How to Budget For Baby with 9 Year Mortgage
The joy of expecting a new edition to your family is astounding! What will he or she sound like? Will I see my eyes when I look at my baby, or will I see my husband’s chin? The moments after you find out this spectacular news your mind reels at what lies ahead with your little infant. You imagine a nursery full of books, colorful toys and soft blankets along with a rocking chair in a cozy corner just for you to hold and admire your new little angel. Having a baby is a remarkable experience and should be well thought out… this includes budgeting for your expanding family! You have an estimated nine months to plan and prepare, maybe less! 9 Year Mortgage is here to assist you in getting on the right path to your new baby budget.
Forget baby steps; create your new budget in strides!
- Beginning a family can be financially intimidating and seem difficult but if you move your budget around a bit and trim the fat on your monthly spending you will find that it is not only possible, but doesn’t have to be a burden or detract from your excitement in anticipation for your baby in the least. The first thing that you may want to take a look at when preparing to start your new version of your family is where your budget is at currently. Take a look at where your money goes monthly and annually and evaluate if you’re spending more money on the things you want or if you’re putting your needs first and being wise with the extra earnings.
- Having a child is a selfless act and requires time, effort, and money. All of which you will have to sacrifice for your baby’s health and happiness. Once you have overviewed your current budget and cut out the unnecessary expenses, set that money aside in a place where you won’t be tempted to spend it. It can be an adjustment turning from frivolous to frugal but the monetary benefits will be substantial. Over spending is not limited to you or your spouse, were talking about how much you spend on your little one as well. Oh yes, the future mothers are especially guilty of this, showering their soon to be new-born child with extensive amounts of baby blankets, clothes, toys, stuffed animals, and anything else that could add to your beautifully organized nursery . Assess what your baby will absolutely need and bring that into your new budget. Once you’re stable with these changes move forward and find good deals on other baby items. Keep in mind that your baby will be content whether you purchase 5 bright board books or 15. Keep a budget and list in hand when shopping for baby merchandise; it is easy to get carried away.
Compare Costs & Assess finances
- Also keep a careful eye on prices, often parents fall into the mentality that your child needs the expensive name brand items, when in reality you can get those same things somewhere else for less. Although throwing money at items that are priced more for looks than functionality is irrational putting room in the budget for high-priced items such as car seats and cribs is a must. When it comes to safety the extra dollar is worth it. Now that we’ve discussed purchasing the odds and ends for your baby it’s time to think about the longer term big items. One of the first things that you need to think about and discuss with your spouse is Day Care. Although this seems to be an obvious choice if both of you are in stable secure jobs the combined yearly cost can come pretty close to half of your annual salary, if this is the case you may want to discuss one of you staying home with your child and the pros and cons with your situation.
- Attending the doctor’s office for health and awareness checkups is just as essential for your children in their developing years as food and water. These checkups can cost hundreds of dollars a year but can prevent serious illness and in some cases death and can result in much larger bills if not attended regularly. Now consider the cost of diapers. By the time the average child is potty trained you will have changed and purchased close to $1,200 to $2,000 worth of diapers. Also factoring baby food or formula into the equation is in the hundreds per month. All of this will add to your new budget but can be balanced out by cutting out the unnecessary spending that usually occurs each month. The challenge with having your first child and building a stable functioning budget is that you should also be saving your money and building an emergency fund as well. You should have at least 6 to 8 months’ worth of your salary saved for emergencies and unexpected expenses. Collectively for the minimum costs of the needs of a child will run around $2,000 dollars a month. Spending wisely and thoughtfully is vital for your budget to be successful.
Wise Words from 9 Year Mortgage
- There are multiple ways to save on your child’s needs such as: making your own baby food, buying diapers and other baby items in bulk and even borrowing clothes or other accessories from your loved ones who have already had children. Oftentimes when people hear that you’re expecting they want to help buy or donate baby clothes. The prospect of making your child’s baby food instead of buying it may sound time-consuming but it’s easy and much healthier for your baby than processed store-bought foods. These are just a few simple ways for you to save when expecting your new son or daughter. Through small and simple changes you can be comfortable with your new budget and be ready to welcome your baby!
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