Congratulations! You have a little one on the way and that’s something to be over the moon about. Something that will bring you back to earth fast is thinking about the cost of having a baby. And according to some studies you could spend as much as $10,000 in the first year alone.
So if you want to start saving for a family, or you’re already pregnant and looking for advice on having a baby on a budget then here are some tips to help you out.
1. Create a detailed baby budget
You might think you can figure out everything you’re going to need to buy, and how much it will all cost but you’d be wrong. Cots, changing table, car chairs, nappies, clothes, toys, prams, and the list goes on for miles. And that’s if no unexpected emergencies crop up.
Remember that things like newborn health insurance and child care should be on this list as well. There are dozens of these checklists and baby cost calculators already available online so feel free to use them to help with creating yours.
2. Shop smart
Babies grow at an alarming rate, so there are dozens of parents with items their babies can no longer use. And these are almost brand new. So look for second-hand markets, swap meets and even search online at places like eBay, Gum Tree and Facebook Marketplace for quality merchandise at insanely low prices.
If you’re against second-hand items, then shop at large discount chains, big box stores and watch for specials. And if you find a really good deal on things like nappies and formula then stock up. Because it won’t go to waste.
Also, remember that budget brands have to pass the same safety tests as the premium ones. And you’d be surprised how many are made by the same company in the same factory. So don’t think name brands are always the best brands!Budgeting for a New Baby Click To Tweet
3. Start cutting costs now
Once the baby arrives, there are going to be a slew of additional monthly costs along with the once-off expenses you’re faced with. Cutting back while you’re still expecting not only frees up money for the things you need now, but also for the costs headed your way in the future.
So after you’ve finished celebrating the fact that a baby is on the way, start thinking about how you can trim your current monthly budget. Every cent and dollar that you are able to save up now will help with your baby fund. And every parent will tell you there is nothing better than financial peace of mind when you have a tiny human to worry about all the time!
You are going to have a new person to think about now, someone who is completely reliant on you for at least the next 18 years. A lot of things are going to change. And you’ll need to think much further in the future than you maybe have been until now. So look at updating your will, your life insurance and find out about any government benefits available to you. Start planning for your little one now, so you can spend more time just enjoying them once they arrive!