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How to Prepare Financially for your New Baby

How to Prepare Financially for your New Baby July 4, 2019Leave a comment
How to handle finances with a baby

There’s nothing in the world like becoming a parent.

Your child will bring you years of joy and unforgettable experiences. For instance, you’ll never forget the first time your baby stands up, or when they show you their very first smile. However, as magical as parenthood can be, it’s also a very expensive journey.

According to reports in the US, the average cost of raising a child is around $236,000 for a middle-income group. That doesn’t even include the price of a college education. With figures like that to consider, it’s fair to say that the idea of preparing financially for your new baby can leave you with your head in a spin.

Fortunately, there are some steps you can take to keep your stress to a minimum.

How to save money on baby products

1.Start Living on a Single Income Now

With a little luck, you’ll have a reasonable maternity plan to look forward to when you near your due date. However, there’s a good chance that it’s not going to be as generous as your usual income. With so many extra expenses to think about, you’re going to need to re-work your budget as early as possible. If you’re planning on one parent spending some time away from the office to look after the baby and save on childcare costs, then you’re going to need to get some practice now. And overall, make sure you save daily on everything you can!

Look into what kind of steps you’ll need to take to be able to afford living on a single income and start testing out your strategy today. This will give you several months to determine whether you can realistically afford to live on just one income, and it should mean that you can put some extra cash aside for your baby too.

2.Get Help Wherever You Can

New parents can’t afford to be proud. Even if you’ve paid for everything by yourself up until now, you’re still going to need some extra help wherever you can. One of the best ways to get assistance is to ask your friends and family members whether anyone can help you out with regular childcare – this will be particularly important if you and your partner are both going back to work.

Another way to get some help and have some fun while you’re at it is to say “yes” to a baby shower. Although it can feel weird asking people to give you gifts, you can save some serious money this way on things like clothes, toys, and other items that you’re going to need.

3.Start Being More Strategic

If you’ve been a little frivolous with money in the past, now’s the perfect time to make a positive change to your financial strategy. Stop spending money without thinking about it and take a strategic approach to everything you buy. For instance, you don’t need to spend thousands on a stroller when you can get something just as good from a second-hand store.

Additionally, if you decide that you’re going to need the extra help of a loan to make some of the big-ticket purchases for your new baby, don’t forget that you can compare the offers from different providers online before making a decision. Look for the lowest interest rates and minimal fees to keep your expenses low.

4.Join Baby and Mother Clubs

Another great way to save some money and get prepared for parenthood is to go online and see whether any of your favorite baby or mother care brands offer a community that you can sign up to. Even following the right companies on social media can be enough to get you access to coupon codes and deals before anyone else.

There are also plenty of brands out there will send you free items in the post if you’re part of their community group, so don’t be afraid to apply for any freebies you can access. Some companies will also allow you to access free items or sign up for giveaways in exchange for filling out a form or completing a survey.

5.Give Yourself some Wiggle Room

Parenthood is a wonderful experience, but it’s also exhausting, stressful, and overwhelming at times. As much as you plan and prepare to get your budget in order, there’s always a chance that you could end up with some extra expenses you didn’t think about. Give yourself a break and remember to always look for the cheapest solutions to your problems wherever you can. This could even mean asking your family members for help at times.

The good news is that if you’ve done plenty of saving leading up to your little one’s arrival, you’ll have some emergency expenses to tap into if something goes wrong.

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