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7 Tips to Financially Prepare for Baby

September 29th 2015 by
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That positive pregnancy test sure can bring a rush of emotions! Once you’re able to navigate through the first few weeks, you’ll need to start thinking logically. Mainly, how are you going to financially support another human being?

The average cost to raise a child to 18 years has risen to about a quarter million dollars. That doesn’t even include college! Buckle down, because it’s time to start planning and saving.

Review Health Insurance Plans

A pregnancy typically means plenty of doctor appointments and a hospital stay. You might want to research what options you have as far as plans go, and make sure you have the one that will help out your long-term budget the most.

Research Disability

Your work may offer special maternity (or paternity) leave benefits, but don’t forget to check out other disability options. Make sure you’re getting all the money you’re entitled to during this transition period.

Create a Budget

If you don’t already have a budget, it’s time to create one and start living by it. This will help you tremendously once the little one arrives.

When you create your budget with baby, don’t forget you’ll need to add a lot of these expenses:

  • Diapers
  • Child care
  • Bottles
  • Clothes

Figure Out the New Take Home Pay

A baby will affect your paycheck in one way or another. Taxes and health insurance may be directly affected, plus you may want to set up a special savings account to automatically direct money to. Take the time to calculate what will be your new net pay.

Create a Baby Fund

You’re going to want to start saving any way you can! Some ideas:

  • Start a coin jar
  • Avoid morning coffee and buying lunch and put that money in your savings
  • Put birthday and holiday gift money right into savings
  • If you get a raise, pretend you didn’t! Put the extra income away.

Shop Around

Hospitals and doctors come at vastly different prices, even within the same region! Don’t be afraid to check out different facilities and their prices (as well as reviews, of course).

Check Out Consignment Stores

Women: you’re going to get larger. It’s going to be almost impossible to fit into a lot of your clothes. While it can be fun to have an excuse to go shopping, be smart about it. Check out consignment shops for good deals. If you find one you like, you can also go there for baby’s clothes.

Most of all, don’t forget to have fun and enjoy every minute!

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