Tips For New Parents – How To Afford Having A Baby
Posted July 3rd, 2010 and last modified May 17th, 2011
Drawing up a budget, planning your expenses, and saving up early will help guarantee your child's future.
Tips for new parents
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If you have no choice but to use a credit card to buy your baby stuff, it is best to make sure you use a low interest credit card. This is important, in the event that you are unable to repay your credit card purchases within the interest free period, as this will keep your credit card interest repayments down.
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There are many things to consider when thinking about how to afford a baby. Children are not cheap, and the first year of life can be expensive so you need to plan accordingly. Prenatal and post natal care can add up, as well as any hospital stays you or your baby may have. Not to mention all the diapers, clothes, formula (if you decide not to nurse), wipes, bottles, pacifiers, the list goes on and on. All these expenses add up and if you are not financially prepared when the baby comes, you may find yourself in a bit of trouble. Here are just a few tips on how to afford a baby.
Start saving NOW - You should begin saving the minute you make the decision to try and conceive a child. If your baby was not planned, start saving the minute you find out you are pregnant. You can cut expenses very easily by stopping those dinners out, cutting back on your cable or cellular bill or even carpooling to work. You need to start saving for raising your child as well as thinking about a college tuition fund, they grow up fast so will be out of the house before you know it.
Write out a budget – Sit down with your significant other and write down all your expenses, and the expenses you believe you’ll have once the baby arrives. This will give you a good starting point to see how to afford a baby on your salaries. If one of you makes the choice to stay at home, you will need to take that into consideration in the budget. This will also show you where you can cut things from your budget so you can start to save.
Use your credit wisely – The worst mistake new parents can make is charging up their credit cards to buy baby stuff. While the baby may need the fanciest stroller, you will find that you are paying for it for a very long time. Leave your credit cards at home when you go shopping so you are not tempted to buy things you do not need.
Get insurance - If you don’t have it already, get insurance, both medical and personal. It is important for your baby and for you to be insured.
Free stuff is good – If you have friends who have babies and are offering to give you their old stuff, TAKE IT! While you may turn your nose down to used items, babies go through things so quickly it’s pointless to buy everything brand new if you have friends or family who are offering to give you things for free.
Don’t overspend - Babies will never remember if they had the most fashionable clothes or the best toys, what they will remember is that they were loved and had a fun childhood! Don’t spend useless money on things because you feel your baby needs it, because the truth is they don’t.
Image source: Meagan
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