If you're a new parent - or parent-to-be - find out how to put your child on the road to financial success.
If you're a new parent, you'll want to give your kids the very best financial head start in life. Luckily, time is on your side, especially if you start now. The sooner you put a plan in place for yourself - and your kids - the better.
Follow these five tops tips to find out exactly how to do it:
1. Things to do before your baby arrives
I'm sure you'll be doing this already, but it's a good idea to save as much as you can to prepare for your new arrival.
Put all your spare cash in a best buy instant access savings account. The top choice right now is the Citibank Flexible Saver Issue 6 with a rate of 3.30% (including a 2.25% fixed bonus).
Of course, you'll need to think about how you'll manage financially once you've stopped working. Draw up a budget before your baby arrives, so you'll already be prepared.
All expectant mums are now entitled to the new Health in Pregnancy grant of £190. This can be claimed once you're 25 weeks pregnant. If you're entitled to Statutory Maternity Pay, you can claim it from 11 weeks before your due date. You can find out more about benefits and grants in 14 tips if you're having a baby.
There's a lot to think about with a new baby on the way. If you need some help with the financial side, join other lovemoney.com readers who are giving our Cut the cost of having a baby goal a go, and watch our new Cut the cost of having a baby video.
2. Start a children's savings account
If you can start saving from the day your baby is born, you'll be amazed how much a little put by each month can grow. For instance, save £25 a month for 20 years and you could end up with a lump sum of £10,275*. That'll be a great bonus for your kids.
But don't choose a special children's savings account without checking the rate first. Preferential rates for kids aren't as widely available as they once were. My top pick of the ones which remain is the Halifax Children's Regular Saver.
You can save between £10 and £100 a month and get a fantastic rate of 6% fixed for a year. But you can't make withdrawals or miss a payment in the first 12 months. And you'll probably need to move the account after a year once the fixed rate has disappeared.
If the money going into your child's account was given by you, be careful the interest earned on it is not more than £100 per year otherwise you will be taxed on it. However, interest earned on money given by grandparents and others is tax-free, even if it's more than £100.
Remember children don't automatically earn tax-free interest. You'll need to complete an R85 form from the bank or building society so interest can be paid gross.
3. Invest the child trust fund voucher
Every child born now is entitled to a child trust fund voucher from the government worth £250 (or £500 lower income families) with another top-up of the same amount on their seventh birthday.
The voucher can then be invested in a cash child trust fund which works just like a savings account, or you can choose a share-based account where it can be invested in the stock market - the choice is yours.
You can then add up to a maximum of £100 a month or £1,200 a year, where it grows tax-free and matures when your kids are 18. To find out more read Give your kids a £10,000 nest egg and get free financial guides on investing for your child.
4. Start a stakeholder pension for your child
Everyone is entitled to open a pension, including children. It may seem a bit crazy to start saving for your little one's retirement as soon as they're born - after all, that could be 70 years from now.
But pensions work best with many decades of compound growth, so the sooner you start the better.
I realise these tips involve you putting away some of your own money at a time when your budget may be stretched. If you're feeling the pinch, think about saving your Child Benefit. Find out how to build up a fantastic nest egg for your kids without it costing you a penny in Give your child £151,000 for free.
5. Get some life insurance
Your financial responsibilities will change dramatically when you start a family. One of the most important things you should do is buy a life insurance policy to guarantee your children will be well provided for should the worst happen to you.
Don't forget both main earners and full time parents need life insurance. Find out why in Why stay-at-home mums and dads need life insurance. You can easily apply for life insurance using the lovemoney.com life insurance search engine.
Make sure you have enough cover over the right period. For instance, think about how much money your family would need to replace your earnings or your contribution to running the home. You'll probably need the policy to last until your youngest child is financially independent. And, finally, don't forget to write a will to appoint guardians for your children.
*Assumes a gross annual interest rate of 5%.
More: Make sure child a millionaire | Your guide to child trust funds