Are you expecting? With a new child come responsibilities and new expenses. Let’s take a look at some of your future expenditures and some helpful tips on how to prepare for them.
It this is your first child, you will need to outfit the baby`s room with at least the basic furniture such as a crib, changing table, and maybe a rocking chair. Do you have a friend or relative who may no longer need these items and willing to give them away or sell them to you at a reduced cost? It will save you money and recycling is good for the environment! One item that you may want to purchase new is an infant car seat. Due to safety regulations, car seats have an expiry date so it`s important to check that your car seat still complies.
One expense that you may not have thought of is health insurance. Your child is going to need to be covered by your existing healthcare plan. This will likely mean that your monthly insurance premium will go up. Call your broker for a quote and plan this additional cost into your monthly budget. Review what your plan covers and make any adjustments that may be needed.
Budget for Emergencies
Things can be very difficult to predict in life. An emergency can take place at the blink of an eye and can become very costly. Setting aside money for a rainy day is really important. Each month you should put a small portion of your income into a savings account. However, if an emergency does arise and you haven’t been able to save, you can opt for a hassle-free, online loan from 24Cash.ca. This will cover any sudden expenses and will allow you to pay the money back slowly.
While you’re expecting, you might not be thinking about childcare. However, the cost of daycare, nannies, or other forms of childcare, can have a real impact on a family budget. In some areas, you may need to enroll your child in a daycare before they are born. Browsing local daycare centers should be done early. Depending on your income, you may want to hire someone to watch your child in your own home. But no matter what your budget is, you should put a plan in motion as soon as possible.
College is something you should be thinking about when you are expecting. While having your child attend college is still far away, you need to start planning for it. If possible, start a college savings plan for your child. Each month put a little money into the fund. At the age of 18, your child will have the money they need to get a great education, without the financial burden.
These are a few expenses that many new parents may not plan to save for. Planning ahead will take much of the stress out of the expenses involved in having a baby. Save those dollars, and enjoy all the wonderful moments with your precious little one!