Preparing Financially For Your New Bundle Of Joy

There’s no doubt about it; babies are expensive. If you’ve never been good with money, here are some tips to help financially prepare yourself for your new bundle of joy.

Preparing Financially For Your New Bundle Of Joy

Get out of debt

It's just too easy to slip into financial trouble nowadays. It's all too easy to take advantage of buy now, pay later deals offered by retailers these days. But when payment time arrives, you realize you're stuck struggling to pay back your debt. While it's not an easy task to get out of debt before you have a baby, it's the best time to do so. Reduce luxuries like magazine subscriptions and gym memberships that you haven't used in months. All of these small sacrifices can help you pay off your bills and get back on track financially.

Even with budget cuts, debt can occasionally swallow you up and there is no way out. People who find themselves in such a bind might turn to companies that can consolidate your debt. They figure out who you owe any money to and how much you need, and then devise a payment plan that is both reasonable and affordable. They can sometimes cut your debts by up to 80%. Using such services avoids annoying phone calls and emails because they handle everything and guide you. Get out of debt before the baby arrives to give them the greatest start!

Start buying now

This may seem a little counter-productive but picking up bits your baby needs now will help spread the cost. As mentioned earlier, babies are expensive, and everything they need will cost at least $1000 - and that’s just to begin with! You can easily spread the cost when grocery shopping if you pick up a pack of wipes or diapers, and before you know it, you’ll have a stockpile of everything they’ll need! Speaking of diapers, it’s worth thinking about stocking up on the diaper genie refill pails you’ll need.

If you have family or friends that are willing to help you financially, make a list of everything the baby will need and what you’re yet to buy so their contribution will be well worth the money spent.

Start buying now so that it doesn’t seem like a massive blow to the bank in a few months' time!

Consider second hand

Secondhand things are often frowned upon, yet there is no genuine justification for this. Your baby will grow up in a flash, so buying used clothing, toys, blankets, and other stuff will save you a lot of money.

Be on the lookout on Facebook for local moms selling their baby's outgrown clothing, as this is a great way to save money. Just check the clothes for damage, wash them, and your baby will have clothes that look like new!

While it's understandable to want to purchase new things for your newborn like a car seat or pushchair, furnishings like a cot can be bought second hand if there are no missing pieces or structural issues. If you buy used products wisely, you can save a lot of money!

Finally, keep an eye out on social media for giveaways that would be useful for you and your baby! Not only could you cut expenses, but you can have great fun participating in competitions!

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