Planning your finances after baby

Having a baby is an expensive affair and not just at the time of delivery but for a long time thereafter. As a parent you might be worried about the expenses and justly so. Budgeting and planning early on in the pregnancy with foresight can help you immensely.Here are some tips to help you have your finances a little in control after the baby:
  1. To have control over your finances after the baby you need to start before the baby arrives. Start as early as you can, the earlier the better.
    1. Control the expenses, mainly on your credit cards. Try and cut down cards to one and also the expenses on it.
    2. If you don’t have a record of each expense you make month-on-month, start now. It will give you an idea of where you can control your expenses.
    3. Check up on your maternity health benefits available at work and also the amount of maternity leave you can take (max).
  2. After the baby is born,
    1. Find out and add your child into your medical insurance and plan for a life insurance to be in place.
    2. Sure as a parent you want the best for your child but do not go overboard with the spending. Buy limited clothes as the baby will outgrow them in no time. Baby food and nappies are expensive so try and buy them in larger quantities to get a better deal. Accessories like strollers, bedding, etc. can be expensive and you might want to consider used ones to save on money.
    3. Factor in childcare expenses if you plan to get back to work and set aside money for the same.
    4. Expenses will be ongoing now from day-to-day to education, till college. Start saving funds for the child now.
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