I'm really sorry, and I know there will be people out there who will disagree, but think loopykid has made the horrendously wrong decision of her life here - 16 years old and getting pregnant deliberately? Here's my point of view. (And I don't care if noone asked for it!)
At 16, boyfriend 17, you are relying on money that your parents will give you and from your boyfriend's as yet non-existant job. At 17 he is not likely to be qualified in anything at all that will provide a decent salary - minimum wage for a 17 year old is £3.60 an hour, that's just under £7000 a year for a 40 hour week. Your parents are almost certainly giving you your £50 a month because you are 16 years old. When I was that age it was called pocket money. My parents stopped paying me it when I went to university, as they were expecting me to be able to eventually make my own way in the world. I got a small grant (showing my age!), I worked, I got a loan and an overdraft. I paid off the loan and overdraft when I got a job straight after university. I can't imagine your parents will be thrilled to be not only paying for you, but a baby they had not anticipated too.
I imagine you will find yourself short of cash, which means you will almost certainly throw yourself on the mercy of the taxpayer, asking for accomodation and financial support. It is a totally different matter asking for government handouts and a council house when you are a mature person who has tried to make their own way and for various reasons had to apply for benefits. You, on the other hand, have not made any effort to complete a decent education or to equip yourself financially for the adventure you have embarked on. You will get money from the government for it which I, and everyone else who has ever worked, will have paid for - you will be taking money we have earned for our babies in order to pay for yours, as the tax rate goes up when the government has to pay out for more benefits and provide housing for those who can't pay for their own.
Many people get pregnant by accident when they are younger than they would like to be. They generally get sympathy and support, and a very rapid education in how not to do things! Most people who plan to have a baby make sure they have a roof over their heads which is not dependent on the generosity of a third party, a job which will provide enough to live on and a good support network which includes friends and family. Think about it - a flat which costs £300 a month is £3600 a year - already more than half of your boyfriend's yet to be achieved salary. Council tax, phone and fuel bills will add another £1200 a year. Nappies will come in at about 10p a nappy - £250 a year. You will also have to feed yourselves, budget about £1400 a year if you are clever with food and shopping for it (That is less than £2 a day each for food, the price of a coffee in some cafes!) That is virtually all of your money gone, and you haven't yet paid for transport, clothing, TV licence, mobile phone, going out, insurance, pension, or any of the essential items at all that your baby will need, like a cot, pram, all the hundreds of little things that add up.
Your boyfriend is 17 years old, and probably hasn't given too much thought to all of these variables, and that he will expected to be the breadwinner for a family. I hope for your's and your baby's sake that reality doesn't knock him for six, because it is so easy for men to back out of this situation, and many 17 year olds would and do. I can't imagine that you have been together long enough to really know what each other wants from life.
If it sounds a little bit like I am lecturing a silly little girl, that's because I am. If I had had a child at your age I would be old enough to comfortably be a grandmother by now. Instead I am the very happy and proud mother of my first baby - she's 5 months old. Many 16 year olds DO have babies, and in having them grow up very fast. Very few 16 year olds who have had babies would recommend it to their friends. They love their babies to bits, but life is HARD for them, they rely on others for help and money, and would have welcomed the opportunity to have been a little older and planned to have had their baby.
I wish you good luck, and sincerely hope that you don't take any more of my hard-earned tax than you have to - you didn't earn it, I did.