Your first shared budget
Compare combined take-home income with rent or mortgage, childcare, transport, food and other essential spending. Agree how shared bills are paid.
For new parents and younger households
Young & Growing Families
Practical financial education for couples planning a family, first-time parents and young families. Build good habits from the beginning, without feeling you must do everything at once.
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Get the household foundations right
Emergency savings
Start with an achievable buffer for unexpected bills. Build towards a reserve based on essential spending and how secure your income is.
Plan for parental leave
Estimate maternity, paternity or shared parental leave income and map how reduced pay may affect your household.
Protect and plan for your children
Childcare and support
Research local childcare costs and check current eligibility for funded hours, Tax-Free Childcare and Child Benefit using GOV.UK.
Financial protection
Check sick pay, death-in-service benefits, life cover and income protection. Consider the costs of replacing childcare and household income.
Savings for children
Set goals such as school expenses or future education. Understand when cash savings or a Junior ISA may be appropriate and the restrictions involved.
Think beyond the next year
First home or moving home
Budget for deposits, mortgage repayments, fees, insurance and ongoing maintenance, not just the purchase price.
Pensions from the start
Review workplace pension contributions and understand the potential impact of career breaks on retirement savings.
Wills and guardians
Consider wills and guardianship wishes for children. Legal rules differ across UK nations, so use a qualified professional.
Your practical first steps
- Make a monthly family budget including childcare and irregular expenses.
- Calculate the likely income change during parental leave.
- Check Child Benefit and childcare support eligibility on GOV.UK.
- Review workplace benefits and insurance before buying more cover.
- Write down one short-term and one long-term family goal.
UK information: Rules and eligibility can change. This content is educational and is not personal financial, tax or legal advice.
Resources for this pathway
Useful guides and checklists
Family budget: a practical checklist
Practical steps, questions and a checklist.
Read guide →First home: financial preparation
Practical steps, questions and a checklist.
Read guide →Financial protection for your family
Practical steps, questions and a checklist.
Read guide →Emergency savings: a simple starting plan
Practical steps, questions and a checklist.
Read guide →Learn more
More practical guides and resources
Parental leave and household income
Read guide →Childcare costs and support
Read guide →Saving for children
Read guide →Managing debt without panic
Read guide →First-home costs beyond the deposit
Read guide →Learn financial planning for your situation
Free educational lessons with practical exercises, explanations of risks and signposts for professional support.
A family financial plan in six steps
Turn competing family goals into a simple plan you can revisit.
Read lesson →Understanding borrowing before a family purchase
Learn to compare the real cost and risks of borrowing without a product recommendation.
Read lesson →Financial protection: questions families can ask
Understand the purpose and limitations of financial protection without choosing a policy.
Read lesson →