Mar 23, 2020
As couples begin to plan for children, they often don’t know how to afford a baby. Kids are expensive, and saving up for the cost of raising your kids is no easy task. From the day you find out you are expecting a little bundle of joy until the last semester of college tuition is paid for, your kids will drain your bank account. Fortunately, there are a few things you can do to help afford your baby in those first years of life.
How to Afford a Baby
Start a Separate Savings Account
You may have a savings account for rainy days or one for your retirement. You will probably want to set aside a separate baby savings account. Determine how much you can afford to put aside each week. Make a commitment to save a set amount with every paycheck before you even start trying to get pregnant. The ultimate goal should be to have a good chunk of money put aside by the time your little one is born. This money can be used to help take the sting out of paying for diapers, formula, and other costly baby supplies.
Look for Deals on Baby Items
There are many items you are guaranteed to need when you have a baby. Clothes, diapers, bottles, teething rings, and a crib are just a few necessities. Start shopping early and buy in bulk when you can. You can save lots of money if you buy baby items when they are on sale and not when you happen to run out of an item.
Plan Your Baby Shower Registry
Registering for a baby shower can be a lot of fun, but much parents-to-be focus on items that they later find out wasn’t really necessary. Instead, register for practical items you are sure you will use in the baby’s first two years of life. This helps you save on the cost of items. Then you have more money to set aside for unexpected expenses.
Figuring out how to afford a baby can be stressful, but with some advanced planning, you can welcome your bundle of joy into the world without breaking the bank.