Budgeting When You’re Pregnant
There is no denying that budgeting can be difficult at any stage in your life but this is even more so the case when you are pregnant. After all, you are going to have another mouth to feed and another person to spend money on.
Plus, there is no denying that pregnancy itself and the early stages of having a newborn can be expensive, with everything from pushchairs to baby clothes and maternity clothing to fund.
So, can you really budget when you are pregnant? You can! And, here’s how…
Take stock of your money situation
The first thing you need to do is have an understanding of where you and your partner currently stand with regards to your finances. It is never too early to work out your family budget. The worst thing you can do is wait until the baby is born.
After all, you are going to have way too much to worry about at this stage without fretting about how much money you have available. You really need to understand how much money you have coming in and going out per month, and there is no better time to get started than today. You can easily find a budget planner tool only or a budgeting app that can help you with all of this.
Are you living beyond your means? Can you afford to put money back every month? You really need to take stock of where you stand when it comes to your finances.
Planning is key
If you are going to keep on top of your finances during this pivotal stage in your life, you need to plan effectively. There is a lot that needs to be taken into account when it comes to your pregnancy, from planning the new nursery room to ensuring you have a hospital bag ready should you go into labour.
By planning all of this in advance, you will know exactly what you need and when, and how much all of this is going to cost you too.
Look at the essential newborn baby hospital bag checklist to get a better understanding regarding all of the things you need. By planning in advance, you give yourself time to put all of these items together and search around for the best possible deal.
Cut back on the amount of money you spend per month
Earlier, we spoke about the importance of establishing a budget so you can work out how much money you have to spare every month. However, do not stop here.
As also discussed, you are adding a new person to the family, and a new person comes with new costs. Therefore, it is more important than ever before to look for ways to cut back the amount of money you spend on a monthly basis. There are so many ways that you can save money.
For example, something as small as writing a shopping list every time you do your groceries will ensure you do not get tempted by deals and end up purchasing things you do not need.
You should also get in touch with all of your suppliers, be it your gas and electricity supplier or your television company. You should explain that you are not happy with the price you are paying and ask if there are any better deals.
You will be shocked by the number of great deals and discounts that suddenly become available once you state that you are thinking about leaving. If the company does not come up with any special deals or discounts, use a comparison website online to find out whether you could get a better price if you made the switch.
Look for ways to boost your income
Not only do you need to cut back and find ways to save money but you should look for ways to make some extra money too. Thankfully, we live in a digital age whereby it is easier to make a second income stream than ever before. There are so many ways you can do this.
If you have a skill that can be delivered over the Internet, for example, content writing or translation, why not look into doing some freelance jobs when you have time?
Furthermore, you could also rent out your garage or your driveway. This is a good way to make a small bit of extra cash per month without having to put any effort in.
Open a savings account
Another important step for any expectant mother to take is to open a savings account. After all, the quicker you start putting some money aside, the better. You will need to accumulate savings so that you can cover all of the costs associated with a new baby, especially if you are going to go through periods of lower income. You never know what could be around the corner.
For most couples, it is better for them to open a savings account that they can dip into if they need to, as this is an uncertain time in most people’s lives, rather than having an account that locks your money away. However, the latter is a good idea if you feel you won’t be able to resist temptation and you will keep spending the savings.
As you can see, there are many different ways that you can budget while you are pregnant. If you follow the advice that has been provided above, you can make sure that you keep your finances in order while you are ready to add a new addition to the family.
There is no denying that the last thing you need is monetary pressures adding stress on your shoulders while you are about to have a child. Hopefully, with the advice that has been presented above, this is not something you will need to worry about.