Isn’t it ironic how the smallest people are the most expensive? A baby can have a big impact on the household finances, but there are definitely ways you can prepare yourself for the new arrival.
HOW TO FINANCIALLY PREPARE FOR A BABY
• borrow baby equipment from friends and family. As temping as it is to get everything brand new, it’s costly and unnecessary and, trust me, you’ll end up kicking yourself. Many baby items are used for such a short period of time that they’re still in great condition to be passed down. Save your money for more fun stuff!
• over the course of your pregnancy, stock up on the cheaper essentials you can never have too many of – nappies, wipes, muslin clothes and plain onesies. Add one or two of each to your weekly shop – you’ll barely notice a difference at the time, but having fully replenished stocks will be a massive help once baby arrives. As well as being one less expense when you’re on maternity leave, it also means you can cocoon yourself at home in the newborn bubble and not have to go out in those first few days, if you don’t want to.
• see if you and your partner can each put an amount aside every month during your pregnancy. A month or two before baby arrives, use this baby fund to buy those pricier items like breast pumps, sanitisers, baby bedding, etc.
• look into whether your lender would allow you to take a mortgage break. Continue to ‘pay’ during this time, but put the money into your baby fund instead. Then you have a little pot of money to either spend on the big ticket items, such as car seats, pushchairs and cots, or – if you’re self employed – to take the financial pressure off until you’re able to return to work (please bear in mind though that your mortgage payments will increase to catch up on the missed payments).
• always ask for advice on the must-haves and the give-it-a-miss baby items, then look around before you buy anything – can you get it second-hand rather than brand new? Search for discount vouchers – you’ll be surprised how often you can find one. Use your loyalty scheme points cleverly – save them up to buy baby gear and make the most of added value promotions (two-for-one points deals, etc).
These are my tips on how to financially prepare for a baby – what money-saving tips do you have?
