The penny drops podcast: How to plan and manage family finances


In this episode of 'The penny drops', our host Andrea Fox talks family finances with Rich Edwards, one half of the hugely popular Two Dads in London blog, and Becky O’Connor, a Personal Finance Specialist at Royal London.

What will we be talking about?

This month we talk about the financial implications of having a family, from planning your first child to growing your family and preparing for the long term. We cover:

  • Financial considerations to make before starting a family
  • Saving, budgeting and managing your finances
  • Managing time off work and a drop in income (maternity and paternity leave)
  • Other financial things to consider (pension contributions, life insurance, writing a will)
  • Preparing for childcare costs and how to get help if you need it
  • The impact of growing your family and having more children
  • The hidden costs of parenting
  • Planning for your children’s futures (university, buying a house, etc)
  • Parenting hacks and top tips

Who is our guest?

Rich Edwards is a Mortgage Adviser and one half of the hugely popular Two Dads in London blog, website and Instagram account. Along with his husband Lewis, Richard uses their blog and social media platform to talk about the daily ups and downs of being a parent (to their two adopted children) and to help others considering adoption.

Becky O’Connor is a Personal Finance Specialist at Royal London and an award-winning former journalist. Passionate about finance and sustainable investment, Becky is also the co-founder of sustainable personal finance website Good With Money and a fellow of the Royal Society of Arts.

All views and opinions expressed in the podcast are those of the guest and not of Royal London.

Where can you listen?

You can download and listen to episodes using the iTunes Podcasts, Google Podcasts, Spotify or Castbox apps – just search for ‘The penny drops’. Make sure to subscribe so you don’t miss any new episodes, and please do leave us a review. We’d love to know what you think of the series.

If you don’t have access to an app, you can listen to the podcast online. We’ll send you reminders about any new episodes in your quarterly member emails.

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How can you find more information?

Royal London recommends you seek professional independent financial advice before making financial decisions. You can learn more about the value of financial advice on our website, or visit Unbiased to find a trusted professional in your area.

You can also find lots of helpful information on family finances on the following sites:

Planning a family
Saving and budgeting
Time off work, maternity and paternity leave
Childcare costs
Protecting your family
Saving for your children
Family support charities

This month’s episode was recorded in May 2020 during the coronavirus outbreak. For up to date information on benefits and financial support being offered by the Government, please visit

Please note that all topics discussed in this episode can vary depending on your personal circumstances. Any figures quoted were accurate at the time of recording.

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Take a look at our podcast page for more information on other episodes and topics we've covered, or search for 'The penny drops' on the app you use to listen to podcasts. 

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