What Do 3 Month Old Babies Like To Look At Baby Money – Budget For a Baby

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Baby Money – Budget For a Baby

If you usually put budgeting as a boring task, then things have to change when you give birth. While having a baby is very exciting as a couple, it can have a big impact on your household income and external affairs. You may be a two-income couple struggling to save money and wondering how you will cope when you reach one income and an extra mouth to feed. The good news is that regardless of your income, you can make some smart moves to make having a baby more affordable and leaving you with fewer financial worries so you can focus on the important things like your new baby.

Calculate your current living expenses: The initial step in budgeting is to list all the expenses that make up your costs of living now, without your baby. Make sure all expenses are included. The monthly bills you pay regularly are often the easiest place to start: rent or mortgage, car, groceries, electricity, water, phone, cable, internet, fuel, membership fees, etc. Once these amounts are written down, start listing expenses on other things. It doesn’t matter how small the expense is: these little items add up. Add up your total spending each month.

Establish your income: You will want to know your total household income. It should be easy to determine all the money going into your bank account. Deduct your expenses from income, and the rest will be the baby budget. A baby can require about $800 a month or almost $10,000 in the first year of life. Do you have enough money left? It is also important to consider differences in income before and after birth. If you have a two-income household, there can be a loss of income when the mother has to take time off for the baby. You will need to decide on the length of time for that period.

Cut unnecessary expenses: If the baby budget is not enough, look at items that can be eliminated, especially non-essential expenses. Many people spend nearly a third of their monthly income just on eating out. Saving money on this item will go a long way.

* Pack a lunch. Cook at home instead of eating out. Make coffee every morning instead of getting it from the coffee shop.

* Fruitful areas for pruning are usually the Internet services, telephone and cable. Downgrade your cable package to a lower cost. Does it really matter if it takes a few minutes longer to get online? There could be a $15-$30 difference in monthly fees. If you can reduce the functionality of these three services to essential needs, you might save up to $100 a month; that’s $1,200 annually.

* Consider switching to cars with low gas mileage (but make sure it’s kid-friendly). Driving a small, more efficient car can save you money on fuel, loan repayments, servicing and even your insurance.

* Some baby items must be purchased brand new, such as a baby and car seat. Baby clothes and maternity clothes don’t need to be brand new. People don’t need all the baby gear forever, so there are tons of wonderful items in thrift stores, garage sales, and online auctions. Most maternity and baby items have been gently used for short periods (perhaps 3-6 months) and quickly outgrown. There may even be unused items, as new moms often receive an overabundance of them as gifts.

* Be a smart shopper. Go for products on sale instead of sticking to brand names and favorite products that you automatically choose but don’t know exactly why. Many people shop for food once a week, buying more than 50 items each time. If you can replace even half of your items with supermarket own brands or cheaper brands costing on average $1 less each then you could save $25 every week. This adds up to $1,300 after 52 weeks in a year. The point is that you start paying attention to prices and key qualities in a product, and not just the brand. This will eventually make the habit of saving money second nature to you.

There are many spending habits you can change. You will just have to find out where and how much savings you can generate.

Set a baby’s monthly budget: In the first year of life, you will need between $600 and $800 every month for the new baby. You can get this by saving money over time or by revising your budget to provide funds for it each month. You will need to think about essential items that the baby will need including expenses before birth (prenatal pills, doctors) and after birth. There will also be expenses for childbirth and postnatal care. Budgeting some money for health insurance will be desirable; if you do not have health insurance, you will need to plan how to cover these necessary payments.

Start saving money: It would be desirable to start saving money in a high interest savings account even before a child is conceived. You will need a lot of money during pregnancy and the first year of life, and will probably use most of what you save before then. But you’ll find that saving money up front is also a good way to build savings for the baby’s future. Saving money not spent during the month in a separate high-interest savings account gives you a pool of funds for emergencies, unexpected costs, and even for the child’s future.

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