5 Tips to Family Finances and Budgeting for the New Baby

Sun, Sep 15, 2013

Financial Advice

The arrival of a new bundle of joy is an exciting time in a parent’s life, but it can also be costly. Your daily expenses can change dramatically with a baby, and ensuring that you budget correctly will take careful planning and consideration.

Current Expenses

You can begin by putting together a visual picture of your current financial status. This includes listing your income and a current tally of expenses that you incur throughout the month. You can also decipher from this list the areas where you can cut back. Your household expenses are going to climb once you have the baby, and you need to adjust your funds accordingly. Now is the perfect time to assess your utility, cable, insurance and credit card bills and see if there are any ways you can trim your expenses.

Breast-Feeding

If you’re looking for ways to trim expenses when having a baby, you can choose to breast-feed. In addition to it having a host of nutritional benefits for both you and your child, breast-feeding is also cost-effective. Bottle-feeding your infant can be expensive with items related to formula, bottles, sterilizers and other accessories.

To aid in getting your child to breast-feed easier, you’ll find a nursing pillow to be money well-spent. Nursing pillows provide comfort to both mother and child. By positioning the baby where it can eat properly, you’ll find little to no stress in trying to get them to feed. A nursing pillow has a host of other features that include providing comfort to a mom who has just had a caesarian section, support for an infant learning to sit up and comfortable “tummy time” activities.

Trim Costs

After you’ve gone over your budget, you can decide where you need to trim your expenses. If you enjoy a caffeinated beverage from your favorite coffee shop, you can trim it back to a monthly treat. For couples who enjoy dining out daily, you can make Friday or Saturday your special night to eat out. You can also find ways to cut expenses by using coupons when grocery shopping or shopping for clothing.

Hand-Me-Downs

You don’t have to outfit your baby in brand new designer duds. If you’re looking for ways to save money, you can ask friends, family and co-workers for hand-me-down items on clothes, toys and other accessories for your infant. Infants typically outgrow the items before they are tattered or worn, so you can save significantly when sharing your child’s items with other moms.

College Fund

With the rising costs in school prices, most parents wonder how they will be able to afford college for their children. However, by putting away $50 a month, you’ll be able to have a substantial fund for them by the time they reach 18.

Preparing for a new baby is an exciting time in a parent’s life, but it can be a costly expenditure if you don’t formulate a plan. By following the above tips, you’ll be able to save for your new bundle of joy and have money left over for a future nest egg.

As a mother of 4, Lisa Coleman understands the importance of setting a budget and start a savings plan when children are added into a family. She encourages women to breastfeed their new infants, with supportive nursing pillows for successful nursing experiences, while saving a bundle from not needing to purchase formula.

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One Response to “5 Tips to Family Finances and Budgeting for the New Baby”

  1. Simon @ Modest Money Says:

    I think with the always rising costs of living the costs of raising kids has also gone up and its definitely a prudent idea to plan beforehand before the baby arrives to ensure a families finances aren’t thrown amok.
    A college fund can’t be overemphasized really if one wishes to give their kids a nice education without stretching their budgets in latter years.
    Nice tips
    Simon @ Modest Money´s last blog post ..Lending Club Review – Peer to Peer Lending Platform Review

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