Another Mouth to Feed: Preparing your Finances for a Family

preparing your family

Thinking about starting a family or expanding the one you already have? If you’re like most would-be moms and dads, you’re wondering how you’ll afford to feed another mouth. Prep your finances properly, and you will be better able to welcome another member into your loving family unit without undue financial strain.

Trimester by trimester

As soon as you know you’re expecting, estimate costs and build your baby budget. Find out how much diapers and baby toiletries cost and stock up at the lowest prices. Trust us, it’s easier to shop while you’re in your earliest stages of pregnancy in lieu of waiting ‘til the last minute or trying to explore a store with a newborn in your arms.

In the second trimester, make a will if you have not already done so. It’s nothing anyone prefers to think about, but it’s something that responsible, money-savvy moms and dads do. Speak to the human resources rep at your place of work, and determine the precise amount of maternity leave they provider, advises Money magazine.

Think of the third trimester as the home stretch. This is the right time to set up a tax-free 529 savings plan that will make baby’s future college expenses easier to manage. It’s also the perfect time to ask your best friends to throw a baby shower. Let your besties know what you need and don’t need to avoid duplication and waste.

Saving more money before the happy arrival

Don’t worry about buying every little (or big) thing you think your newborn might need. She or he won’t require a full-size crib until their many weeks old. If shelling out dollars for a crib is beyond your budget right now, delay the crib purchase until after baby arrives. A small bassinet or bedside cradle is very nice for baby and convenient for the new mommy, too, say money experts at WebMD.

If you need a little help buying the essentials, visit and ask about how to take out a small loan. Pay it back as soon as you can, and you may even build your credit while awaiting your new baby’s debut.

Thrifty strategies for parents of newborns

Start saving right away, and don’t leave the hospital until you’ve asked nurses, breastfeeding coaches and hospital staff for free samples and money-saving coupons for diapers, baby shampoo, diaper rash ointment and other stuff you might need.

Load up on diapers, and buy them in the largest size package you can. Cloth diapers are a brilliant choice, as they can be washed and reuse for the duration of your baby’s infancy. Afterward, soft cloth diapers make excellent clean-up towels for car washing and other grubby events.

The funny thing about babies is they fill your heart with so much joy, you hardly notice the dent they make in your wallet. Make a few simple financial tweaks, and affording your littlest one will be easier all the way around.

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