Ways to Budget for the Baby on the Way
From the first positive test to the delivery of your baby, you’re going to be very busy planning and imagining what your life will be like. It’s easy to get swept up in possibilities and hypotheticals. With a tiny person around, all of your resources can get tight rather quickly. Fortunately, there are ways you can save so that your focus stays on your pregnancy, not the bank account. Here are a few quick tips to develop and stay within budget.
Knowledge Is Savings
Once you’ve let everyone in your life know you’ll soon be joined by a baby, you need to get in touch with your place of employment and insurance provider. Before you can come up with an informed budget, you have to gather estimates.
You can expect to spend, on average, at least a total of $5,000 to $11,000 on medical fees for the duration of your pregnancy, according to SmartAsset.com. This estimate is based on a vaginal birth and varies on your location and whether you have any difficulties during delivery.
Talk to your insurance company about what they cover. Figure out the status of your deductible and which hospitals and providers are in your network to choose the most economical option.
Then, double-check anything you thought you knew about your employer’s parental leave policy with human resources. How much, if any, paid time off do you have left? Also, are there any paid parental leaves available? Once you know how much time your benefits will afford you, then consider the amount of unpaid time off you can comfortably take.
Don’t limit your saving to baby/parenting costs; look for other ways to cut expenses. For example, you can cut the cord and sign up for streaming services instead of an expensive cable subscription. You can brew your own coffee at home instead of running out to Starbucks every day. You may also be able to save on your mortgage by refinancing. Check with a lender to see if refinancing your home matches your needs.
Once you have some figures together, develop a current and future budget, knowing exactly how much you can start tucking away into a savings account. If you haven’t already done so, set up an account dedicated to baby costs.
Borrow What You Can
You’re growing, and it’s natural to migrate toward the maternity section. However, think of all the savings that can go straight to your budget if you stay away from the hefty price tags of maternity clothing, which aren’t necessary to begin with.
You cannot avoid buying diapers, bottles, blankets, and a pump, so start shopping now to secure special discounted rates and take advantage of coupons. Give yourself time to accumulate things so it won’t be such a burden down the road.
As for the rest of what you’ll need, don’t be ashamed of borrowing anything, from clothes, car seat, crib, stroller, safety gate — friends probably have quite a bit of stuff gathering dust in their garage. Before you buy anything expensive, ask around.
Many people will be glad to unload the stuff and someone will actually use it. You’ll save money for the future cost of baby food and even more diapers.
Be Picky About Buying
If you can’t seem to find anything to borrow, visit nearby thrift stores and watch for any yard sales advertising baby items. While you’re still spending money, the money that otherwise would have been gone acts as a bigger buffer in the baby fund.
Months from now, when you’re out restocking, you’ll look back and be so happy that you cut back. So, think about what you and yours truly need right now. “Gender reveal parties have skyrocketed in popularity over the past few years,” according to Family Education. Instead of planning an elaborate party to let everyone know what the baby will be, save on the costs that would come from a venue, food, and decoration and think outside the box.
You can announce anything to family friends via social media at no cost. So, choose a strategy that a friend hasn’t used in the past year — like the mom to be blowing glitter at the camera — and get ready for your close up.
Plan ahead, educate yourself on the costs you can expect, make a budget, ask questions, and think things through. Do what makes sense, and the only bump in your road will be the manageable one attached to your front. Oh, and listen to your gut, too.
Emily Graham is a Gettysburg DFA blog contributor.