What are the financial costs of having a baby?

But there are also hidden costs such as heating, transportation and what you may give up for your children – meals out, holidays and perhaps some of your ambitions.

No-one can pretend there isn’t a financial implication to parenthood. But the cost of having a baby is largely dependent on what you as a couple see as essential.

Look at your likely overall income and expenditure once the baby is born, taking into account benefits available, and plan accordingly.

Invest in the basic minimum and leave luxuries until you can afford them.