Planning for your growing family, switching mortgage and PCPs
January 28, 2019
In the third episode of the CCPC-sponsored TV show How to be Good with Money Eoin McGee helped Mustafa and Mary Anne plan for the arrival of their second baby and aimed to help Mary Anne take off a bit more time for her maternity leave.
Having children will mean a lot of changes for your finances. You will need to consider things like medical costs, whether you will need to cover the cost of unpaid maternity leave and ongoing childcare costs – which can be very high. Find about more about managing your money and planning for a family.
It is a good idea to carry out a financial health check before your bundle of joy arrives in order to plan for all these costs, especially childcare. Like Mustafa and Mary Anne, you should also think about whether you can pay off any debts you have, if you can afford to. This will save you money in interest over the long term, especially on loans or credit cards with high interest rates.
In trying to allow Mary Anne to take more maternity leave, the couple looked at whether they could switch mortgage to save money. Depending on your current interest rate, you could make significant savings by switching. If you want to find out more information about switching mortgages, take a look at our information on switching and use our switching comparison tool to see if you could save by switching.
If you are considering talking to your lender about taking payment breaks from your mortgage, or extending the term of your mortgage, take a look at our information on changing your mortgage.
A new baby can mean different needs in lots of ways. Thinking about buying a car for your growing family? If you have are considering using a PCP to buy a car, there are a number of things to consider. PCPs are very complex and buying a car is a costly business, so it’s important that you understand the terms and conditions of the agreement. Take a look at our information and figure out whether a PCP is right for you.Return to News