Going halves on a baby

“Little and often, just like my wine intake”

In this interesting episode, Cathi and Jo explore how much it costs to raise a child. But although this does include a few grumbles (and rightly so, those ‘crawler shoes’ are a rip-off!), their take on the subject comes not just from their own experiences of new motherhood – which were 15 years apart and so the comparisons are enlightening in themselves – but very much from the perspective of a finance industry professional.

So, if parenthood is about to impact on your finances it’s these two you should be listening to, with their tips on JISAs, insurance and more – cut out all the noise of others who, as Cathi and Jo remember, just can’t wait to have their say.

Oh, and grandparents – there’s something for you too, especially if you’re stuck for your grandchild’s next birthday present…

It’s no surprise that saving is suggested as the solution to managing big purchases and new expenses alongside maternity pay, but the age at which children stop relying on parents financially is perhaps surprising. And extra measures may need to be taken if they have a Pringles habit (right Jo?!).

Then there’s the consideration that children bring with them many responsibilities when it comes to financing. Cathi and Jo aren’t just talking about keeping a roof over their head here, they’re talking about teaching them to keep one over their own heads when the time comes. This does get you thinking, can you teach children to be financially savvy if you aren’t being this yourself?

With Cathi and Jo used to dealing in ‘maximum return for minimum risk’ situations, they give a much-needed reality check on the fact that investments into children are a ‘minimum financial return’ scenario – unless you’re nurturing the next Lewis Capaldi or Jesse Lingard. But they’re tongue-in-cheek when they say “if you want money, don’t have kids – invest”, as in their words “you’ll find a way” with “no regrets”.

So if there’ll never be a right time financially, then as ever knowledge is power, and planning is key for the costs that you can factor in. With so many unexpected costs, that’s as far as applying logic can go.

Although take a listen to see why buying shares in a nappy company could help somewhat…!