Our Tips for Budgeting for a Baby 21st January 2020 – Posted in: Advice
Expecting a new baby is an exciting time, but it is also a time where finances can easily take a hit with everything that needs to be done to prepare for the new arrival. However, taking the time to determine a budget is an easy way to ensure you know what kind of costs are involved and how to stay within your family’s means. Our tips for budgeting for a baby will help you stay on track with spending.
Know Your Current Financial Status
The first step of any budgeting plan is understanding your current finances. Review your current income, savings and outgoings, including rent/mortgage payments, household bills, groceries, and others. It may be a good idea to spend a few months writing a spending diary to give a realistic picture of your household’s finances.
Also, take the time to understand your maternity/paternity pay and any child benefits you may be eligible for.
This will give you a much better idea of the disposable income you have to use or where you may need to make cutbacks. Even making small changes here and there, like stopping those trips out for lunch or underused gym memberships can really add up!
Focus on Essentials
It is easy to feel like you need to buy anything and everything that’s available for a newborn, but this is one quick way of overspending and getting a lot of items you won’t need or miss. Start with the essentials and go from there. This includes things needed in the early months, like a Moses basket, crib, bedding, car seat, pushchair, baby monitor, changing bag and changing mat. This in addition to the regular costs of necessities like nappies, wipes, muslin cloths and the like. Consider buying these in bulk, which will help save in the long run.
Go Easy on Shopping for Clothing
Let’s face it – There are just too many cute outfits out there for babies! But when budgeting for baby, try to contain yourself! There is a good chance you will get plenty as gifts from friends and family, too.
You will be amazed at how quickly your baby grows too; it’ll be no time at all before they are out of newborn sizes, so stick to what’s essential in these first few weeks. Get enough baby grows and vests, plus that all-too-cute outfit or two.
Budgeting for a baby does not mean necessarily going out to buy the cheapest items you can find. You want to spend time reading reviews and doing your research to ensure your big purchases, like prams and cribs, are exceptional and built to last. Beautiful Bambino offers a number of products that are made with the highest quality materials, designed to grow with your baby. This will not only give you peace-of-mind that you have a wonderful, dependable product, but that you won’t have to spend more money in a few months to replace it.