It is very important to know your financial goals and how you can adjust it when you are expecting a baby. (Photo/Pulse)A new baby comes with a large price tag. Luckily, you have nine months to financially prepare.
Just follow these few tips
Say yes to baby showers
One of the benefits of expecting a baby is that people want to buy gifts for the yet-to-be-born baby – let them! A shower can be thrown by co-workers, friends from college, neighbors or family. Let them know the things you need so they can buy them, and you can avoid any duplicate products.
Know your financial goals
When a child comes into the picture, most times it affects the financial goals of couples. Financial goals can change once you are expecting a baby. It is very important to know your financial goals and how you can adjust it when you are expecting a baby. As a couple, you shouldn't wait until delivery before you start thinking about how to adjust your finances. might change when a baby comes into the picture.
Set aside money for maternity/paternity leave
This doesn't necessarily fit in the "saving money when you're expecting a newborn" category, but you want to be financially prepared for the time off Mom will take once she has the baby. Figure out how much you need to make up for and save that amount throughout your pregnancy so you don't have to worry once the baby arrives. Is Dad planning on taking some time off as well? If so, account for that in your savings, too.
Shop secondhand for clothes
Many first-time parents don't understand that newborns grow out of their clothes very quickly. You can easily save money by buying gently used secondhand clothes. There are a variety of places to get them: yard sales, consignment shops, friends and family members. If you're planning on having other children, you can also save the clothes for the next child.
Avoid the "need" to buy everything
As a new parent, you want your child to have everything – that is an understandable desire. Save yourself money and stress by not giving in to that desire.