We all know being a parent can be expensive but did you know that you are potentially entitled to some financial help with the upbringing of your children? Are you actually claiming all that you are entitled to as a parent?
There are a number of different financial aids or childcare schemes that can help you with the costs of raising a child. Below are some you may want to consider:
Child Benefit
If you are bringing up a child under the age of 16 (or under the age of 20 if they stay in approved education or training), you can claim child benefit for said child. It is paid every four weeks and by claiming it, you can get National Insurance credits which count towards your state pension.
If you or your partner earn over £50,000, you may have to pay some of it back in tax.
Child Tax Credits
Tax credits can be a minefield so it is important to ask advice if you are a little confused – you can find the Child Tax Credits contact number here. This has mostly been replaced by Universal Credit however for most people which is a payment to help with your living costs which is paid monthly. The same goes for working tax credit.
Tax-Free Childcare
Did you know that you can get up to £500 every 3 months (£2000 a year) for each of your children to help with the costs of childcare? This can also be used alongside your 30 hours free childcare if you are eligible for both. This tax-free childcare can be used to pay for childminders, nurseries, nannies, after school clubs, play schemes and home care agencies – the provider must be signed up to the scheme before you can pay them. Why not check your eligibility and see if you are entitled to it?
30 Hours Free Childcare
You may also be entitled to 30 hours of free childcare if your child is 3 to 4 years old. This childcare stops when your child starts in reception class. You will probably however have to pay for extra costs such as meals, nappies or trips.
Are you currently claiming all that you are entitled to? Why miss out if it is available to you – we all know how expensive being a parent can be. Is there anything else you can think of that I have missed out on my list?
*Collaborative post*
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