Budgeting For Your Baby – Top Tips.. Everyone knows that organizing and budgeting your family  finances can be stressful and exhausting, but for expectant parents getting control of family finances before the baby is born, is even more important.  There’s definitely a lot to think about.  The cost of a baby can sometimes surprise new parents, so creating a budget beforehand is an ideal way of making sure you are prepared.  This will also help each parent feel in control and like you’ve covered your bases.  Once you have created your budget, you’ll be less stressed about money.  You may find that sticking to it and keeping on top of your family finances is easier than you thought.  You may even end up teaching your kids new positive budgeting habits.

Before it comes to calculator crunch time, take a look at your current financial situation and how you spend your money.  Are you happy with the way you spend your money or are there things that you could work on?  Are both parents on the same page when it comes to money?  Does one parent spend more than the other?  Who keeps track of the money now and is that working or does there need to be a change in command?  There’s nothing wrong to admitting if something isn’t working.  It’ actually quite honorable to let your spouse know if you would rather or rather not be in charge of the finances.  And there’s certainly nothing wrong with admitting that maybe you’re not doing the best job.  Asking for help with the family budget is a good thing.  You want everybody involved.  If someone under your roof is spending money, then you want them at the budget table.

Try keeping a spending diary for a month (if you can’t do a month, try it for a week), write down all purchases, bills and outgoings and refer to bank accounts to check for direct debits and standing orders you may have forgotten about. Be aware that your spending habits will be different while working compared to how you will spend when you go on maternity leave for example.  Most will spend less on maternity leave as you won’t have to pay for commuting travel costs, expensive lunches out, and even the small things like coffee and drinks.

Think your fancy coffees don’t really cost that much.  Here’s a fun fact. The average adult spends approx.

If it is your first child you may be surprised what you will need to buy for your baby. There could be expensive equipment such as cots, highchairs buggies and car seats and then the everyday costs such as nappies, wipes and formula. A great money saving tip is to ask around friends and relatives to see if anyone has any clothes and equipment they’re no longer using. Or look in shops, online or your local NCT sale for second hand equipment and clothes that can be bought for a fraction of the original price.

Once you have thought about the things you will need to buy for your baby and have a good idea of your current monthly spending you need to form your budget. You can create your own or you could use this handy online budget calculator for expectant mums that will do the adding up for you. The budget calculator will break down your finances into sections so you don’t forget to include anything.

Hopefully your new budget will help you keep track of your finances and make sure you have enough money to leave you stress free to enjoy your time with your new baby.

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