Today’s guest post covers a familiar topic here on Couple Money – the cost of having a kid. The more I look at it, the more it seems as if kids can be as expensive or as frugal as you imagine. I’d love to do a post in the future about personal experiences from parents, so please e-mail me your story.
Many parents say that nothing will prepare you for a new baby. However, there are a few things you can do to prepare – particularly where finance is concerned. One of the first things on the list is to take a closer look at your finances, factoring another person into the equation.
Checking Out Your Family’s Financial Needs
If you haven’t already done so, it’s time to do some insurance planning. This money is useful in the event of something happening to you or your partner, even if it’s a bit morbid to think about. It can be used to clear debts, cover mortgage payments, funeral bills and disability care. Check the plans at MoneySupermarket to see the options that are available.
Childcare Options That Work For You
There’s a high likelihood that either you or your partner will want to stay at home with the baby, which will affect your monthly budget. Research childcare options, searching for those that won’t break the bank, and apply for waiting lists. Don’t despair if this seems like a high expense as there are many options available including day care centrs, home care providers, crèches and even tag team parenting.
Have a Baby Budget
Keep tabs on money coming into and out of the household, and factor in costs such as nappies, formula, clothing and other expenses.Start saving for your baby’s success. It’s never too soon to start saving for university tuition, extra-curricular lessons or a holiday to a far-off destination. Start making small contributions now and reap the benefits of your savings plan in the future.
Thoughts on Saving for Baby
If you haven’t already started saving money, it’s important to pay off debts now, tighten the household budget and ensure there’s room in your finances for your bundle of joy.
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