From the designer three-wheeled pram they simply had to have when they were a baby to the expensive violin lessons you’re forcing them to take now, having a child can be expensive.

And if you’ve got more than one of the little chaps, you’ll really need to get your finances in order.

With all the expensive kit you simply have to have, it may feel like your budget is spiralling out of control almost as soon as the little blue line appears on the pregnancy test. Even if you’ve been super-careful while on maternity leave, once you return to work childcare is a cost that can be impossible to avoid. Figures from the Daycare Trust, a charity that works to promote affordable childcare, highlighted the above-inflation rises in such costs. Speaking to the Daily Mail, Jill Rutter from the charity emphasised that some parents are now paying out more on nurseries and childminders than they do on their mortgage.

Sadly, the strain on your wallet doesn’t end once the nursery years are over, either. There are school uniforms to buy, school trips to fund and expensive hobbies to contend with – not to mention things like driving lessons and university fees as they get even older. No wonder then that the Guardian found that the cost of raising a child to adulthood costs a whopping £218,000.

So what can you do to help cushion yourself from the financial shock of parenthood?

Work Out Your Budget

If you’re one of those people who put off opening bank statements or bills to the last minute, this may feel tough. But forewarned really is forearmed, so grit your teeth and do your calculations. To find out what your little one is likely to cost, you can try the Money Advice Service’s baby cost and budget calculator. It can also help to do a spending diary over a period of one to two weeks, in case there are any things you’re forgetting. The Money Advice Service also provides a useful guide to money for parents.

Once you’ve got a grip on the state of your finances, sit down with your partner and agree on a budget you can both stick to. If you continually overspend, try to find ways to cut back, particularly on the things you buy regularly, like nappies.

Find Out What You're Entitled To

From maternity pay to child benefit, there is some financial help out there that your family may well be entitled to. At present there is some money that’s available to everyone, while some is only available in special circumstances such as if you have a low income or a child with a disability.
Child benefit is currently available to every UK family with at least one child, however the rules are set to change from January 2013,when only families that pay income tax at the basic rate or less will be allowed to claim. Child and working tax credits, which are basically payments from the government to families, can also be a great help. Find out what help you are entitled to by visiting the Directgov site.

Find The Best Ways To Save

Saving may be the last thing on your mind if money feels tighter than ever, but having a little put aside can be a huge weight off your mind. One of the best ways to save for the future can be in the form of an ISA, as it means you won’t waste money unnecessarily on tax. ISA limits 2012 state you can save up to £5,640 tax free in a cash ISA.
Better returns on your money may be available in a stocks and shares ISA if you’re feeling more adventurous. If so, do your research and shop around as the best ISA deals may not be immediately obvious.

Remember, the value of investments and any income they produce can go down as well as up, so you could get back less than you invested.

This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.
Barclays is a major global financial services provider engaged in retail banking (bank accounts and savings accounts), credit cards, corporate banking, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 140,000 people. Barclays moves, invests and protects money and provides ISAs, home insurance, life insurance, a mortgage calculator, guides on how to buy shares and other services for over 49 million customers and clients worldwide. For further information about Barclays, please visit www.barclays.co.uk.

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