More money, more problems: how to budget as your responsibilities increase

One of the many unfortunate consequences of getting older is that often our financial commitments increase. From bills to everyday spending, it can be easy to make decisions that cause us, and our bank accounts, stress down the line.

So we asked Money Helper for their advice on budgeting as your responsibilities increase.

Day to day purchases

Day to day purchases are one of the easiest areas to cut back if you can learn to stop spending on auto-pilot. Writing down your incomings and outgoings will make it easier to see where you may be overspending. Bills and subscriptions are examples of two areas where we can be spending more than necessary out of habit. Do you really need Netflix, Disney+ AND Amazon Prime? That £7.99 is better off in your bank account than Jeff Bezos'.

Don't know where to start? Use the Money Helper Budget Planner to skip to the good part.

Costs of having children

Children are expensive. For some, that's reason enough to not have any, and there's nothing wrong with that. But for those who do choose to have children, there are steps you can take to keep the costs down. Buying second-hand or asking for hand-me-downs from family and friends can help cut costs.

Money Helper has a Baby Costs Calculator which can also help you see where you can make cutbacks.

Property costs

You thought kids were expensive? Wait until you hear about the housing market. Whether it's a mortgage or a monthly rent payment, odds are it's going up. The best thing to do is to work out what you can afford before you make any big commitments.

And remember mortgages and rent aren't just about monthly payments -- think about the pricey things around the edges too, like deposits, inventory fees and Stamp Duty. What would you do if your financial circumstances change?

Try the Money Helper’s Mortgage Affordability Calculator.

Money and your relationship

Honesty is important when it comes to discussing your finances with a loved one. It’s easier said than done, but it’s important in the long-term to be open, especially when it comes to debt. When it comes to moving in together, having children, retirement, or any of the other big decisions that effect couples, sitting down and discussing your expectations is important, often couples assume that a partner may have the same attitude to money as them, but we are all individual, and if you are a spender and your partner a safer it is good to discuss how you will navigate this together. It is possible but needs a conversation

If you find it difficult not to over-spend, Money Helper has a useful guide. If you’re considering combining some of your finances, in a joint account, for example, take a look at what to think about first.

Saving into a pension

It’s easy to live in the here and now, but we all have to think about the future sooner or later. And when it comes to pensions, sooner is always better – the longer you have to prepare for retirement the easier and less financially strenuous it will be.

Pensions can come across as being quite complicated, but they don’t have to be. The first step to successful saving in retirement, is to work out how much you have in the first place. The Money Helper’s Pension Calculator can help.

Money and pets

Concerned about the cost of living and looking after your pets? The RSPCA have some useful advice on meeting the needs of your pet whilst on a budget.

From where to find your nearest pet food bank, advice on managing vet bills through to DIY games and treats for your pets, our advice section has lots of helpful tips and suggestions.

If you would like to speak to someone about your situation however, Money Helper have a dedicated advice line that is available Monday-Friday 9am - 5pm. Please call 0300 123 0650

How we can help

If you’re looking for support with your relationships, we can help. We offer a range of ways to speak with a trained relationship expert including ongoing counselling, 30 minute web and phone chats, and one session therapy.

Find out which service is right for you