Congratulations, you are about to be a parent! Having a baby can come with many successes as well as struggles. The main struggle most parents face is the financial struggle. We have 5 tasks that will help you prepare for your newborn as well as help you prevent any financial problems before they happen.
Establish an Emergency Fund
This is necessary if you want to start a family. You need to establish and grow an emergency fund for those rainy days. Our advice is to aim at saving at least six months’ worth of your income. This won’t happen overnight, it will take time and patience.
Prepare for Changes in Household Income
We can’t predict the future and if one of the parents decides to stay at home to care for the baby, there will be a loss of regular income. This is another reason why creating an emergency fund is crucial to avoiding any financial struggles down the road. Prepare as much as you can now so that you won’t have to struggle later with less income.
Create a Budget
There is nothing wrong with living on a budget. It only means that you are being smart when it comes to spending your money. Once your bundle of joy arrives, you will be too busy to create a budget, so try working on it before the baby is born.
Avoid Spending on Things You Don’t Need
Once you have your baby, you will begin to feel the temptation of spending on things your baby doesn’t even need. For example, you might start to feel that your four door sedan is unfit for your new family and now you need something bigger and suitable for carrying a newborn around. Your friends may suggest you place your baby in pre-daycare and needs things that worked for their baby. However, your four-door sedan is fine and your baby will also be just fine at home under your care for the first year. All of these temptations will arise but it will save you so much money if you try to resist them. In order to prepare financially for having a baby means to make sure that you are managing your finances responsibly. It is time to invest in figuring a system that works best for you before your bundle of joy arrives.
Build a Smart Baby Registry
If you are a first time parent, knowing what to register for your baby can be quite difficult.
Here are a few things that you can use once your baby arrives:
Diaper Bags – These will always come in handy; so make sure you stalk up!
High Chair – Get a booster seat instead, it will grow with your child and is much safer for your child.
Baby Laundry Detergent – Use a clear brand of detergent or you can even make your own detergent to avoid any skin rashes on your newborn. Baby specific detergents are usually expensive and will take up most of your budget if you have to constantly purchase them
Bassinet – This is important to have for your new baby, it will provide comfort and you can easily change its location around the house.
Wipe Warmer – Ideal for nighttime diaper changes. You will appreciate these because they will keep your baby’s bum moist and warm.
Gender Specific Clothing – Avoid purchasing gender specific clothing unless you are planning on having more than one child.