One-third of new mothers are having the wind taken out of their sails and finding motherhood a tough struggle according to research from u-Switch.com, which suggests that their debts are being bumped up by £2500 on average, thanks to the impact of the baby bump.
14 per cent rely on credit cards, loans and overdrafts to tide them over during maternity leave, at a time when net household income drops by around £800 a month on average – especially when Mums are living on statutory maternity pay (now £135.45 per week after the first six weeks). Credit cards are used to buy essentials and extras for the new arrival at a time when soaring costs are already straining family finances.
Disposable nappies alone can be a major outlay, with a newborn typically going through 12 a day. At this rate, nappies will cost around £960 a year – and that’s buying them online, at a discount.
Things are not helped by new legislation. The Institute of Fiscal Studies (IFS) says families with children will lose £511 a year, on average, due to new tax and benefit changes.
In February 2012, TV programme ‘How to … Prepare for your baby’s arrival’ found that new baby strain can be “toxic†for a couples’ relationship. 24% of new parents surveyed already had long-standing financial problems and a baby’s arrival exacerbated these. Debt really can cause as many sleepless nights as a newborn’s crying!
