Having a child is one of the most exciting — if not the most exciting — moments in one’s life. It can also be one of the most stressful. Babies cost money. LOTS of money. So, it’s important that you and your significant other make a solid financial plan that you can stick to, so you can ensure your focused on the new bundle of joy instead of money woes.
There are going to be one-time bills like the pregnancy, birth, and first-year baby care, but then there’s also the expenses of keeping your baby healthy and happy.
Start an Automated Savings Plan
You should be putting X amount down each month into an account just for baby’s expenses. Find out how much all those baby needs are going to cost on a weekly, monthly, and yearly basis and factor that into how much you should be automatically putting into the account each month. If this is your first child, it’s best to talk with friends and family about how much they were saving for their baby’s expenses.
Your friends and family will likely want to help out with the baby, so don’t be afraid to take them up on it. If you have a friend that’s good with carpentry, offer to cook them a week’s worth of meals in exchange for a high-chair.
The most important thing, is that both parents plan ahead of time and take stock of their current financial situation so that you’re both prepared when the new baby comes home. A new child should be a joyous occasion, so try to do what you can to minimize any stress.
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