When you're planning to have a baby, sorting out your finances is one of the most important things. Kids are expensive and you’ll have to make some big changes to your monthly budget if you’re going to be able to afford all of the nappies, clothes, food, and toys that they’ll need. That’s fine if you’ve been planning this for a long time because you can make sure that you don’t have any debts and start saving up the money that you need. But unfortunately, life isn’t always that simple and sometimes, you’re going to be hit with the unexpected. An unexpected pregnancy is scary because you haven’t had as much time to start planning your finances properly, but don’t worry, there is still time before the baby arrives. If you’re worried about dealing with your finances after an unexpected pregnancy, here’s what you need to do.
Cut Luxuries Out Of Your Budget
Now that you’ve got a baby on the way, you need to start saving money fast. The more money you can save now, the easier things will be when the baby arrives. That’s why you need to cut luxuries out of your budget right away. All of those meals out or trips to the pub are costing you money that you could be saving for your new baby instead. You need to go over your budget and be ruthless with it, anything that isn’t an essential needs to go, and all of that extra money needs to go into savings.
If you’ve got debts, it’s important that you pay them off before the baby arrives if possible, otherwise, it’s going to be a lot harder to manage your money when you have to start paying for all of that baby stuff. A big chunk of that money that you’re saving should go straight into debt repayments so you can clear it as quickly as possible.
Hunt For Deals
You need a lot of stuff for your new baby and it’s going to be expensive, so you need to start hunting for deals wherever you can. Buying a cot, toys, changing mats, breast pumps, nappies, and clothes will soon add up, so any savings you can make will help you out a lot. There are plenty of great sites where you can get cheap kids clothes and toys. You can also save on nappies and wipes if you buy them in bulk, you’re going to use more than you realise anyway.
Ask Friends And Family
Getting discounts is good, but it’s even better if you can get some of this stuff for free. That’s why you should go straight to friends and family that have kids and ask if they have any old hand me downs that they could give you. Kids grow out of clothes and toys in the blink of an eye so most parents have a lot of old things that they don’t need any more. If you can get a lot of this stuff second hand from friends and family, it’ll be a lot easier to stay on top of your finances.
An unexpected pregnancy is always going to be scary, but it is possible to manage your money properly if you start planning right away.