Financial planning for baby
If you’re planning to have a baby now is the best time to examine your household earnings and expenditures. I’m learning first hand that having a baby can really put a dent in your wallet. Our little one isn’t due for another two months and I can’t believe what we’ve spent so far.
Getting the nursery ready included new paint, carpeting, decorations and furniture. Maternity clothes — from sweaters and jeans to PJs and office wear (holy cow…have you ever seen maternity underwear!?! Not good.) I treated myself to a full body pillow and a couple of extra cleanings at the dentist. Books for both me and my husband on baby names, breastfeeding and baby care. We registered for a childbirth education course and hired a doula to help us during labor and delivery. We’re ordering close to seventy birth announcements not including postage. Little newborn under shirts and onesies, diapers, wipes and just a ton of unexpected accessories. And how much is college tuition going to cost in 18 years?
According to Rosetta Jones, a vice president at VISA USA, “the smartest thing you can do is sit down before you have your baby and map out a financial plan.” Click here to check out their baby budgeting calculator. If you plan ahead, these new costs will be easier to manage.
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