Preparing financially for baby is one of the most important steps to take when you find out you are pregnant,
Having a baby is one of the most exciting times in your life but the truth is, a baby can also be a huge financial challenge, especially if you don’t take the appropriate steps to prepare yourself.
If you want to learn how to have a baby on a budget, keeping reading the tips below. Also make sure to take advantage of all the Free Baby Stuff for New & Expecting Moms – you can get free nursing covers, free diaper bags and lots more!
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Tips For Preparing financially for baby
Preparing financially for baby is not that hard and the truth is, you have 9 months to get ready! Even if you have no savings and you were not expecting to get pregnant, you can get ahead of the game easily with the tips below.
1. Medical bills
Find out in advance what medical bills you’re likely to incur. Of course, this will depend where you live and what kind of insurance you have.
For example, I am in Canada so my only costs were an optional $30 for a private room. In the US, you might be spending $2000+ out of pocket depending on whether you have a vaginal or C-section birth.
Medical costs to consider include prenatal (ultrasounds, appointments, tests and even your prenatal vitamins (you might be able to get a prescription so your insurance covers).
Of course you will also need to factor in your delivery, and postnatal expenses.
If you don’t have insurance and have low income, your state has programs that will minimize the expense.
Depending on your insurance situation, you may want to have additional funds set aside for unforeseen medical issues.
2. Baby items
You are going to need things like car seats, strollers, changing tables, cribs, bottles, clothes, diapers ($2,700 just the first year!), rocking chair, swing, dresser, baby monitor, and more.
You can easily safe a bunch of money on these items by working out what you really need (The Ultimate Guide To Baby Gear For Minimalists will help you decide what you really need).
Also, don’t discount second-hand items as long as they are safe and have up to date safety standards.
Are you going to breast-feed?
You may need a breast pump if you plan on ever leaving the house without the baby.
If you’re not breastfeeding, you’ll need bottles, nipples, and formula. (get free formula samples here).
Breast pumps are often available through your insurance so make sure to check first as they can get pricey.
How To Lower Your Baby Related Costs
1. Borrow and buy used.
Babies outgrow things long before they wear them out. You shouldn’t have any problem finding quality used baby clothes, toys, and furniture.
There are even stores that specialize in used baby items. You can also check on Craig’s List.
These used items can be much less expensive than new stuff.
When the time is right, tell everyone you know about your happy news. You’ll almost certainly be offered plenty of baby-related items.
2. Wait for gifts
People can go crazy giving gifts when a baby is involved. You will probably have a baby shower and can get everything you need. You never know what you’re going to get. Wait until the dust settles before you start making purchases.
If you aren’t thrown a baby shower, you could also host your own sip and see – a baby shower after baby is born.
3. Remember that you don’t need everything
Your baby doesn’t require every gadget under the sun to be safe and happy. Ask the mothers you know what they consider to be the most important items.
4. Start saving now.
You can never start saving too soon. Now is the time to eliminate all those things and services that you don’t really need. Sit down and look at your monthly bills and find ways you can cut back.
Reduce your expenses as much as you need to so you can save enough money to be as comfortable as possible when the baby arrives.
5. Review your life insurance and will.
Sit down with the appropriate expert to ensure you have the proper insurance coverage when the baby arrives. Also be certain that your will is up to date.
Preparing for a new baby can be an exciting time. For the smoothest first year for you and your little one, remember to include financial preparations as well.
Get even more tips on preparing financially for baby with my free ebook. It’s packed with tips to help you stick to your budget with baby.