Next on your list is to let guests know about the event by sending out invitations. Plus, you’ll be equipped to model good financial habits for your little one all throughout their life – and that’s a big win.Īs always, we’re here to help with the financial stuff (but not the diapers, unfortunately).First, decide where the party will be held (your house? a country club? a local park?). You might hold the event at a spot the parents-to-be love, whether it's a restaurant they're partial to, a family member's house or a park they frequent. Next, work with the parents-to-be to finalize the guest list.Īs for when to schedule the shower? While there's no right or wrong time, many parents-to-be prefer the second or early- to mid-third trimester - by then, the mom-to-be is far enough along to be showing and her baby registry is set up, but she's not so close to her due date that she's feeling overly tired. Take these financial planning steps before your tiny human arrives, so you can stress a little less and enjoy a little more. Continue being you (just with less sleep). Continue putting money into your savings, so you can treat yourself once in a while or spring for a babysitter on date night. You have needs too, and you shouldn’t feel bad about investing in your wellbeing. Remember that you were a person before you were a parent. It will also give you a cushion of savings to fall back on if you need it. It’s like practicing for life with a baby before it happens, so you can get a sense of what your financial life might look like. Once you’ve laid out your baby budget, set up an automatic savings deposit and start putting away the amount it will cost to cover those extra baby expenses. Practice living on your baby budget beforehand. A budget tracking spreadsheet can help you see the big picture at a glance. Consider whether you’ll need daycare and formula – and their monthly costs. Be sure to factor in your maternity leave and any loss of income during that time. From diapers and wipes to car seats and baby monitors, you’ll have a lot of expenses that weren’t there before. Build your post-baby budget.īabies require a lot of stuff. You never know exactly how your pregnancy will go, but even a rough range can help with your financial planning. Contact your insurance company to find out what it could cost for prenatal care, delivery and postnatal care. Consider medical costs.Įven if you have health insurance, having a baby (and the doctor visits that go with it) can be expensive. Once you’ve built up a nice chunk of change, move your money into a high-yield savings account, such as a money market account so you can earn even more money without any extra effort. Then, work toward saving enough money to cover three to six months of living expenses (and even more if you can swing it). No exceptions.Ī couple hundred dollars would be a great place to start. Here are a few steps to cross off your list as you get your finances in order for this next – crazy, scary, wonderful, unforgettable – chapter of your life. With some smart financial planning, you can have a baby and still maintain your sanity…for the most part, anyway. The good news is, that amount is spread out over time. Around $233,610 from birth to age 17, according to estimates from the U.S. How much does having a baby cost, anyway?
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