Budgeting for new mothers: Turn your baby into a blessing for your finances

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By: Good Nelly
on 1st Mar,2017

Are you expecting a baby or planning for a baby? You must be very excited to have a new member in your sweet home.
Budgeting for new mothers: Turn your baby into a blessing for your finances

Are you expecting a baby or planning for a baby? You must be very excited to have a new member in your sweet home. But the baby can make big impact upon your daily financial plan. So, are you ready to handle the new financial jerk? Managing baby and it's associated expenses can bring a tough challenge in the would be parents life. Once you have an organized budget for a newcomer in your family It can increase your happiness and reduce stress as well. Here goes some guidelines on how to be financially prepared for parenthood before or after welcoming the little one.

3 Types of expenses during the pregnancy

Furnish a room for the new member - You should keep ready a furnished room for the kid. Try to be prepare all the necessary things for your baby such as bedding, blankets, changing table, small dresser, rocking chair, monitor and diaper pail, bassinet, crib mattress.

Hospital bills - Expenses for routine maternity care,(prenatal care, labor, delivery and postpartum care, hospital stay). Cesarean birth charges a good amount of money.

Moving with baby - If you want to move with your baby, then you need to buy a stroller, an infant car seat, a diaper bag, portable play pen and baby carrier.

Types of expenses after the arrival of the baby

After the arrival of your baby you should consider some factor while making your budget.

  • Caring costs
  • Nursing and feeding
  • Diapers
  • Formula and Food
  • Infant clothes
  • Doctor's visit

# 9 Steps to help you budget for newly baby

There are lot of things you should consider for your baby's daily care. to take. But believe me its not so scary and babies aren't that expensive as most of us think. But this new bundle of joy will increase your happiness to the next level if you put little effort on budgeting.

1 Start planning while you're pregnant

Start planning for shopping during your pregnancy. Checkout the store and online supplier to get big discount offer on items like diapers, wipes, baby napkins, clothes, mattress etc. Try to stock up baby items before the birth of your baby. Thus you can save money for coming few months after your baby arrives.

2 Adjust your lifestyle

Glance through your present monthly expenses to see which expenses are not that necessary before the birth of your baby. Try to cut down some of your extra expenses and adjust your lifestyle with a tight budget and save up more money for the new one. Cut down the pricey cable package or excessive cell phone bills, household budget to save some extra bucks. Try to eat healthy homely food during your pregnancy and stop frequent dining at restaurants. You'll be surprised how much you could stay healthy and reduce extra spending as well.

3 Know the medical coverage for maternity

Know properly about your prenatal expenses that will covered by the insurance. You may be able to reduce doctor's visits and delivery cost by negotiating with your insurer.

4 Be picky while purchasing

Mothers tend to buy every baby product available in store. Try to stick to your baby budget and purchase items your baby really needs. Try to buy large items (safe car seat, perambulator) before hand. Thus you won't find a big jerk to your savings after the birth of your baby.

5 Choose the doctor wisely

Money does matter at the time of picking a doctor for the delivery. Try to check the business office and find out the exact amount you are going to spend for the whole process (medications, newborn nursery stays). Before signing up for the medical insurance program, ask the insurer if the coverage covers some issues such as midwives, birth centers, epidural anesthesia, cesareans, intensive care.

6 Breastfeeding is best for your baby and budget

According to the doctors breastfeeding baby is healthiest baby. On the other hand breastfeeding can save your money. Don't spend money on purchasing formula milk when you're enough fit to feed your baby for 6 or 7 months? You need to buy only nursing clothes, and possibly a breast pump and lactation support to feed a baby after his/her birth.

7 Assess the Less income during pregnancy

Make sure you are properly prepared for the potential loss of income during pregnancy as your spouse takes unpaid leave. Check your employer maternity leave policy and how the less income will affect your daily life. Your pregnancy leave may include short term disability insurance coverage. Thus you can manage the financial burden.

8 Don't depend on your credit cards or loans

Learn to live on one income. There is a possibility of income shortage due to unpaid maternity leave or no job during that period. But that doesn't mean you should start using credit card randomly and borrow a huge loan. Try to force yourself to live within your means for a certain period. Once you start working, you can go back to your lifestyle again.

9 Work from home mom can balance the less income

Many new parents prefer to leave the job and want to stay at home with the little one. But child care cost is really a concern for most of them. There are many options to earn money while staying at home. When you feel fit after delivery, you can start working at home to earn money that can meet at least the caregiver cost.

First time parents need to organize budget for their new arrival . They also need to manage their working schedule and give more time to the baby instead of worrying about the bills.

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