Here are a Few Easy Tips for Budgeting for a Baby

The moment you realize you are going to have a baby, it’s one of the most magical moments of your life. After you tell everyone the wonderful news and begin to think about names and where the baby should go to preschool, a dose of reality does kick in. You will inevitably ask yourself, “How the heck am I going to pay for a baby?”

Depending on your financial situation, you may have some put away or will be able to start saving to take care of all the things your baby will need in nine months. So, the first thing you will need to do is to determine some of the things you will need once the baby is born. The need for some of these things will depend on a variety of factors. Others are simply musts.

For example, baby diapers are a must. It’s estimated that you could spend as much as $2,000 on baby diapers in total. Now, there are some ways to save here. If your baby is a go-getter and is potty-trained early, you might be able to save a little bit. Also, consider buying baby diapers online. You should be able to save in bulk and have a wider selection.

On the other hand, daycare costs will depend on whether or not you need to use it. If you are a stay-at-home mom, you obviously won’t need daycare. However, many others do, and it can cost upwards of a $1,000 every month. Some couples will decide to have one parent leave their job or work part-time to take care of the kids. This will reduce the amount of money coming into the home, but may be worth it depending on the situation. Knowing where you stand beforehand is important to knowing how much you will need to budget.

Here are some other common costs you will need to consider:

• ·         Medical costs
• ·         Baby furniture
• ·         Baby food
• ·         Baby clothing
• ·         Toys and books

You should get a rough idea of how much you can expect to pay for these things so you have an idea of what you’re in for and can prepare for it.

In addition to the tips we mentioned above, we encourage you to speak with other parents about the costs they had to pay, surprises that they didn’t foresee, and how they found ways to save. There are many coupons sites and online stores that may be able to offer significant savings as well.