7 Mistakes to Avoid Wasting Money on After Having a Baby
Having a baby impacts all areas of a parent’s life. This includes their living arrangements, their career, and their finances. All parents should have a thoughtful plan in hand before welcoming a new baby. There are many things parents should do. There are also lots of things they may want to avoid. It’s a good idea to know the difference between the two. Keeping spending in mind all times can help make sure parents aren’t wasting their hard earned funds. Sticking to quality items and making sure to have insurance on hand is the best course of action.
Not Having a Will
Bringing a baby home means bringing a new life that is completely dependent on mom and dad for support. Parents should make sure that all financial issues are worked out in advance. Even young people can get sick. A parent may be in a car crash. If one parent makes the decision to stay home and care for the baby permanently, they may be dependent on the other for all their fiscal necessities. Setting up a will can help clarify any issues that may arise in the event of such a tragic event.
There’s a specific procedure that must be followed in all areas of Australia to be valid under the law. Paying an attorney a small sum of money now can help avoid any possible heartache later.
Lack of High-Quality Items
Parents often face the temptation to buy things are made poorly. Buying items that are likely to fall apart quickly is not a good use of their funds. For example, good quality Cots for newborn babies are likely to last a long time and stand up over many months of wear. They also tend to be easier to use than cheaper models. Poorly made items may also be impossible to keep on hand in the long term. This means parents who have a second child may not be able to pass on the first child’s things. Instead, they might have to spend additional funds to buy all new items just for the next baby. Investing in better quality things makes it easier to use those items over the long term. There’s no worry that items will break and need immediate replacement.
Purchasing Everything Before Baby Arrives
As soon as parents see a positive pregnancy test, it can be tempting to run out and start to buy things. It’s a good idea to buy at least a few items before the baby arrives. All babies need to have a safe car seat before they arrive home. They’ll need that car seat as mommy and daddy hit the road to do all sorts of errands with them.
Other items can be put off for later and purchased as the baby arrives. Parents can decide exactly what they need and what they don’t. For example, a woman might decide is she’s going to nurse the baby. In that case, she’ll want to lay in a supply of nursing bras and clothing that makes it easy to relax as she feeds the baby. Another mom may opt for formula feeding. In that case, she might want to buy a supply of bottles and make sure she has a safe space to store her formula. Many moms combine the two. Having the equipment on hand after the baby arrives allows the woman to determine what is best for her needs as the baby continues to grow.
Avoiding Insurance
Insurance provides a much-needed layer of protection against unexpected events. Renter’s insurance helps protect the renter in the event their items are damaged by fire or water. Life insurance provides help for a surviving parent in the event that one parent suffers an untimely death. All parents should think about the kind of insurance they need before the baby arrives. Avoid skimping on any form of insurance. The peace of mind knowing that your family is cared for financially even if something bad happens is priceless.
Not Saving
All prospective parents should strive to save money before the baby arrives as well as afterward. It’s a good idea to have at least three month’s savings before the baby comes. A savings cushion makes it easy to remain in good financial order even after a job loss or other issue. If the aftermath of a hard delivery or a delivery involving multiples, a woman may need a longer time to recover and return to work. Consider living on one salary and then having one parent take a part-time job to provide savings. Grandparents can also help. Many are happy to watch the newborn and allow mom and dad to avoid spending so much money on the cost of daycare.
Too Many Newborn Items
New parents everywhere may be tempted to rush out and start purchasing items they can use the second the baby comes along. Keep in mind that babies don’t remain babies for long. A baby starts to grow quickly and continues to grow quickly during the first few months of life. Buy a few items to welcome the new arrival. A celebration dress and some good receiving blankets are a great use along with some basic clothing. Anything else will probably be outgrown a short time later.
Buying all New
Buying all new can be of use in some instances. It’s best to make sure that certain items are new and meet all necessary national safety standards. At the same time, others can be purchased used. Babies are just as happy with used toys as they are with new ones. The same is true of items like rocking chairs. Many parents and other relatives are happy to pass on items they have used when their own kids were young. Such items may only have been used for a short time. Making use of used items can free up funds for other things that brand new parents really need.
