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Now is a good time to prepare a budget for baby expenses

Team AckoFeb 8, 2024

With a new addition to the family in a couple of months, this is a good time to prepare a budget for your baby’s expenses. It is better to view the situation practically rather than being emotional about it. Firstly, have a clear understanding of how the financial situation is currently. By writing down the current expenses and the added ones after pregnancy and present income, you will know about your finances. The aim is to be prepared to avoid any financial shock after the baby’s arrival since expenses are definitely going to go up. There is no better way to prepare the household budget for the new developments and changes before it strikes.

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Firstly, if you are working, decide whether you plan to quit your job or work part time or resume work after maternity leave. Any of these options will have an impact on your income.

While adding new expenses to your budget, include costs related to buying nappies, baby formula, baby toys, crib, baby linen and clothes. Include the cost of medical expenses, paediatric visits for vaccinations and check up. You may also need the support of a maid in the initial months to help with the baby till you recover completely. Include her hiring cost too. You can also check with your friends to know about the ongoing rate to keep a maid.

Once you have an estimate of how much more funds you need, start to trim on those expenses, which are not a need and are wants. It could be sacrificing weekend dinner outings, shopping or any impulsive purchases. You can also work on reducing baby costs by looking for good alternatives. For instance, you can use cloth nappies instead of disposable ones. When it comes to toys, decide what toys you want to invest in. No doubt there are awesome toys available out there in the market but are those worth investing now or after she turns one.

She is very young to understand anyways. You can also suggest family, friends and relatives to limit gifts to baby supplies you will need later. This may seem odd but the moment they get to know about the exciting news they plan to buy baby gifts and letting them to know in advance is being thoughtful. You want the best for your baby. At the same time, you don’t want to go overboard with the expenses. Hence, this is the right time to work on the budget by accommodating the future expenses so that the financial situation is well under control.

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Disclaimer: This content is for informational purposes only, based on industry experience and secondary sources. It is not a substitute for professional advice. Please consult a qualified expert for health or insurance-related decisions. Content is subject to change, refer to current policy wordings for specific ACKO details.

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