No amount of money can ever equal the personal fulfillment parents receive from their newborn. Celebrating a new life is a priceless experience that can, by no means, be quantified.
That said, babies do require a lot of hard work and money— especially for soon-to-be moms and dads who are new to the world of bottles and diapers, 3 a.m. feedings, and vaccinations. Costs accumulate—from the second you find out you’re pregnant to years after you’ve given birth.
Like with any other major outflow you’ve got planned for the future—a house and lot, a car, or a vacation—saving up and investing your money is key in preparing for a new baby. Laying out a specific budget can help you organize your funds, and help you see clearly the different ways with which you can work around your current income.
“Before baby” budget
Seeing your pregnancy test turn positive or hearing the words “You’re having a baby” from your doctor signals the beginning of your foray into parenthood. This is the perfect time for you to get your act together—emotionally, mentally, physically, and of course, financially.
TIP: Cut down now. Baby becomes priority number one now that you know what’s up ahead. It’s time to trim down your expenses by cutting down on unnecessary luxuries and setting up a pregnancy fund. Small sacrifices like eating at home rather than spending on restaurant meals can contribute to a hefty sum over the nine-month pregnancy period.
Click here to see the average costs of pre-natal checkups, ultrasounds and hospital bills on delivery.