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BUSINESS NEWS - Starting a family is an exciting new adventure, filled with anticipation. But with the excitement comes an extra financial responsibility set to make significant changes to your lifestyle.

From the day you decide to start a family, your expenses will increase. From extra medical expenses, and purchasing baby products, to even buying a newer car and potentially having to step up your Car Insurance, you’ll be spending more than you’re used to on a monthly basis.

Here are three basic but important money tips to get your new budget going:

Don’t neglect retirement - 
While it’s easy to get swept up in the immediate financial future of your young family, never forget about personal, long-term goals such as your retirement. You don’t want to find yourself in a situation where you’ve put so much into your children’s future that, when it comes to retirement age, you have nothing left for yourself. If you haven’t started a retirement annuity yet, do so soon and continue to contribute to it even if the payments seem small.

Save from the get-go for education - 
The Cost of Raising a Child until they are ready to be on their own is an expensive endeavour. Education is a long-term commitment that is best prepared for by regularly putting some money away. If you start saving before or even just after your child is born, you can accumulate a decent amount that you can draw from for anything education related, from fees and extramurals, to uniforms and outings. Speak to your bank about the best savings account suited to this type of investment.

Don’t overspend on birthdays - 
While it’s tempting to get your child expensive gifts and overspoil them on their special day, it can all add up and leave you high and dry at the end of the month. In a child’s first two or three years, spend your money wisely and opt for a small gift that they can enjoy at home, and save for or purchase something that you know you and your child needs. You might need a replacement car-seat or a new cot, more expensive purchases which you and your child will enjoy and benefit from in the long-term.

While every family’s circumstances are different, take these tips to heart if you’re a new family trying to figure out a new budget. Start saving early, don’t forget about the future, don’t spend unnecessarily, and you’ll be on the right track to making your new budget work for you.

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