eligible.

 

These are just some of the ways you can manage your mortgage repayments as you welcome a new family member. For more, speak to one of our mortgage brokers here at Professional Partners. We can offer you lots of great advice from helping you forecast your budget to innovative tools to assist with repayments.

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