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.