This is a guest post from Laura Cecil.
My dad used to quip that â€œBabies are like used cars â€“ easy to get but expensive to maintain.â€ Having three children myself now, I can see the truth to his observation. If you are making plans to have a baby, youâ€™ll be able to plan early for the financial needs that will be incurred. If, on the other hand, the blessed event is somewhat of a surprise, the financial planning will be necessary with a bit more urgency. Some helpful tips are given below to help you develop your financial plan.
Save, Save, and Save
As soon as you know that the family is going to increase in size, set up a savings account dedicated to the babyâ€™s expenses. Itâ€™s not important at this time to assign specific costs to the savings. Itâ€™s simply important that you build up a nest egg for the expenses that will definitely arise. I know women will be some kind of shopaholics when they find beautiful clothes especially on discount season, but you just should have a “save” idea in your mind at any time.
Determine What Youâ€™ll Need When Baby Arrives
Create a list of items needed in the home when baby arrives. List single time purchases like that special crib, the elegant bassinet, the much needed changing table, and that britax best convertible car seat that youâ€™ve admired. Make another list for those things that you will need to replace frequently such as diapers, formula, paper goods, etc. Ask family and friends for their input. By merely asking you may find that they lighten you load by offering to supply some needed items.
Babies need regular visits to the family doctor to ensure that the babyâ€™s development is on track. This can be expensive without insurance coverage. See if your current policy has coverage for infant care. If youâ€™re on a group plan at work, make sure to have the child added as soon as it is permitted. Routine child medical care can be expensive.
If both you and your spouse will need to work after the baby is born, look into the different child care options available. If youâ€™re fortunate, one of the grandmothers may volunteer. If not, shop for the best deal with a professional child care agency. Make sure that whoever you select is properly licensed by the local governing body. Child day care can be expensive.
Study the Family Budget
Once you have estimated what the new addition will cost, take a good look at your income and your current budget. Can you include the new costs in your current budget with your current income? If so, wonderful. You are the exception. If you come up short, however, this is the time to focus upon ways to cut costs. Lifestyle changes may be in order.
Develop a Wise Shopping Habit
One of the most common changes that new parents experience after the baby is born, is their approach to shopping. Impulse buying becomes a thing of the past. Eating out becomes a special event. Movies are no longer enjoyed at the theatre, but via DVD at home. Thrift shops and consignment stores become the new shopping centers. Youâ€™ll be amazed at how much money is wasted during your life without children. The baby will make you more financially responsible. Lifestyle changes that you make will be minor in comparison to the joy that the baby will bring into your lives.
Laura Cecil, a single mother of three kids and the editor of www.Livesnet.com, a site that reviews the hot baby products and gives parents parenting tips. If you want to know more about how to pick right gears or more tips on pregnant, her site is definitely a good place to stay. Please come to her site and read her latest review on bumbleride indie twin stroller.