With their first child due next month and a wedding postponed for two years because of the pandemic, Dan Lockwood, 30, and Emma Lovegrove, 33, have a lot on their plate.

On the agenda is setting themselves up for family life. First is figuring out whether the couple can survive on a single income – Ms Lovegrove is inclined to stop working to look after their newborn. If not, could the couple afford childcare? Rising nursery fees and pared back child benefit means this a debate millions are having.

Next is a savings plan for their baby boy, finally getting married, reviewing their investments and possibly buying some cryptocurrency for the first time.

“With a baby on the way, we have to make some smart financial decisions,” Mr Lockwood said. The couple already own their own home in Reading, worth £375,000, with a £258,000 mortgage. They have £64,000 invested in Isas, £55,000 in pensions and a very healthy £44,000 cash buffer.

Mr Lockwood earns £46,500 as a civil engineer and Ms Lovegrove makes £16,000 as a teaching assistant. Together they take home £3,790 each month and have £1,900 of disposable income after the mortgage, bills and Mr Lockwood’s student loan, which he is inclined to overpay using his savings.

“We’ve opened Lifetime Isas but don’t know if this is the best way to save. There is also the question of Emma’s pension if she stops working,” Mr Lockwood added.

Their Isas are invested in a mix of stocks, active funds – where a fund manager makes investment decisions for a fee – and passive funds, which track entire markets for a lower fee. Their largest investments include Fundsmith Equity and Lindsell Train Global Equity, as well as tracker funds.

Mr Lockwood said: “I want to know if we’re invested in the right things and wonder whether buying cryptocurrency now is a good idea. If so, what are the best ways to buy it?”

Georgi Bennett, partner at Partners Wealth Management, said:

Mr Lockwood and Ms Lovegrove have opened Lifetime Isas but already own their home, so they will have to wait until the age of 60 before they have access to the cash. While they will each benefit from a £1,000 bonus from the Government if they save £4,000 a year, the long lock-up period means they are not the best savings tool.

They should use their pensions instead. Mr Lockwood can contribute up to £40,000 a year and benefit from 20pc income tax relief. If his salary rises to more than £50,000 and he becomes a higher-rate taxpayer, he will receive 40pc tax relief. This is better than the bonus from a Lifetime Isa. If Ms Lovegrove stops working she can save £2,880 into a pension each year and tax relief will bring this up to £3,600.

Paying off Mr Lockwood’s student loan would not be a good use of the couple’s savings. Unless he pays it off in full, monthly repayments do not actually decrease, although he would of course pay it off sooner.

Protecting their standard of living is the priority if Ms Lovegrove does not return to work after her maternity leave: they should look at taking out income protection for Mr Lockwood, which would give them a regular income if he were unable to work through ill health. Based on their current outgoings, Mr Lockwood’s salary alone would be enough to live on, but there is not much wriggle room. They also do not know how their expenses will change once the baby is born, but should of course assume they will.