Get ahead of financial planning with the family finance checklist

From new arrival to new graduate, it guides you through the key moments to ensure you’re the ultimate prepared parent.

Raising a child is as fulfilling an experience as it is challenging, but it goes without saying that you’ll want your loved ones to be covered for any eventuality. This graphic checklist, separated into key milestones, will help parents to focus on the important financial moments when starting a family.

Baby on the way

Checklist:

• find out about maternity/paternity pay
• arrange leave
• check your Child Benefit allowance
• budget to live on one source of income
• apply for life insurance
• write a will

Top Tip: Save at least three months' salary before the birth to get a head start on saving and plan your budget.

The average annual cost of raising a child takes up more than a third of the average UK household’s net income.

A new member of the family

Checklist:

• register the birth so you can claim Child Benefit
• start saving with a Junior ISA
• sort out childcare
• assess your income and outgoings and create a budget
• find out if you’re eligible for Working Tax Credit

Top Tip: Make sure you claim child benefit before your baby turns three months old.

The first day of school

Checklist:

• apply for help with paying for education fees and school essentials
• research afterschool clubs to save on childcare
• if you haven’t already, start saving towards a university fund
• work out if the school run will affect your working schedule

Top Tip: In England, the Government provides school meals for all children in Reception Class, Year 1 and Year 2.

The teenage years

Checklist:

• work out how much allowance your child should receive
• encourage your child to get their first job and earn money
• notify the Child Benefit Office and see if you’re still eligible

The next steps

Is your child considering higher education?

Yes

Checklist:

• help your kids to budget
• research student loans
• find the right student bank account for your child’s needs

Top Tip:
30 years after graduation, any debt remaining on a student loan is wiped out. Until then graduates will pay back 9% of their annual earnings over £25000.

Checklist:

• find out what apprenticeship level your child qualifies for
• research the alternatives to higher education

Apprenticeships

There are over 1,500 roles, including engineering, nursing and accountancy. 

Degree apprenticeships

Businesses, universities and colleges have worked together to develop practical, vocational degree courses.

Gap year or starting a career 

Checklist sources:

https://www.gov.uk/child-benefit/what-youll-get
https://www.citizensadvice.org.uk/family/education/school-education/help-with-school-costs/
https://www.ucas.com/ucas/undergraduate/getting-started/what-study/apprenticeships-traineeships-and-school-leaver  
https://www.gov.uk/student-finance-calculator/y 
http://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes  
https://www.ucas.com/ucas/undergraduate/getting-started/apprenticeships-uk