5 Top tips for budgeting for a new baby

Everything changes when your new baby arrives, from your views on life to your sleeping patterns and of course, those extra expenses that you didn’t have to deal with before. Suddenly, there are many other new things to buy for your little bundle of joy which can put quite a large dent in your bank balance.

Following are 5 top tips for budgeting for a new baby that will help to reduce the strain on your wallet.

1. Plan Ahead

Grab the opportunity to plan for your future as soon as you know you’re pregnant. Compare you and your spouse’s health insurance and use the one that offers better maternity coverage. Expenses for maternity care add up quickly with ultrasounds, tests and the high costs related to labor and the delivery of your baby. You can save a significant amount of money with better insurance coverage.

2. Get Used to Living Off One Income

Unfortunately, not all parents get paid paternity or maternity leave, so it is best to check with your employer the minute you know you’re pregnant and begin planning. Dropping from two incomes to one can be extremely hard, so start living now as if you only have one paycheck to live on and save the income that will be lost when your baby arrives. Simply pretend that it doesn’t exist. Rearrange your budget to suit your new monthly income and get used to living off that amount of money so that you don’t simply blow your savings after your baby is born.

3. Borrow Rather Than Buy

Babies grow quickly, so it makes sense to borrow as many items as you can, instead of spending loads of money. For instance, if you have friends or family who have a child that has grown out of his/her pack ‘n play or cribthen ask if you can borrow it for the few months that your baby will need it. Borrowing these and other items can save you plenty of money.

4. Ditch the Unnecessary Items

Although there are tons of baby items available that you will want for your new arrival, many of them aren’t even remotely necessary. So, stick to the things your baby will need, more than the items you want. For example, baby shoes, wipe warmers, bottle warmers and so forth, are just a few of the expensive items you can skip. You won’t miss them and neither will your baby. 

5. Feed Your Baby the Way Nature Intended

Although you have the choice between breastfeeding and formula feeding, it is better for your budget if you can breastfeed your baby. Apart from the amazing health benefits that both you and your baby will enjoy, you will also benefit financially as well. Formula, depending on the brand, can put a huge dent in your bank balance, whereas breastfeeding will cost you absolutely nothing.

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