Money management for when you have a little one on the way!

Guest Post

Taking the plunge and having kids isn’t all fun! There have been so many situations in which I’ve found myself really having to tighten my purse strings because of the kids. Whether it’s a case of them falling poorly and needing to get them some expensive medicine, or home with their brand new school clothes utterly covered in mud and tears, I’ve learned to always have an emergency fund ready.

Here are some tips that I’d offer to anyone thinking of having a child, but worried about how much it’s going to cost.

Think about the money before the baby comes
You and your partner are about to make some sacrifices, one way or the other. Whether you both decide to work part time, or one of you continues to work while the other stays at home, there’s about to be a lot less money coming into the household.

You are entitled to maternity leave, of which you will need to learn the details from your employer. After the baby is born, however, you might find you need to have one of the two of you stay at home until the little one starts going to nursery.

Plan everything
Once you’ve worked out exactly how much money you’re not going to be earning, you need to be able to spend it wisely. Don’t go bursting into a baby clothing shop and buy everything in sight. You need to write down exactly what you need and set a monthly budget, and not go over it.

Hunt for bargains

There’s nothing wrong with hand-me-downs. If a friend or family member has a baby who has outgrown their clothes, it’s a nice to get them used again. Babies grow so quickly, so don’t be surprised if you end up passing them on again!

When shopping for baby products like pushchairs and cot beds, shop around for the best deals. Bambino Direct often have sales and discounts and you can get a pushchair from as little as £65. You can visit their website here. Weigh up the pros and cons of each one, and make a good decision. Don’t take the risk of cheap and nasty pushchairs or cots, as they could be dangerous.

It’s not just money you’re going to need to ration; it’s your time too. For a baby’s development and child’s growth, you need to spend as much time as you can with your little one. Make sure you are ready to make the commitment of money and time before going ahead and having a child.

 

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