Finding out you're pregnant can be one of the happiest moments of your life; but the nine months that follow can be some of the busiest of your life!

You'll probably spend a great deal of that time preparing for the birth of your child - buying new clothes, stocking up on baby supplies, etc.

But what happens if you fall into debt during pregnancy?

Having a baby can be a costly time, and some people find the financial strains of pregnancy can become too much for their bank balances to handle.

While taking on debt needn't be a problem, it sometimes can be - particularly when other expenses you don't normally have to cover take a large chunk out of your budget.

If you do fall into debt while pregnant, what could you do?

Assess your budget

First of all, take a look at your monthly budget. Can you afford all your expenses? Are you spending more than you earn? If so, you'll need to sort out your budget.

If you've encountered problems, it's often easier to draw up a new budget than 'tweak' an old one. The process is simple:

• Write down everything you earn each month (including your salary, benefits and other payments).
  
  
• Then write down everything you spend each month on your priority debts (mortgage/rent, etc.) and your day-to-day living costs (food and travel costs, for example).
  
  
• Now you've done this, simply subtract your expenditure from your income, and you'll be left with your disposable income. This is basically the money you'll have available each month to spend on your unsecured debts and, if you've got anything left over, for saving and spending on non-essentials.

Cut back on other expenses

To free up a little bit of extra money each month, it might be a good idea to cut back on some of your non-essential expenses. The money you free up by doing this could then be used to overpay your debts (pay more than the minimum required amount, in other words).

Cutting back on your non-essential expenses needn't be too hard. In fact, one of the easiest ways you can do this is by asking yourself: "do I actually need this?" before making a purchase. If the answer is "no", it probably means the item isn't essential, and you can save money by not buying it!

Savings made on individual purchases might not seem like much, but you'll find the overall total soon grows!

Seek professional debt advice

If you're worried about your ability to repay your debt, or you'd just like a little help getting on the right path again, you could seek professional debt advice.

It may be that all you need is a 'push' in the right direction with your budget, but if your debts are more serious than that, a debt adviser may point you in the direction of a professional debt solution.

There are a range of debt solutions that might be available - a debt management plan, for example, or an IVA (Individual Voluntary Arrangement) - each one suitable for people in different circumstances, dealing with different kinds of debt problems.

An example…

If you're struggling with your debt and can't afford your payments, but you do think you'll be able to repay it if you were allowed to make reduced payments over a longer period of time, a debt adviser may recommend that you enter a debt management plan. If you do think about entering one, it might be a good idea to read some advice on what to do if you are pregnant whilst on a debt management plan.

A debt management plan involves asking your unsecured creditors to accept changes to the manner in which you are repaying your debt. For example, they'll be asked to accept lower monthly payments, and may also be asked to reduce/freeze the interest and other charges on your debts.

Entering a debt management plan means you are defaulting on an original agreement, though - and this will be recorded on your credit report for six years, potentially affecting your ability to obtain further credit for this time. It can also cost you more in interest in the long run if your lenders don't agree to freeze interest.

You can find more help and advice with debt management on this website.