How to Budget for Expecting Baby 7 Easy Ways

How to Budget for Expecting Baby 7 Easy Ways
How to Budget for Expecting Baby 7 Easy Ways

Introduction Of How to Budget for Expecting Baby 7 Easy Ways

How to Budget for Expecting Baby 7 Easy Ways. Top three most important things that are important to you when it comes to your budget and your baby and throws the majority of your money towards those three important things now there is a worksheet inside of the workbook that I filled out from Marissa’s course and what’s most important to me are baby supplies the babymoon which babymoon really in pandemic terms means.

The holidays and then prenatal mindfulness

Just going home for the holidays and then prenatal mindfulness any kind of prenatal care including physical therapy meditation yoga any type of prenatal classes goes into that category and those are the three things that I’m focused on which helps me align my budget towards those items and things like maternity clothes or nursery decor gets pushed towards the bottom number two research research research research car seats baby strollers cribs bottles breast pumps whatever it may be make sure.

You do your research and oftentimes when I was researching especially car seats and strollers it’s a good idea to put everything into one document or spreadsheet so that you can refer back to it if you’re the type of person like me where I need to kind of see all of my choices laid out before I make a big purchase decision I highly recommend you do this for big baby items especially the big pricey stuff like strollers because they can be like over a thousand dollars.

I kid you not your third easy way to budget for a baby is to open a separate savings account to create a baby fund now you can do this by contributing a small amount of cash each month towards that baby fund or if you have a windfall let’s say you picked up an extra side hustle you had a third paycheck for the month you can take that entire earnings and put it into a separate saving account and use that to pay for things like diapers clothing and furniture among other things kyle and I did this in our last beers in budgeting episode.

How he got the third paycheck in October

We talked about how he got the third paycheck in October and we ended up just saying hey let’s use that paycheck to start the baby fund so that’s exactly what we did so now we have a good amount of money that we can pull from if we need to when it comes to buying things for baby your fourth creative way to budget for baby is to open a 529 plan is a college saving investment account where you can invest in various funds and then eventually those funds are going to grow and you can use.

That money to pay for qualifying educational expenses kyle and I opened up a 529 plan under kyle’s name and when the baby is born we are going to transfer that account to the baby’s name as a beneficiary so we open this account in May 2018 with 3 000 I know that seems like a lot but we wanted to invest directly with vanguard and at that time that was the minimum amount required to open a 529 plan directly with vanguard so we dumped three thousand dollars into this 529 plan and decided not to invest a penny more and I know you’re thinking wow like were you guys trying to start.

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A family in may 2018 didn’t you just get pregnant now yeah so did I mention that I’m super typing a and like to plan everything out to a degree so while I wasn’t planning on having kids that year or necessarily the year after I knew that it was going to be in our future maybe at some point and if it wasn’t then shot kyle could just take the money and further his education, even more, I wasn’t too concerned about it but lo and behold here we are and I’m so glad we opened it back then because.

That account has earned more than five percent in interest

That account has earned more than five percent in interest and we have not contributed any more money to that account so it’s awesome I highly recommend you look into a 529 plan for your future baby the fifth way to budget for a baby is to set up monthly budgeting meetings especially with your partner it’s so important that you guys sit down every single month go over your income and expenses and see what adjustments you need to make especially for the baby now kyle and I have been doing this for years and we’ve been documenting.

Our budgeting meetings through our beers and budgeting episodes I have a whole playlist on that so if you want to check that out I will link to that but I think it’s such a good idea to get into the habit of talking about your finances with your partner and anticipating some of those purchases and if you’re thinking to yourself oh my gosh like how much is this baby gonna cost me each month well we all know babies are going to need some sort of diapers clothes wipes formula perhaps so.

How much those items are going for and then factor

It’s a good idea on your next grocery store run just to run through that baby aisle and see exactly how much those items are going for and then factor that into your budget if a pack of diapers truly does cost 40 dollars then add forty dollars into your grocery budget for the month and who knows you may even need to double that and get two packs of diapers so those are the types of things that you can anticipate and make adjustments for your budget and sitting down every single month is going to help you and your partner be on the same page.

The sixth way to budget for baby kind of goes along with the fifth way in terms of trying to figure out costs is to reach out to your mom friends I have found my network of mom friends so supportive and just knowledgeable about every question that I’ve ever had about baby stuff about pregnancy things and when you ask those questions of how did you find inexpensive formula or what did you do about maternity clothes chances are they’re going to have a great resource for you and or give you some of those items for free I was so lucky to have two mom friends here in san Diego who helped me out with maternity clothes.