Long before the baby bump makes the news public, you and your partner are holding in a precious secret; the positive test results. You may jump up and down, laugh, gasp or cry. The good news is you are having a baby!
During the progression of the trimesters, expect your emotions to go on a rollercoaster ride of high joys to feeling overwhelmed. To help you keep in check the financial fears at bay, here are a few things you can do to be better prepared for your bundle of joy.
Sort Things Out
Once you learn about the new addition, all you will want to do is sit back and daydream. What will the baby look like, will it have your ears and smile, will its hair be straight, will it have any hair at all and will it even be a baby boy or girl? However, you will soon have to come down from the clouds and face reality; make it simple by asking yourself these two questions.
Are you living on a budget? If you can confidently tell where your money goes before even the month begins, you are on the right track. If you are on the wrong track, you have at least three months to control your budgeting before the sleepless nights come in.
Will your take-home salary change? Some of the things you need to consider is if you will both be working, whether you need to pay for daycare or will one of you stay at home. Deciding together on what is important for your family and doing the math will help take a lot of the immense financial pressure once the baby comes.
If you are servicing a debt, you might have to stop! However, go on making the minimum payments towards your debt and save the extra money for emergencies associated with pregnancy and childbirth – you have the option of consulting professionals to learn how to negotiate with debt collectors for a lower settlement. When both mother and baby are declared healthy, make a big payment towards your debt and you can move on with your original repayment plan.
Keep Aside Some Money for Mom
It is inevitable, with the aforementioned bump coming, appetites will increase and clothes will get rapidly smaller. At this stage, you have to budget for everything, including higher grocery bills and more maternity clothing. You should still practice smart shopping by visiting discount stores, buying in bulk or borrowing from family and friends – after all, your bundle is a big blessing, embrace it.
Start Buying for Baby
Buying something for a baby is exciting and even tempting to purchase every baby item you come across. The onesies and little bitty shoes are a way of showing your love for the coming baby. However, while baby stuff is cute and may seem absolutely necessary, you need to take a step back.
Why shouldn’t you spend your life savings pimping out the nursery with all sorts of baby luxuries? Fortunately, you do not have to break the bank to express your love. A soothing voice and a touch is almost always what your baby will require – spend money prudently.
If you can buy something without a credit card, pay with cash; this makes you a mature parent – an important quality you need now that you are one. Talk with your partner and find out where things really fall on your needs versus wants list before making a purchasing to help in cutting out non-necessities. Finally, talk to an experienced mom for advice on whether you should be using nursing or feeding formula, disposable or cloth diapers, purchase brand or generic products.