Friday, 18 February 2011

Proud parents of a financial bombshell!

Following on from Jessica’s lovely blog post, and also from a Consumer Finance Education Body seminar I went to last week, I thought I’d bring family finance to the fore this Friday (what a lot of F’s!).

Like it or not, sometime in your life a big financial bombshell is likely to come your way. 

One of the biggest of these is a baby. Yes, I know babies are actually quite tiny things but, boy, they can wreak some huge havoc!
Aaaah! I think she's got your nose. And my savings.
So I was dead impressed by all the advice that’s waiting for expectant parents over at the money made clear website.  And I was surprised to see that quite a lot has changed since I had babies (apparently they don’t make you bite on a bit of wood during delivery any more! And Dads can have time off too!)… 
in particular I learned that:

·      Yes, most Dads can have two weeks’ paternity leave (start lining up the jobs for him now)
·      Expectant mums are entitled to paid time off for antenatal care (no need to take a day’s holiday or throw a sickie)
·      Mums may get help with childcare costs while studying or retraining (perhaps go for a Crowd Control qualification if you’re having a large brood?)
·      Even if you’re self-employed you can usually claim Maternity Allowance (if you’re a self-employed financial advisor you probably know this)
·      Dads can pay into a pension for their partner (this I did know but it really is worth repeating –anything to stop women’s pensions taking more of a hammering).

So if you’re the type who thought that planning a family just involved sex and knitting (not at the same time) it might be advisable to get yourself over to 
Just to make absolutely sure you don’t do something you regret. I’m speaking financially here. You cannot take babies back and ask for a refund.

1 comment:

  1. Karen, I would LOVE you to do some investigation into discrimination of parents applying for mortgages. I was shocked to read in The Times newspaper at the weekend that having dependents automatically reduces the amount of money a lender will alow you to borrow. In one illustration a 31 yr old earning £30K/year would be lent £141K by HSBC but that would drop to £86K if that person had 2 children. Having children does not necessarily mean you have more outgoings than a person who doesn't have dependents. That 31 year old without kids could equally be taking care of elderly parents or financing a cocaine habit...neither of which are hard to get rid of if mortgage repayments became difficult! I think mortgage lenders should ask everyone for a complete financial piture rather than act in this prejudicial way. Thoughts?


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