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How to plan and manage family finances
In this episode of 'The penny drops', our host Andrea Fox talks family finances with Rich Edwards, one half of the hugely popular Two Dads in London blog, and Becky O’Connor, a Personal Finance Specialist at Royal London. This month we discuss the financial implications of having a family, from planning your first child to growing your family and preparing for the long term.
How can you find more information?
Royal London recommends you seek professional independent financial advice before making financial decisions. You can learn more about the value of financial advice on our website, or visit Unbiased to find a trusted professional in your area.
You can also find lots of helpful information on family finances on the following sites:
Planning a family
Money Advice Service: www.moneyadviceservice.org.uk/en/categories/having-a-baby
Royal London: www.royallondon.com/media/good-with-your-money-guides/family-financial-planning
Adoption
Adoption UK: www.adoptionuk.org
GOV.UK: www.gov.uk/child-adoption
Saving and budgeting
Money Advice Service: www.moneyadviceservice.org.uk/en/articles/baby-costs-calculator
Time off work, maternity and paternity leave
GOV.UK: www.gov.uk/browse/working/time-off
Childcare costs
Childcare Choices: www.childcarechoices.gov.uk
Money Advice Service: www.moneyadviceservice.org.uk/en/articles/childcare-costs
GOV.UK: www.gov.uk/help-with-childcare-costs/free-childcare-and-education-for-2-to-4-year-olds
GOV.UK: www.gov.uk/tax-free-childcare
Benefits
Citizens Advice: www.citizensadvice.org.uk/benefits/child-benefit
Money Advice Service: www.moneyadviceservice.org.uk/en/articles/benefits-and-entitlements-to-claim-when-you-have-a-baby
Protecting your family
Royal London: www.royallondon.com/articles-guides/your-money/making-a-will
Money Advice Service: www.moneyadviceservice.org.uk/en/categories/life-and-protection-insurance
Saving for your children
Money Advice Service: www.moneyadviceservice.org.uk/en/articles/childrens-savings-options
Family support charities
Family Lives: www.familylives.org.uk
Family Action: www.family-action.org.uk
Care for the Family: www.careforthefamily.org.uk
This month’s episode was recorded in May 2020 during the coronavirus outbreak. For up to date information on benefits and financial support being offered by the Government, please visit gov.uk/coronavirus.
Please note that all topics discussed in this episode can vary depending on your personal circumstances. Any figures quoted were accurate at the time of recording.
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By thepennydropsIn this episode of 'The penny drops', our host Andrea Fox talks family finances with Rich Edwards, one half of the hugely popular Two Dads in London blog, and Becky O’Connor, a Personal Finance Specialist at Royal London. This month we discuss the financial implications of having a family, from planning your first child to growing your family and preparing for the long term.
How can you find more information?
Royal London recommends you seek professional independent financial advice before making financial decisions. You can learn more about the value of financial advice on our website, or visit Unbiased to find a trusted professional in your area.
You can also find lots of helpful information on family finances on the following sites:
Planning a family
Money Advice Service: www.moneyadviceservice.org.uk/en/categories/having-a-baby
Royal London: www.royallondon.com/media/good-with-your-money-guides/family-financial-planning
Adoption
Adoption UK: www.adoptionuk.org
GOV.UK: www.gov.uk/child-adoption
Saving and budgeting
Money Advice Service: www.moneyadviceservice.org.uk/en/articles/baby-costs-calculator
Time off work, maternity and paternity leave
GOV.UK: www.gov.uk/browse/working/time-off
Childcare costs
Childcare Choices: www.childcarechoices.gov.uk
Money Advice Service: www.moneyadviceservice.org.uk/en/articles/childcare-costs
GOV.UK: www.gov.uk/help-with-childcare-costs/free-childcare-and-education-for-2-to-4-year-olds
GOV.UK: www.gov.uk/tax-free-childcare
Benefits
Citizens Advice: www.citizensadvice.org.uk/benefits/child-benefit
Money Advice Service: www.moneyadviceservice.org.uk/en/articles/benefits-and-entitlements-to-claim-when-you-have-a-baby
Protecting your family
Royal London: www.royallondon.com/articles-guides/your-money/making-a-will
Money Advice Service: www.moneyadviceservice.org.uk/en/categories/life-and-protection-insurance
Saving for your children
Money Advice Service: www.moneyadviceservice.org.uk/en/articles/childrens-savings-options
Family support charities
Family Lives: www.familylives.org.uk
Family Action: www.family-action.org.uk
Care for the Family: www.careforthefamily.org.uk
This month’s episode was recorded in May 2020 during the coronavirus outbreak. For up to date information on benefits and financial support being offered by the Government, please visit gov.uk/coronavirus.
Please note that all topics discussed in this episode can vary depending on your personal circumstances. Any figures quoted were accurate at the time of recording.