If your pregnancy is not one of those “yay, I am pregnant, but how?” you may consider financial planning for conception. It is indeed wise to have some fiscal things sorted out before the baby walks into your life and you are greeted by a host of expenses – for the maternity period, to delivery and later on baby expenses. As you might have heard a thousand times over, babies come expensive, and it is always a good choice to have something like a “baby-fund” from the day the thought of having a baby enters your mind.
If you think that we are talking about college money and saving for marriage, and that is too early, well, we aren’t suggesting you this, but this isn’t a bad time to start for these things either. An early start will save you from many wallet-blasting situations in the later phase of life. But the priority as of now is the baby – and his baby expenses – only if they were as lighter.
We suggest you begin by making a list of your expenses, including just about everything, and then adding the expenses which the baby will bring. From your weekly getaways, to the posh diners’ treats and baby diapers to baby crib, formula feed, baby clothes, baby gear, baby toys, day-care or crèche expenses, doctors bills etc, and if you are able to find a gap, well, sounds surely good. If you are working, you’d like to consider any loss of pay you might incur on taking extended leave – you might need that- and so need to plan accordingly. Also, a considerable amount of the salary will go into daycares and crèches, if you do not have a support system at home, it is wise to add these costs to your baby expenses as well.
You might also need to consider some expenses that fall in the category of luxury, and might even think of generating some extra cash for the baby. It is actually wise to cut on shopping, since it will be a while that you may get into that hole-in-the-pocket dress again, and you do not need that expensive bottle of liquor – you’d not be having it anyway. It also helps not to get into any major investment at this time, like a car, a house or an expensive holiday. Clearing off old debts, and credit card bills will also help a lot – since that’d mean no more interest and late fees charges!
This does not mean that we are suggesting that you change your lifestyle, but just that it harms no one if things that are not really required are cut down. Just some painless and harmless ways to save when you are planning to have a baby – and budgeting financials to have a peaceful and happy life!