Having a new baby is a joyful time - but it can also put a significant strain on your finances. A third (34%) of new parents feel unprepared for the costs of parenthood, according to a survey by credit report provider Noddle.

A quarter (25%) rely on credit during maternity or paternity leave, racking up debts of over £2700, the poll of more than 1,000 people found - despite making efforts to prepare financially in advance, including putting aside savings (£3000 on average) and making a conscious effort to reduce existing debts.

Over half (53%) of new parents admit they were anxious about money during their leave, with 35% returning to work earlier than planned in an effort to improve their finances.

Jacqueline Dewey, managing director at Noddle.co.uk, says: “Preparing to go on parental leave is a really busy time, but it’s important to do as much budgeting as possible before the baby is born to help reduce any financial anxiety.

“You may choose to use credit as part of your planning, and this can be a good short-term solution. But it should be managed correctly, because otherwise it can affect your credit score and potentially your ability to get credit for larger items as your family grows, such as a new home or bigger car.”

Here are Noddle’s tips for prospective parents:

1. Agree with your partner how much you’ll aim to save each month in the lead up to the birth and try to stick to that.

2. As well as the costs of a new baby, bear in mind you may also need to adjust for changes to your income - so research what statutory leave and pay you will be entitled to when your baby’s born.

3. Make a shopping list - then speak to other people who have children to find out what items you really need to buy and which items are completely useless.

And don’t get carried away buying toys and clothes; you will often be gifted many of these by friends and family.

4. Claim what you’re entitled to. As well as statutory maternity pay or maternity allowance, you could be entitled to certain benefits.

5. Checking your credit score will give you a snapshot of all your outstanding credit, such as mobile phone and energy bills, as well as credit cards, loans and mortgages.

You can use this information to work out where you might be able to cut back and where any problems might arise if you need to borrow more when the baby arrives.