How to plan and manage family finances

In this episode of 'The penny drops', our host Andrea Fox talks family finances with Rich Edwards, one half of the hugely popular Two Dads in London blog, and Becky O’Connor, a Personal Finance Specialist at Royal London. This month we discuss the financial implications of having a family, from planning your first child to growing your family and preparing for the long term. How can you find more information? Royal London recommends you seek professional independent financial advice before making financial decisions. You can learn more about the value of financial advice on our website, or visit Unbiased to find a trusted professional in your area. You can also find lots of helpful information on family finances on the following sites: Planning a familyMoney Advice Service: www.moneyadviceservice.org.uk/en/categories/having-a-babyRoyal London: www.royallondon.com/media/good-with-your-money-guides/family-financial-planning AdoptionAdoption UK: www.adoptionuk.orgGOV.UK: www.gov.uk/child-adoption Saving and budgetingMoney Advice Service: www.moneyadviceservice.org.uk/en/articles/baby-costs-calculator Time off work, maternity and paternity leaveGOV.UK: www.gov.uk/browse/working/time-off Childcare costsChildcare Choices: www.childcarechoices.gov.ukMoney Advice Service: www.moneyadviceservice.org.uk/en/articles/childcare-costsGOV.UK: www.gov.uk/help-with-childcare-costs/free-childcare-and-education-for-2-to-4-year-oldsGOV.UK: www.gov.uk/tax-free-childcare BenefitsCitizens Advice: www.citizensadvice.org.uk/benefits/child-benefitMoney Advice Service: www.moneyadviceservice.org.uk/en/articles/benefits-and-entitlements-to-claim-when-you-have-a-baby Protecting your familyRoyal London: www.royallondon.com/articles-guides/your-money/making-a-willMoney Advice Service: www.moneyadviceservice.org.uk/en/categories/life-and-protection-insurance Saving for your childrenMoney Advice Service: www.moneyadviceservice.org.uk/en/articles/childrens-savings-options Family support charitiesFamily Lives: www.familylives.org.ukFamily Action: www.family-action.org.ukCare for the Family: www.careforthefamily.org.uk This month’s episode was recorded in May 2020 during the coronavirus outbreak. For up to date information on benefits and financial support being offered by the Government, please visit gov.uk/coronavirus. Please note that all topics discussed in this episode can vary depending on your personal circumstances. Any figures quoted were accurate at the time of recording.