Preparing for a new baby is an exciting time for all expecting parents. Having a whole new person to look after can put a burden on money, which is why it is important to budget for a new baby. From essential items such as nappies, to practical needs like a changing table, there is a lot of things that need to be purchased once you have a baby. I’ve teamed up with cashasap.co.uk, experts in short term loans, to bring you 5 practical steps to make budgeting for a new baby a whole lot easier.
5 Steps To Manage Your Baby Budget
1. Start Saving Early
The earlier you start to save, the better. Once you find out you are expecting a new addition to the family it can be extremely helpful to start saving straight away. This gives you more time to save up enough money for when they baby comes, as well as letting you purchase items beforehand so you are fully prepared. The earlier you start saving the more likely you are to have a substantial amount of money saved for when the baby arrives.
2. Practice Living on Less
Once your little one arrives their needs are always the priority, so you might have to miss out on some of your usual luxury items. This can be managed as long as you prepare before the baby arrives, which is why practising living on less is helpful. Take the time to work out roughly how much you will be spending on the baby and take that away from your monthly spending budget. Swapping shops and choosing cheaper brands is a great way to cut back on spending.
3. Skip Unnecessary Items
There seems to be more and more stuff being created for babies that everyone will tell you you need. Well, you don’t – there is a lot of products out there that are not a necessity for a new baby. Bottle warmers, wipe warmers, diaper bins and baby shoes are just a few of the high-priced items you can skip. Your baby won’t be lost without them and neither will you. Stick to the necessary items for a newborn baby and you will save yourself a lot of money.
4. Choose Second-Hand
Brand new out the box items can be a lot more expensive than something that has been used before. Searching for high-quality second-hand items can save you a lot of money for the exact same product. Start with friends and family who have had a baby that has grown out of the items, you’ll be surprised at how many people will be able to offer you their old items for either a low price or no cost at all.
5. Work Out Monthly Cost
Working out roughly how much your little one is going to cost you a month can be really helpful. This gives you the chance to prepare how much more you will have to spend once you have your special addition, making it less of a shock when the time comes. This is also a great way to help with your savings. Work out roughly what the monthly cost will be for the baby and then save this money every month, also helping you to practice living on less.
Following these five steps should help you to manage your budget for when your little one arrives! There truly is nothing more magical than having a newborn baby, and once you meet them all of the budgeting will be worth it. How did you budget for your new baby? Let me know in the comments.