7 Ways To Plan Your Budget When Expecting A Baby


As a couple when you plan on having a baby, there are various thoughts that do rounds in your head. One among them that the parents need to deeply consider is the management of the financial responsibility when the baby arrives. From welcoming a new member into the family to taking care on securing their future, all of it requires a thought-out planning. Here are some money tips for expecting parents that might come handy when planning for a baby.

1. Consider The Appointments Charges And Hospital Expenses

If you have a health insurance, now is the time to anticipate your expenses and understand which medical bills will be covered and excluded. In the US, the medical expenses are skyrocketing. Average hospital charges for normal delivery are five times that of a birth center, with excludes the costs for additional anesthesia, newborn care, and maternal care expenses.1 Roughly, your basic expenses will include appointments with your gynecologist, supplements, prenatal tests over a course of 9 months and finally the preparations for the D-day.


3. Stick To Basic Baby Care For The First Few Months

The news of the arrival of the baby in your life will make you want to do so much for them. You might be tempted to buy everything that is available in the shops for babies—a pram for moving around with the baby, a rocker to cradle them, a baby car seat for the family traveling, a crib, for baby to sleep in. For the first month or more, you might not need all of them. Your newborn’s needs will only be limited to diapers, wipes, feeding bottles and your loving arms. The extras instead of lying around in a clutter could be purchased later, as your baby grows.

4. Calculate Expenditure On Day Care Or Baby Sitting

It might feel too early to decide on the day care or babysitting costs. However, it could be one of the significant expenditures that you might plan to make in future. Draft a rough budget to understand what part of your income will be spent in baby care. To cut the cost of domestic help or daycare, you can choose to stay home with the baby for some time. Discuss with your partner whether it suits your finances and doesn’t interfere with your individual career goals.


5. Ensure That You Can Count On Unpaid Leaves

You have a well-deserved maternity leave ahead of you. In many cases, your employer may not oblige to your request for paid leaves. After you have gone through the company’s policies, decide the amount you need to save from your salary every month. By the time your baby arrives, your savings will help you with your expenses.

6. Be Wise While Saving Money

Play smart when you buy baby products. Some baby food manufacturing companies offer coupons to loyal customers. You may even manage to grab a decent discount for buying diapers online or shopping in bulk. Clear yourself off the credit card bill to avoid any unexpected surprises for later. Adopt a good practice to keep a track of the amount you spend on various day-to-day items, including baby products.


7. Save For The Unknown

When you have planned your budget and decided how much are you going to shell out, there is still one thing to take care of before you sit back and relax. The unpredictability of life makes it necessary for you to keep a buffer amount—could be your bonus amount or little monthly savings from your income. Once there is a lump sum, it can always come handy for worst cases or when you end up spending more than planned budget amount.

Many times, things may not work according to your plan and you may end up spending more than you expected. It is alright to cross the boundary line when the expenses may come out to be more than anticipated. However, planning ahead will help you in the long run and keep you ready for future.