Becoming a parent comes with many new challenges and responsibilities. One of those challenges and responsibilities is budgeting to include your pregnancy and then your new baby into your life and household.
Anyone who is a parent can tell you that a newborn baby is expensive, even before you bring them home from the hospital, and the expenses never end. Though your children will be the joy of your life, you need to be prepared for the financial responsibilities that will come along with them. Lucky for you, we have some tips to help you with budgeting when you’re expecting your own adorable bundle of joy.
Prep for Pregnancy Expenses
Budgeting for a new baby starts long before the baby arrives. It’s best if you start preparing for pregnancy expenses before you get pregnant. That’s obviously not always possible, you can begin prepping as soon as you find out you’re expecting.
You need to put aside funds for medical expenses, maternity clothes, and prenatal vitamins just to start. This is all before you start thinking of outfitting the baby’s nursery and all the things you’ll need to have in place when the baby comes home. You could look into starter loans online, save the money, or put the items on your credit card to cover these purchases. No matter which way you decide to go, you need to think ahead.
Check Into Making Extra Money
Not only will you probably have to cut your hours before the baby is born, you need to think ahead to the time you’ll have to take off from work after the birth. Check into making extra money now for later on. It’s also a good time to explore other career options as well.
If you’ve ever thought about getting into wholesale real estate, the time you’re off while you’re pregnant is a good time to explore that option.
Save for Baby-Related Costs
There’s no way of knowing just how expensive a baby is until you have one. It’s best to start saving for baby-related costs right away, if possible. You’ll need everything from diaper wipes to daycare, once you decide to go back to work, so it’s best to have that money set aside if at all possible. It’s also a good idea to start a baby-costs-related emergency fund as soon as you can because when it comes to children you should always expect the unexpected.
Get Creative With the Purchases You Make
Baby shopping is fun. From the crib to the changing table to the adorable onesies and socks, outfitting your house for a baby is fun. It’s also super easy to go overboard and blow your entire budget on cute outfits or brand new items for your little human.
Remember, thrift stores, online shops, and other places offer some of these items for half the cost. Of course, you’re not going to want to put used clothes on your baby, but cribs, changing tables, bassinets and other items are great second-hand, as long as you inspect them carefully before buying. Take your time, go to flea markets, thrift stores, and even talk to family, friends, and co-workers to see if they have baby furniture they aren’t ever going to use again. Believe it or not, you can save a ton on baby-related costs this way.
These are just a few tips to help you budget when you’re expecting a baby. Remember, your baby is going to be the joy of your life, but they will come with a lot of costs and responsibility. Make sure you’re ready for the journey ahead of time that way you aren’t stressed all the time.