All it takes to balance out your finances when your new baby comes is a few simple steps of preparation. Here are some of the ways to cut costs and budget for your new baby.
Adjust Your Expenses
Take a look at your spending habits and identify what you can make adjustments on. If you are used to spending $100 a week on eating out or spontaneous Amazon purchases, you may want to consider that these costs are something you can live without, and make the proper adjustments.
If you look closely at your bank statement you may be surprised to find that you have things you spend a lot more money on than you think. It is never too late to change your habits. The first step is identifying your temptations and then you can change them.
Start Saving As Soon As Possible
It is beneficial to start saving as soon as you can. This way you can get a head start on putting away a nice amount of money for the things that you will need.
While not everyone has the benefit of being able to save before they are pregnant, it is ideal to at least start saving once you find out you are having a baby. This nice little extra amount of money makes it a lot easier to feel like you’re not gasping for air trying to catch up with all of your new expenses like diapers, medical visits, and baby gear.
Get As Many Hand Me Downs As Possible
Babies grow fast and clothing is expensive. The same goes for toys which can add up quickly on a receipt. Try to reach out to friends and family and ask if anyone has any old clothing or toys that they aren’t using anymore and wouldn’t mind giving to you.
You can save thousands by simply asking for things that are gathering dust in your friend’s garages. It is worth reaching out to save this much money.
Do The Math On Daycare vs Staying At Home
You may want to really crunch numbers and decide if staying home with your baby is more cost effective than daycare which can be astronomical.
If the difference is only slight between the cost of daycare vs what you would be sacrificing as a paycheck by staying home, you may want to opt for staying home so you can save on other costs like gas.