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Nearly every set of parents that has experienced the joy and wonders of that first year of parenting start to think about expanding their families even more once the baby starts to grow. The biggest question that crops up when thinking about expanding your family, is whether or not you can afford to do it. You may even tell yourself, babies don’t need much. Just the essentials: somewhere warm to sleep, milk in their tummies, and a whole lotta love! Those are the very basic needs that need to be covered, right?! But for parents, often times they go overboard on the nursery, the accessories, the clothes: all the things that pop up on the ‘must-have’ lists for babies every year!
There are ways that you can ensure that you can in fact have that second baby you want so much, without going bankrupt, or spending more on credit. And what if you already have poor credit? (Poor credit credit cards can help).
Preparing for a baby is a chance for you to look at your finances as a whole and decide what is a need and what is a want. Here are some things to keep in mind:
Budget. No one enjoys budgeting. No one wants to plan down to the penny, but it’s something that has to be done to decide whether your finances could support that extra mouth to feed. Once you have created your budget, you can start to manage your family finances far better.
Keep A Level Head. That excitement, that buzz of finding out you are pregnant can often overshadow the budget that you’ve created. You have to maintain your control. Buying second hand items that are nearly new can really cut the costs of the nursery furniture and equipment you may need.
Plan For The Worst. What would you do if you lost your job? When you’re working out your finances, you need to consider what would happen should you or your partner lose an income. Can you keep the children fed and warm? This is where preparing an emergency fund comes handy. It’s not always a bad thing, especially if one of you could stay at home with the children and save on childcare costs!
Be Practical. When you decide to try for a new baby, start thinking ahead. And when those blue lines show up on the test, you can start adding diapers, baby wipes and (if it’s your choice) formula to your grocery shopping. If you build a stock of these items, including diaper cream and blankets, you can slowly build up a supply throughout the nine months you have ahead of you.
Planning for a baby doesn’t have to be scary, after all, they take a while to cook before they arrive! Make sure you hit up friends, family, and local selling sites for baby clothes and items, and where you can build up a stock of the essentials. You’ll be glad you did! And remember… once they start to grow even more, you can then start saving for their college fund.