Baby Budget Now Have you decided to start a family?  Are you going to have a baby?  If so, having children can be a happy and exciting time for any couple.  Sometimes, though, people can forget how much raising a child can actually cost.  While the many joys of becoming a parent are priceless, the cost of clothes, furniture, insurance and other necessities can add up to a pretty penny and fast.   Saving and budgeting early for your new arrival can help when it actually comes to providing for your new baby. 1.       Make Lists When putting pen to paper, the first thing to start thinking about when making your forecasted expense list of a new baby is determining what are and what are not essentials.  Some of these expenses might include: ·         Furniture and Gear (crib, changing table, car seat, stroller, etc.) ·         Hospital and Doctor Visits (prenatal care, delivery, well-baby exams) ·         Feeding and Clothing (formula, feeding equipment, maternity clothes, baby clothes) ·         Child Care (day care, nanny, family member) ·         Insurance (health insurance for baby, life insurance for parents)   2.       Research and Calculate Prices   Once you’ve gotten your initial list together, start doing some research on how much those items are going to cost.  Do you have any close friends that would loan, sell or give you some of these things?  Determine which items are most important and those that you wouldn’t mind buying second hand at a consignment shop.  If you know that friends and family will be throwing you a shower, make sure to register for those things you would like to receive help with the most.  After you’ve gotten a good understanding that a crib is going to cost more than a bottle, add up those expenses that are marked absolutely necessary.  Track each item as you receive or purchase it and make changes as necessary.  Remember that it is a working list, and if you spend more on one item than you originally planned for, you can make adjustments on how much to spend on another.   3.       Start Planning and Saving Now   Don’t worry yourself sick.  While that’s easier said than done, bringing home a new baby is stressful enough on its own.  Adding to that pressure by worrying excessively about bills creates an unfriendly environment for you and your new addition.  Smart planning can help alleviate the financial fears that can develop and help you sleep better at night – that is when baby isn’t keeping you awake.  If you start saving now, a fund for baby can quickly turn into a college fund.  And look at another bright side besides your new bundle of joy – it could lead to a tax break with Uncle Sam.

Related Information Costs of Raising a Child

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