Everyone knows that having children is one of those major life events that heavily impacts the state of your personal finances. Even if you are living on a comfortable income, there are going to be new expenditures and additional spending added to your regular life.
That being said, having children doesn’t always imply a negative impact on your finances. While there will surely be plenty to pay for in regard to your new bundle of joy, there are actually some significant financial benefits to be taken advantage of, particularly for parents of younger children.
Since the cost associated with having children about is nothing new, there are programs in place that parents can benefit from while their kids are young. Such benefits can help with things such as childcare and supporting your child when you are in school.
In order to help you understand more about how to make the most of your finances while your child is of toddler age, here are three of the main benefits that you should consider taking advantage of.
1. Child Benefit
When your child is born, you should waste no time in registering for Child Benefit. This is a program that provides the parents of children under the age of 16 with a certain stipend each month or week that can be used for anything that you need it for.
Even though the standard £84.20 per month might not make too much of a dent in your new childcare expenses, it will certainly help to take the edge off of things like nappies and formula. Furthermore, you qualify for more per week based on the number of children under the age limit that you have.
Growing power offers more information about Child Benefit for those who are looking to take advantage of this program.
Families that need to have regular childcare for their toddler can find financial support when they opt for a form of “approved childcare”. Depending on your circumstances, you might be able to qualify for more than you might have assumed. This can easily help you to fund your childcare needs, which can be quite expensive, without crippling your finances.
The precise amount that you will qualify for depends on your personal situation. Thankfully, GOV.UK offers a handy online tool to help you see just how much you would most likely qualify for in regard to childcare financial support.
3. Healthy Food Scheme
If you are determined to help you child develop a healthy relationship with food but are afraid that you aren’t able to afford the sort of nutritious foods that your toddler should be eating, you can check out the Healthy Food Scheme and Health Start Vouchers.
This is a scheme that provides vouchers for things like cow’s milk and vitamins to lower income families or families who are already on a certain income support scheme. This program will help you to provide the healthy foods that your toddler needs to grow and develop without placing a burden on your personal finances.