Children can be expensive, but a little planning can help you keep on top of things.

Budgeting helps you work out where your money is going and if you have enough to cover your spending. It can also help you see where you can cut back if you need to.

There are various government benefits, such as Child Benefit, to help you make ends meet. Check out what’s available.

Tax credits are payments from the government. If you have at least one child who normally lives with you, you may qualify for Child Tax Credit. If you work, but earn low wages, you may qualify for Working Tax Credit.

The costs of school uniforms, transport and meals soon add up, so there are a number of grants, vouchers and other financial help you may be able to claim to help you pay for them.

If you need help paying for heating and insulation improvements in your privately owned or rented home, you, your partner or civil partner may be able to get money from one of the government's grants scheme, if you're receiving certain benefits.

This is a savings or investment account for children born on or after 1 September 2002. They will get a £250 voucher at birth (or £500 if your household income is £16,040 or less), which you, the parent, can choose how to invest. The government pays in the same again when your child reaches seven. From April 2010, if your child has a disability, the government will also make a yearly contribution of £100 (£200 in case of severe disability).

The account belongs to your child, and can’t be touched until they turn 18, but parents, family and friends can pay up to a certain limit each year into the account.

You can start a savings account or investment (a friendly-society account, unit trust or stakeholder pension) for your child as soon as they are born. They generally work in the same way as adults’ accounts, but some are specially designed for children.

Now that you have a family, you may want to think about putting some money away for their, or even your own, future. There are different types of savings and investments to choose from, depending on what you’re saving for, and some let you receive your interest tax free. You can compare savings accounts on our impartial comparison tables.

If your child stays in learning after 16, the EMA could give them up to £30 a week to help with the costs of books, travel or equipment. It won't affect a penny of any benefits you get. This money will be paid straight into your child’s bank account. To get their EMA payments, they will need to open an account if they don't have one already.

There are three main sources of financial support available to new full-time students.

Student loans – there are two different types of student loan and neither depend on household income. The Tuition Fee Loan covers the fees charged by the university or college, and the Maintenance Loan helps towards day-to-day living costs such as rent and travel. Your child won’t have to start repaying student loans until they have left their course and are earning more than a set amount a year.

Maintenance Grants – your child may also be able to get a full or partial Maintenance Grant for help with living costs. For some groups of students, the Maintenance Grant is replaced by the Special Support Grant.

Bursaries – universities and colleges also offer bursaries or scholarships to a wide range of students. These don’t have to be paid back. Payments may be made in cash or in kind, for example reduced accommodation costs or a free computer.

A new guide for parents of recent graduates has been launched by the Department for Business, Innovation and Skills. The guide aims to help parents support graduates in their search for work and understand the support available.

It's always a good idea to have some savings that you can dip into in an emergency. Shop around to get a good deal but make sure that you can get at your money when you need it.

You might want to think about taking out insurance to provide for your family if you become ill or lose your job. But make sure you know what it covers. For example your insurer may not pay out if you have a pre-existing chronic medical condition that you did not tell them about when you took out the policy. Also find out how much it will pay out and how long for.

It’s not nice to think about, but how would your family cope financially if you died? You might want to consider taking out life insurance. This pays out a lump sum or an income when the person insured dies.

There are also other types of insurance you may wish to consider to cover your health, travel abroad or dental costs. But make sure you know what’s covered and what isn’t.

It’s easy to put off making a will, but it’s important to make sure your family will be provided for if anything happened to you. You also need to think about who would look after any children under 18, if something happened to you and your partner.

If you’re not paying National Insurance contributions because you’re bringing up children or caring for someone, you may be able to get Home Responsibilities Protection to protect your State Pension.

For information on women's pensions, call The Women & Pensions helpline on 0845 600 0806.

If you’ve been unemployed, or employed but on a low income, you might need to make up the gaps in your contribution record to get more State Pension.

Breaks from work or reduced hours could cut your eventual work pension. Depending on the type of pension scheme you belong to, you may be able to continue making contributions while you’re not at work, so check with your scheme.

If you have a personal or stakeholder pension, you can still contribute to it even though you’re not working.

If you decide to go back to work there may be help available, depending on your circumstances.

Once you’ve worked out your budget, think about your financial goals (for example saving up for a holiday or buying a home) and when you want to reach them.

Doing a financial healthcheck regularly can help you decide what you need to do first.

Whether you’re buying insurance, a pension or a savings account, it pays to shop around and get the right deal for you.