You, or someone important to you is:

having a baby congratulations


Many prospective parents plan to return to full time work at the end of maternity leave but find this impossible because parenthood proves to be so tiring. Financial pressures upon the family can be eased though in a number of ways.



You should consider switching cash deposits or other investments into the name of the parent most likely to stay at home to look after the child. Sandy organised this for her family which allowed her and her husband Dave to use their combined tax allowances to the greatest advantage.

You may be able to claim Universal Credit instead of certain benefits if you are on a low income or out of work.
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This may also be a moment to consider changing your mortgage to an 'interest only' arrangement until both parents are back in full time work.

Even before the arrival of their baby, Sadie and Frank took Corrigans advice and changed their mortgage which resulted in a considerable reduction in their monthy payments. Over 5 years this was going to make precious little difference to the total amount of capital they would repay to the lender, but it was to be very helpful at a time when family budgets were under greatest pressure.

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Some children were entitled to a gift of at least £250 from our government under the Child Trust Fund and so you should talk to Corrigans to find the most suitable investment fund. The six million people involved can have extra money added to this tax free savings scheme by family and friends of up to £3,600 per year and the child is entitled to access at age 18. This scheme has been stopped and the latest government initiative is that more recent babies can have a Junior ISA instead with an annual limit of £4,128. The range of funds available is still quite small but the difference in value for money is substantial so please talk to Corrigans for advice.  

Cash deposits are very safe but produce correspondingly modest returns for your child. This will be a long term investment and so the greater risks posed by stock market investments are significantly reduced.

Over 18 years your child could reasonably expect more than twice as much 'profit' from a stock market based investment than would arise from a cash deposit. It is also worthwhile mentioning to family and friends that you plan to use any cash gifts received to augment your Child's Trust Fund or Junior ISA as a gentle hint.

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