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This is a compensated post.
As you know, we recently welcomed our third child into our family. He has expanded our family, filled our home with noise and smiles, and paid us with unspeakable joy. He has also saddled us with increased expenses--he needs food, clothes and lots and lots of diapers!
Since we have two other children, these increased expenses have created a need for some financial planning or budgeting. However, in all candor, I am in my third week of maternity leave and hopeless lost in baby bliss. I lose all sense of time and space. I forget to eat and fail to answer the phone. I am in love and the only thing I have managed to do consistently is eat a ton of carbs...
However, my dad and brother are bankers, I was an economics major, and although I am lost in baby bliss, I recognize that at some point, I'll need a reality check. For that reason, I was thrilled to be asked to share the article below entitled, "3 Budgeting Tips for Expectant Parent" with my readers. The details are below.
However, my dad and brother are bankers, I was an economics major, and although I am lost in baby bliss, I recognize that at some point, I'll need a reality check. For that reason, I was thrilled to be asked to share the article below entitled, "3 Budgeting Tips for Expectant Parent" with my readers. The details are below.
3 Budgeting Tips for Expectant Parents
The cost of having a child is on the rise. A 2017 report noted that parents can expect to spend over $233,000 to raise a baby born during or after 2015. With the cost of food, clothing, and other necessities growing more expensive with each year, as an expectant parent, you may be concerned about how having a child might affect your household budget. If your family is about to expand, there are a few ways you can adjust your finances as well, and without putting too much strain on your wallet.
1. Skip Trendy Items
If you are having your first child, the array of baby items out there probably seems overwhelming. From custom breastfeeding pillows to organic diapers and more, buying supplies can quickly add up to hundreds or even thousands of dollars. However, to cut costs, you may want to sit down and make a list of what is necessary versus what you may only use a few times once baby starts to grow, such as a functional, sturdy diaper bag versus baby shoes, which he or she will outgrow quickly.
2. Use Savings Apps
Before your child arrives, you might want to check out some money-saving apps on your phone. While there are many to choose from, you can narrow down which ones might save you the most money by reading reviews and discovering which apps for new parents suit how you plan to shop and spend for your baby. From digital coupons for baby food to parenting advice that might help you spend more wisely, these apps can be a valuable resource when it comes to adjusting your budget for a new baby.
3. Revise Your Current Spending Habits
Many things about your life will change when your baby arrives, but one that can impact your life the most is how you spend your money. While you do not need to cut out expenses in every area, you may want to revise how you currently spend your money and try to cut costs. For example, to save on insurance premiums, contact your local insurance agents and ask if you qualify for discounts or bundling offers that may result in long-term savings for your growing family.
There are also ways you can cut back on spending on your entertainment. Consider investing in a streaming service that offers a wide variety of movies, TV shows, and original series in place of expensive theater outings. You can also make your own snacks for in-home viewing, which may expand your budget but not your waistline.
Having a baby changes your life in many ways, especially when it comes to balancing your budget. However, with a little planning and some financial strategies in hand, you can welcome your new addition to the family with the knowledge that your household budget is well in hand.
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