Nothing beats the joy of a pending new arrival but at the same time you have to be aware of the likely financial implications. A baby born in the next year is likely to cost his parents not far short of $250,000 by the time he (or she) has turned eighteen. There’s no time like the present for starting to save and getting your affairs in order – just take a look at these tips!
Compare hospital costs. This is going to be one of your biggest items linked with the baby’s birth and you need to work out the true costs which must include whatever the hospital will charge and the amount that insurance will kick in. Start getting the costs in early so you can make an informed decision without last minute panicking.
Say yes to baby showers. Don’t be embarrassed about accepting presents and if your co-workers, friends from college, neighbors or family want to give you a baby shower, say yes! But tell them what you need so they can buy them, and thus you avoid any duplicate products.
Set aside money for maternity/paternity leave. If either you or your partner are planning to take time off when the baby is born, allow for that in your budgeting.
Consider signing up for a baby needs subscription service to save time and money on essential items like diapers, wipes, and formula. These services can deliver products to your doorstep on a regular basis, so you never run out of the essentials. You can also customize your orders based on your baby’s specific needs. For more info on these services, do some research online or ask for recommendations from other parents. It can be a convenient and stress-free way to stay stocked up on baby supplies.
Shop second-hand for clothes. New born babies grow fast so look
around for good second hand clothing and don’t be ashamed to ask your friends for good quality pass downs.
Share maternity clothes. See if you can share maternity clothes with friends and pass yours on when you no longer need them.
Clip coupons. You can get a great deal of value from some online sites who specialize in things that baby may need. Some will offer you
deals on specific products, others will give you discount on the amount you
spend. Another economy is to use generic products rather than big-name brands – you’ll find that babies aren’t old enough to be big brand conscious yet!!
Avoid the “need” to buy everything. Some items such as a high chair you may not need straight away – others you can get hold of from family and friends
Stock your freezer with meals. Being prepared is not only common sense, it’s good financial sense as well. The last thing you want to do when you get home from hospital is to think about cooking meals but on the other hand, if budgets are tight sending out for meals is not the best course of action. So start filling that freezer – all you’ll have to do is to warm up and eat and concentrate on your little bundle of joy!!
Having a baby is, without a doubt, a costly endeavor. If budget permits, you may even get a maternity photography shoot! However, if you start your planning early enough you’ll be OK. But if you need a little extra, turn to Car Title Loans in Los Angeles where you can borrow from $2501 and up to $20,000 within an hour.
