- AJ Bell analysis of ONS births data from the past 30 years reveals 26 September is the most common day to be born – with an average of 1,927 births
- All of the top ten most common birthdays are in the second half of September
- The busiest individual day for births over the last 30 years was 27 September 2012, with 2,383 births
- The least likely day to be born over the past 30 years is Boxing Day, followed by Christmas Day and New Year’s Day
Sarah Coles, head of personal finance at AJ Bell, comments:
“We’re heading into peak birthday season, with the end of September dominating the most common date to be born over the last 30 years – and 26 September taking the top spot for the highest average number of births. It’s likely to be a combination of people spending more time together over the Christmas holiday – especially on Boxing Day – and couples trying to plan for their offspring to be among the oldest in the school year, when they tend to do best academically.
“Children might be priceless, but they’re also ruinously expensive, especially in the first few years, so anyone considering starting a family – or adding to it – needs to consider their finances. There are five golden rules that will help you keep your head above water.
- Draw up a budget
“When you have children, money will be tighter. One of you may work fewer hours or need to pay for childcare, and then you have all the costs of the newborn on top. It’s a good idea to draw up a much leaner budget for this period, so you can cover the cost of the essentials, without running up debts. You can actually start using this budget before the baby comes along, so you have the chance to pay down expensive short-term debts and build your savings before your income falls and expenses rise.
- Plan ahead
“It’s always cheaper to plan ahead, and save or invest towards a goal, than it is to try to pay for things as you go along – or borrow. Try to consider life’s expensive milestones as far ahead as possible. If you do so at least 5-10 years in advance, you have the opportunity to invest, so your money can do some of the work for you. You can invest in a Stocks and Shares ISA to use while they’re younger, or use your child’s Junior ISA (JISA) to build sums for things like education and property.
- Take advantage of government support
“Make sure you claim child benefit. Even if a parent earns over £60,000 and at least some of it has to be paid back, it entitles a non-working parent to National Insurance credits that count towards their state pension. If they make over £80,000, instead of claiming it and paying it back, you can claim it but opt not to receive the payments.
“Parents with children aged between nine months and four years can get 30 hours of free childcare for 38 weeks of the year. To qualify, you need to earn at least the minimum wage for 16 hours a week, and no more than £100,000. However, you need to apply for this care in plenty of time before term starts, and sign in to your account every three months to confirm you’re still eligible.
“You may also be able to get tax-free childcare, where for every £100 paid into a specific online account, the government will add £25 – up to £2,000 a year per child. Money in the account should then be used to pay for approved childcare. Children must be aged 11 or under and both parents must be working for at least 16 hours per week, and neither parent can earn adjusted net income of £100,000 or more.
“On top of that, there may be support available through Universal Credit, which can cover 85% of childcare costs.
- Ask for help from your family
“When the children are young, it can be particularly difficult to cover the costs and plan for the future, and this is where grandparents can step in. One of the most valuable things they can offer is help with childcare. If they’re under state pension age, the child is under the age of 12, and they have fewer than 35 years of National Insurance contributions, they may be able to boost their state pension at the same time. If the parent is working and paying contributions they won’t need their National Insurance credit, so they can complete a form and sign it over to the grandparent.
“They may also be prepared to help build a nest egg for the child’s future. When money is tight in the early years, it can be hard for parents to spare any cash to invest for children, so ask grandparents if they are able to pay into the child’s JISA for a period. It’s a brilliant way to build a fund to help them start adult life, and if they make regular gifts from their surplus income, it could also help them cut a potential inheritance tax bill too.
- Don’t neglect your own needs
“It’s easy for children to absorb any extra cash in your budget, but they’ll never stop being expensive, so it’s vital you keep an eye on your own needs too. If one of you stops work for caring responsibilities, or cuts back their hours, it’s important to have a conversation as a couple to consider how you can still keep up pension contributions, so your retirement income stays on track.”
Most popular birth dates over the past 30 years
Source: AJ Bell analysis of ONS data
