Having your first child is an exciting time. It can also be a stressful time. Just remember when preparing for your first child, do not forget about preparing financially as well. Those who do not prepare themselves financially tend to have more trouble once the baby comes. Here are some ways for you to get financially ready.
The first thing you should do when trying to become financially prepared for your first child is to plan on the extra expenses. Try figuring out how much more you will be spending every month. Then try creating a budget with that new amount. Start using the budget before the baby comes, the extra money can be put into savings. This will help you to prepare yourself for spending more money every month.
Make it a priority to pay off as much debt as possible between now and your due date. The more debt you have paid off before the baby comes the less you have to worry about and the more money you have for the baby.
Now more than ever you need to be building up your emergency savings. If something were to happen it is no longer just you and your spouse that you have to think about, but now the baby as well. Add up what your monthly expenses are for six months and save more than that. That will just be your starting off point.
Be smart when spending money on the things that you will need for the baby. Do you have a friend of family member that no longer needs their crib or changing table, or anything else? Find out, this is a great way to save money when you are preparing for a baby. Make sure that anything that you get is up to date with current safety guidelines. Saving money is important but not as important as the safety of your baby.
If you are planning on having one parent quite their job in order to stay home and take care of the baby you need to make sure that you are able to live on one income. Test it out. Try making a budget that uses only one income. Then try to live on that income and budget and see if it will work for you. If not figure out what you will do instead, but if it does work for you, it will be of some stress relief to know that you can do it before the baby comes.
When you are preparing to have a baby you have a lot you need to do. No matter what make sure that you are financially ready for the baby as well. Figuring out the finances before the baby comes is a great idea and one less thing to worry about after the baby comes.
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