Money Talks: What new parents need to know about budgeting for a baby

Expectant and new parents know a new baby brings added costs. Carol Brick breaks down the best ways to financially plan for the future

With a new baby come new costs so it is now more important than ever to review your household budget

I am 35 and my husband is 41 and we are about to become parents for the first time. The only formal financial arrangement we have is a mortgage and we have never had our finances professionally reviewed. Have you any helpful financial advice for expectant or new parents?

Firstly, congratulations to you both, you must be so excited! Becoming a parent is the most amazing, life-changing event that you will experience. However, preparation is key as you embark on this exciting new adventure. It would be especially helpful to be ready for the associated financial changes that are coming your way.