How can something so small cause such a major upheaval in your life? Not the least of this upheaval is financial. But just as you find the extra time and energy you will need to take care of the little bundle of consuming joy, you will find ways to work it out financially.
Planning for Parenthood
Brace yourself. You will be spending much more money than expected to buy things you never even thought you needed. Start planning financially for having a baby as soon as you can – before conception if possible.
Set aside as much as you can every month in a savings account. The actual event of birth can be expensive as well as all the first time purchases you’ll make. Don’t forget to save some money for your maternity or paternity leave. This usually involves some unpaid time off work.
How much do you need?
As much as you can save. If you’ve collected a considerable amount well before the due date, you can invest in a term deposit or another safe investment. But don’t tie up all your funds in investments. Babies will not sign contracts and they have not agreed to your schedule.
Have a brainstorming session with an experienced parent to figure out all the things you need to purchase before the birth. It will be extremely helpful to have most of what you need before the baby is born. Your spare shopping time after birth is reduced drastically. If you need to shop after the baby is born, try the Internet. Nobody on the Internet cares how loud your baby is crying, what you are wearing or what time it is when your baby gives you a free moment to shop. Here’s a starter list for your brainstorming session. This is far from a complete list, but it will help get you thinking.
• Crib- You want one that meets the highest safety standards.
• Bassinet – One with wheels will add to your mobility around the house.
• Stroller- Consider getting one that’s part of a stroller/car seat combo. It makes transitions easier.
• Baby Monitor- “Baby calling Parents, come in, Parents.”
• Safety Gate- Keep your newly mobile child away from staircases and other hazards.