How to Make Life Easier and Save Money When You’re Expecting
Thursday, July 18, 2019, 6:00 AM | Leave Comment
Whether this is your first baby or your fifth, there’s no denying that growing families are expensive.
It’s not only the items they need (if this really is your fifth, you probably have a lot of those items!), it’s also the time off work and the added medical expenses.
This is why it’s helpful to budget, save money, and prepare your finances while you’re expecting and continue to do so once the baby is here.
Though each family’s finances are different, there are a few universal ways to help make life easier and save money before the baby arrives.
By following a few tips, you can feel more at ease financially for your new arrival.
Image Source: Pexels
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Buy a Little Each Month
For a lot of families, it’s a lot easier to make many smaller purchases than it is to make one big purchase. It’s easier on your monthly budget, and it allows you to monitor sales and get the best deal. Make a list of all the things you’ll need for your newborn, including big items like a crib or car seat, and small items like clothing and toiletries.
Each month, plan on buying a few of these items at a time. Make sure you leave some items for a baby shower, or for a sale like Black Friday. Make a list, budget to buy a few items each month, and then you won’t be stuck having to make a big shopping trip right before the baby arrives.
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Budget for Now and Later
The cost of a baby takes into account many different things, including prenatal care, lost income, daycare, medical bills, and baby supplies. Your finances, expenses, and budget will look different while you’re expecting and when your bundle of joy arrives. This is why it’s important to have a pregnancy budget and a baby budget.
The best way to stay on budget is to actually create a budget and to stick to it. Work on your two budgets for before and after baby, and make sure that you can afford both scenarios. Take into account potential income loss while taking care of the baby. If you can’t afford it, work on removing unnecessary expenses or finding cheaper alternatives.
Your budget categories should include:
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Household income
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Savings
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Housing costs
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Utilities
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Car insurance
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Debt payment
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Groceries
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Car payment
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Healthcare
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Entertainment
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Retirement
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Daycare
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Gas
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Miscellaneous
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Sell What You Don’t Need
Whether you’re in a great financial situation or not, selling items you don’t need can be beneficial for your finances as well as your life. If you’re not using something, or it will become unused once you have the baby, then why keep it?
Simplifying your life and home can be done in a few ways, but it’s about decluttering and creating an environment that makes sense for your family. The great thing is that you can also make a little extra money on the side while doing so.
Go room by room and remove the things you don’t need, that are broken, or that don’t fit. Post the items you don’t need online, have a garage sale, or sell them to friends and family who may be interested.
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Buy Second Hand
There are a lot of good ways to save money while pregnant, and one of them is to buy some of your baby items second hand. The truth is that your baby just wants a crib to sleep in, and they won’t care if that crib is from a friend or bought brand new from the store. As long as what you’re buying is clean and safe, don’t feel bad for buying items that are used.
Talk to friends or family members about baby items they would like to get rid of, peruse online marketplaces, and check out discount stores and thrift shops for your baby items. Buying second hand can save you hundreds of dollars that you can spend on your medical expenses, or even a college fund.
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Eliminate Unnecessary Expenses
All of us have a lot of unnecessary expenses in everyday life. In order to help make life a little easier, and to save some money, work on identifying those expenses and cutting them out if you can. For instance, research your cable or streaming options and decide which option is the most cost effective and practical choice for you.
Make a list of your monthly subscriptions and decide which ones you can do without, such as music streaming, WiFi, makeup bags, or online shopping accounts. It’s totally fine to keep all or a few of them, but if you’re looking to save money, this is a great way to do it. You can also work on making coffee each morning instead of buying it, or eating out less and cooking at home more.
Having a baby is a big financial shift for any family, so it’s natural to need to take a look at your financial health and overall budget once you’re expecting. Overall, it’s about stretching being mindful of when and how you spend your money, and making cuts and saving where you can.
At the end of it all, your life will be easier and you’ll be able to take on any expected — and unexpected — expenses that come your way before and after the baby arrives.
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