“It costs around €10,000 to raise a child from the moment you find out you’re expecting to their first birthday.”
— National statistics have shown this time and time again. Yet most parents still get caught off guard.
Sound familiar?
You’re not alone.
A reader recently wrote to me about how the arrival of their son turned their household finances upside down. Despite being financially stable before, the sudden increase in expenses left them worried, uneasy, and unsure how to move forward.
They are not the only ones.
Many families struggle quietly, ashamed to talk about money or admit they’re no longer managing. But here’s the truth: budgeting as a family is a completely different ballgame—and it’s one many of us were never taught to play.
Here’s the story that inspired this blog post…
“We never thought it would be this hard…”
A new mum reached out to me recently, sharing her honest and heartfelt story. She’d been through a miscarriage and then welcomed a beautiful son into her life. Her career was going well, she was earning more than her husband, and on the surface, things looked fine.
But behind the scenes, their financial situation was slowly unravelling.
She found herself anxiously checking receipts after grocery trips. Wondering if there would be anything left to save at the end of the month. And plagued by a lingering guilt: her own parents had raised five kids without ever talking about financial stress. Was life cheaper back then… or were they just better at budgeting?
What really hit her the hardest, though, was the fear of not being able to leave anything behind for her son when he grows up.
If you’ve ever felt any of this—you’re not alone.
And more importantly, there is a way out.
My Family Went Through the Same Thing…
Even as a financial coach, I wasn’t prepared for the sheer cost of becoming a parent. The numbers didn’t make sense anymore. We had a plan before our son was born—but it was a plan for two adults, not a family of three.
I had to go back to the drawing board.
Literally.
With my wife, we sat down and looked at our full financial picture. What we earned, what we spent, and where it was all going. And that’s what I’d like to guide you through as well.
So if your family finances are in a bit of a mess right now, here’s where to start.
1. Get Clear on What Your Needs Are
Budgeting begins by understanding what’s non-negotiable.
Sit down with your partner and list your monthly expenses. Be brutally honest with yourselves: what do you really need to maintain a good quality of life?
Rent, food, utilities, childcare—those are obvious.
But you may find other items on your monthly list that aren’t needs at all, even if they’ve always felt like it. That daily takeaway coffee or expensive streaming subscriptions might be eating into your long-term stability more than you realise.
2. Review (and Reduce) Your Wants
There’s nothing wrong with treating yourself to a holiday. But now’s the time to ask—can it wait?
If your income no longer stretches like it used to, it’s OK to scale back temporarily. Remember, financial stability is a phase-by-phase process.
This isn’t forever.
And cutting back doesn’t mean cutting out joy—just finding more cost-conscious ways to enjoy your time as a family.
3. Look at Ways to Boost Your Income
Once your expenses are mapped out, the next question is: can we earn more?
This might mean your partner considers a part-time job. It might mean you ask for a raise, switch companies, or start a side hustle.
In my case, I launched my money coaching business shortly after our son was born. What started as a way to make extra money eventually became one of the most fulfilling (and profitable) decisions of my life.
There is always something you can do.
You just need to start small and test the waters.
4. Prioritise Saving—Even if It’s €20 a Month
Before you think about long-term savings for your child’s future, the most important thing is to build your safety net first.
If you don’t already have an emergency fund, start now. Aim for at least three months’ worth of expenses saved up. If that sounds impossible, start with one. And if that still feels like too much, even €20 a month is better than nothing.
The habit is what matters most.
Once that becomes automatic, you’ll be surprised how quickly it adds up.
Final Thoughts: It’s Not Just About Money—It’s About Mindset
Budgeting as a family is not about deprivation—it’s about clarity.
It’s about learning to make conscious choices that align with your current reality. You’re not failing. You’re adapting. And every parent out there has had to do the same thing, whether they talk about it or not.
So if you’re reading this and feel overwhelmed—breathe.
You’re already doing one of the most important things by seeking help and wanting to improve.
Want more tips on budgeting for your family?
If you’re figuring out how to make your money work better for your family, you’re not alone — and you don’t have to figure it all out by yourself.
📅 Let’s chat.
Book a free 20-minute call with me and let’s talk through your family budgeting goals, what’s working, and what’s not. Sometimes all you need is a fresh perspective to take the next step with confidence.
👉 Book a free discovery session here
Author: Luca Caruana
———————— About the Author: Luca Caruana
Hi, I’m Luca, a Certified Money Coach, dedicated to helping individuals break free from limiting beliefs and build lasting wealth.
My proven strategies empower clients to break free from financial constraints and confidently navigate the world of money—whether it’s managing budgets, making savvy investments, or pursuing new financial opportunities.
With over a decade of hands-on experience in personal finance and mindset coaching, I’ve guided countless clients through the process of transforming their financial narratives. My approach combines deep psychological insights with practical financial tactics, ensuring that each client not only learns how to manage money effectively but also develops the mindset necessary to truly thrive. I’ve seen firsthand how a positive money mindset can be the game-changer that propels you toward financial freedom and a more fulfilling life.
Let me show you how to harness the power of your beliefs to create a future filled with opportunity and prosperity. Let’s talk and start transforming your financial future today.