Here’s How to Budget for Your New Arrival

Baby & Toddler Fatherhood Money & Finances My Family

Even if you don’t know much about babies, you’re sure to know that they’re expensive. You don’t have to spend a lot on some items, but you can’t avoid the regular costs. Babies need nappies, food, and plenty of clothes. Plus, even the cheaper versions of things like pushchairs can cost a pretty penny. It’s a little easier to spread out the costs once you get going, but preparing for your first baby can be expensive. You don’t have anything you need, and you’re not even sure what you do need. If you want to stop the expense running away from you, try these tips for budgeting.

Set a Budget

First, you need to decide how much you can spend. You’ll have to be realistic, so make a list of what you need first. Try talking to other parents to get an idea of what they found most useful. You don’t want to waste money on something you only use once. Then do some research to find out how much you can expect to pay for everything you wish to buy. Even if you choose cheaper options, you’ll only be able to get away with saving so much. Work out when you’re willing to pay a bit more too. For example, you might be happy to pay more for a car seat that has better safety ratings.

Start Saving

You know you’re having a baby, and you should have at least a few months to prepare for it. If you’ve been trying to get pregnant or adopt, you’ve had even longer to get ready. Start saving as soon as you know there’s going to be a little one in your home. Each month you can put a little bit away to help you with your baby starter pack. You can’t save too much, but don’t worry if you can’t put a lot aside either. Just save what you can and it will all help when it’s time to buy all your supplies.


Photo courtesy of Bridget Coila

Spread the Cost

Paying for everything at once can be difficult for everyone. It’s much easier if you can spread the cost and get a couple of items each month. If you’ve left things a bit late and you have a long shopping list to get through, you have a few options. You can try looking at the loans Evolution Money provides to pay for some things. Then you can pay your loan back in installments to make the costs more manageable. You could also use a credit card, or you could delay payment with the store you buy from. Many shops will let you pay up to six months or even a year after your purchase.

Welcome the Gifts

Everyone wants to get you and the baby a gift. While it’s not their job to finance your newborn, you can accept any generosity they’re willing to give you. Ask them for some practical gifts, such as clothes, nappies or bottles. Not only will they be helping you out, but they’ll probably spend less than they would on a fancy and less practical gift.

Having a baby is expensive, but you can make sure you’re as prepared as possible. Just don’t leave everything until the last minute.