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Every single parent can agree that babies change everything. They change everything from the sleep cycle that you’ve enjoyed all these years to your views on life. Things you once believed in may not occur to you anymore because you now have to consider the world from the perspective of your child and as they grow up.
The one thing that babies also can do is put a huge dent in your finances. You shouldn’t be caught off guard by new expenses in your life, because with a bit of planning your savings account is going to remain remarkably intact. Not only that, you’ll be able to budget for your new baby so that you can cover their expenses through the newborn days through to all the baby growth spurts that lead to new clothes. What you have to do is get as organized as possible as early as possible so that you can have the best success for your baby. With this in mind, here is how you can budget for this new baby coming into your life.
- Download budgeting apps. There is an app for everything right now and that’s true for babies, two. There are apps out there where you can track the wonder weeks and track their development, you can learn what to expect when you’re expecting with an app, and you can also use apps to help you to save money in supermarkets and with coupons. There are even apps to help you to save your money so that you can track your goals and know that you are on track for your birth.
- Actually save your money. It’s not easy to start saving and budgeting for your baby, you can sit down and work out how much you have spare to say. Each time you shop, check the bottom of the receipt to see how much you have saved. Log into your bank account and move that amount of money from the main account to your savings account, or move it to your child’s education fund. It may only be a few dollars here and there, but consider the 18 years before college? All of those few dollars will add up.
- Get used to living off one income. If you are planning on being a stay at home parent while your partner works, you’ll have to learn to live off of just one income. It takes practice and time to learn how to do this while not missing out on any of your bills or regular payments. While you are both working, stick one income away and pretend that it doesn’t exist. If you redo your budget based on just one account you’ll be able to ensure that you know how to afford a baby with one income.
- Be wise during baby registry. If you are planning to register for gifts for your baby for a shower or because your friends and family have asked you to do so, be wise. Stick to the necessities and make sure that you cover clothes throughout all the baby growth spurts. These are frequent, and you want to ensure that you don’t just have a whole haul of baby clothes, but toddler clothes too. You may even want to get baby clothes in a range of sizes so that you can be sure. Cousins and aunts can chip in together for the big ticket items, and it will help you with your budget along the way. If you already have everything and you don’t want to register, set up a college savings account for your baby and ask everybody to chip in what they would have spent on a gift into that instead.
- Borrow where you can. If you have family and friends with children who have grown out of their strollers and they’re still in good condition, ask to borrow items. There are so many things that you won’t use for a long period of time, and therefore borrowing them is going to be better for everybody and for your wallet.
Having a new baby doesn’t have to break the bank. With the right planning, you can ensure that all of you together are able to spend the money on your child as they grow. The money you spend on a newborn never changes. You’ll set up a nursery annually to buy all the clothes and the feeding accessories you need and the diapers, but all of those expenses are ongoing and not one-offs. Remember this as they get older.
