Abbey: Save for new babies

03 January 2006
New babies may bring a lot of joy and happiness but they can also cost parents thousands of pounds – making saving sensibly all the more important, says Abbey.

The bank says around 50,000 new babies are born in the months leading to Christmas every year, but warns that each bundle of joy costs parents over £2,000.

In total, new parents across Britain spend almost £1.3 billion on new additions to the family during the festive period.

Abbey says the best way parents can prepare for their new Christmas 'present' is to save up and cut back on luxuries. The bank says the sooner parents start saving, the easier it will be in the long run.

Alexia Kilby, Abbey's head of savings marketing, said: "Having a child is a very exciting time, but for first time parents, they often underestimate the true cost of having a baby.

"This is why we urge people to take steps to save as soon as possible, especially if they are set to lose part of their regular monthly income during maternity.

"A new baby is just the start of needing to save for their future, so the sooner parents-to-be get into a savings habit the easier it will be."

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