Debt and Having a Baby: Plan, Budget, Prepare

Pregnancy announcement with father, son, and mother

Congratulations! You are expecting! Having a baby is indeed one of the most exciting life events, period. Having a baby can also be one of the most frightening life experiences! How does one begin to budget for a new family member who will be completely dependent on Mom and Dad? Maintain regular breathing patterns. Below we discuss some basic tips to help you budget for your new bundle of joy to be.

Plan Ahead
Before junior arrives, you can do a little financial inventory and tighten up your budget. Look for ways to cut down on excessive spending. Can you cut out that afternoon coffee or Sunday brunch from your budget? Little shortcuts like that will add up. Are there services you are signed up for that you are not necessarily using, or won’t be using as much when your baby arrives? Doing a deep financial dive will enable you to see where you are spending your money, which in turn will help you shave costs.

Daycare Research
One of the largest child-related expenses is daycare. If you are a working household and know your child will be enrolled in daycare at some point down the road, it’s best to plan for the expense ahead of time. Reach out to a few local centers or homes in your area, and inquire about rates and availability. Most daycares have wait lists, so inquiring will get your child on a list, as well as giving you a financial snapshot of what you can expect to pay. Some daycares will also give discounts if you pay one or two months in advance. It will be very beneficial to do all of your daycare research ahead of time, as you can inquire about discounts and also be prepared for the financial repercussions.

Buy in Bulk
You can maximize your money by ordering baby supplies in bulk. Babies need a lot of supplies. Diapers, wipes, formula…the list goes on. Take advantage of online retailers who will give you discounts by ordering in bulk. You are always going to need diapers, so these are not wasteful purchases. Most retailers will deliver directly to your doorstep, so not only are you saving money in the long run, you are adding more convenience to your baby shopping routine.

Hand Me Downs
As parents, we love to spoil our children. We are impulsed to buy fancy new clothes, blankets, cribs, and accessories. Chances are, you know someone in your life who had children before you. One huge way to save money is by accepting hand me downs and shopping at second-hand shops. Baby gear and clothing are expensive! Veteran parents love to make room in their abodes by giving away clothes and other gear like high chairs, cribs, and bouncers. Babies are not judgmental, they will be just as content with a used blanket versus a brand new one.

Even with all of our cost-cutting tips, babies are expensive. Tio Rico Te Ayuda offers creative financial solutions with a title and other small personal loans. Sometimes new parents need money and need it quick and easy. Don’t have the best credit? Don’t worry, Tio Rico has you covered. We are the leading center for bad credit loans in Arizona. Contact us today to see how we can assist you with your new arrival.