As a father to a new daughter myself (and yes I had to add a picture of Polly below!), finances are often the last thing you think about with the excitement often taking over. But here’s what you need to know;
Child Benefit: Claim £20.70 a week for your first child (over £1,000 a year!!)
In order to get this payment backdated to your son/daughter’s date of birth, your application needs to be received within 3 months of your little ones date of birth.
Get a head start and complete as much of the application as you can beforehand, as you may well be tired during that first three months!!
Click here to access the application form.
Does one of the parents earn over £50,000?
Did you know that if you earn between £50,000 and £60,000, you need to let the HMRC know this as you won’t be able to claim the full amount of Child Benefit. At the same time, if your salary changes, you also need to let them know of this.
And, even worse, if one parent earns over £60,000, you aren’t entitled to any Child Benefit, so don’t claim it or you might get a big tax bill in years to come!
Got spare money?
If you’ve spare money every month, consider increasing your pension contributions either through work or through a personal pension. This has the effect or reducing your wage in HMRC’s eyes, and may enable you to still claim the full amount of Child Benefit, and benefit from a 40% tax saving too! Speak to one of our financial advisers and read our Child Benefit article here.
Protection Policies
In the hospital you will be given a pack of things for your baby, including leaflets about ‘family protection’ and ‘life cover’. This is extremely important, as you need to think about the consequences if either of yourselves as parents or your children became seriously ill, or passed away. Life Cover can start from as little as £5 a month, and this could save your family from financial hardship in the future if you had a serious illness, you couldn’t work, or you passed away. Ask us for some free quotes.
Nursery Fees Many new parents underestimate the cost of nursery. Do this at your peril. The average cost in the north of England for a child under age 2 to attend nursery for 5 days a week is £232 a week, which is over £1,000 a month on average!!
Top Tip Here: Get saving now, as much as you possibly can, even if your baby isn’t due for another 6 months!
Contact Fernleigh Wearden & Co in #Preston #Lancashire for a review of your specific financial situation. #financialadvice
Telephone: 01772 864314
Email: fernleigh.wearden@gmail.com
Website: www.fernleighwearden.co.uk
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