You need to have a good idea of how much you are paying out each month, particularly on necessities. Think food, utilities, council tax, rent/mortgage, transport etc. The things that you have to pay for should take priority with your spending. Look at how much money you have coming in and make sure that there is at least enough to cover these expenses. Remember, that as children get older, they generally get more expensive. Although there is a lot to buy them as babies, you will find that they will keep needing new clothing as they grow and will eat more. They will also need things like school uniform, computers, phones and things like that for school as they get older as well. It is therefore well worth starting to plan for that. You cannot just assume that you will get a higher income as they get older these days. Jobs used to work like that but not anymore, so it is best to try to be as frugal as you can and put money away for the future just in case. If you do end up being better off, then that is great, you will have savings as well as extra income, but if you do not, you will have money to fall back on.
Look For Ways to Cut Back
In order to cover the extra costs and save some money you will need to find ways to cut back on your spending. It is worth noting down everything that you buy and seeing what you might be able to cut out. Think about any luxuries that you spend money on that you may be able to cut back on. If you spend out money on hobbies, for example, you may not have so much time for them so be able to cut back there. If you buy high end items or shop in expensive shops, then you may need to look for cheaper options. This is not always easy but it could make a big difference to the amount of money that you spend and will mean that you will more easily be able to manage.
Put Money Aside for Emergencies
It is worth thinking about how you might manage if you need to buy something in an emergency. It might be that a white good breaks down or that you lose your job. It is wise to have some money put by just in case this happens. This may not be easy, but as explained above, it could be possible to start saving a bit of money if you cut back and only buy what is necessary. It can feel a bit miserable, if you not able to treat yourself to things, but knowing that you have some money behind you can give you a good feeling of security.
Claim What You Can
It is worth looking into what benefits you can claim. You will be able to get child benefit as long as your income is not too high, as it is means tested like all benefits are. There are also tax credits that you might be able to claim if you are earning but on a low income. If you are not sure whether you can claim anything then you will be able to find out by contacting the citizens advice bureau. If you are renting through a housing association or the council, then you might be able to get a rent reduction as well, especially if you are not earning and that will be arranged through your council.
It is important to note down how much money you have coming in and what has been spent. It will allow you to more easily calculate how much you have available for spending and for saving. It is worth checking your banking online to allow you to keep track of things. There is nothing worse than going overdrawn by mistake and having to pay fees unnecessarily, so be careful. It can be handy to pay all bills once you get paid so that you know how much money is left to keep you going the rest of the month.