It’s baby season! I feel like everywhere I look, there is a pregnant mom or a new born baby smiling wide. While some pregnancies are planned, others are a surprise. Each pregnancy I see, is full of love and laughter. And with pregnancy comes a lot of fun, excitement and tiredness. There’s a baby shower to plan, a nursery to set up and let’s not forget our finances. Yes, no matter how much you tend to be waddling, you still need to pay the bills.
Whether it’s your first or fifth, having a baby requires a little financial planning. After all, you’re adding an extra member to your family. To make sure you’re ready to support your bundle of joy, check out these effective tips for organizing your finances:
Confirm your job’s leave policy
If you’re employed and plan to take time off for your newborn, check your company’s leave policy. The Family and Medical Leave Act (FMLA) grants all parents 12 weeks of leave, but not all employers offer compensation during this time. Find out if you can expect to receive a salary while you’re out, and plan accordingly.
Start saving now
The earlier you start saving, the better. In addition to a crib, stroller and diapers, you’ll also need money for food, toys, and, if you plan to go back to work, childcare.
Plus, you never know when an unexpected expense may surprise you, so you’ll want to avoid piling on credit card debt if possible.
Scope out discounts
When it comes to certain baby items, hand-me-downs may become your best friend. Start with the parents among your family and friends. Do they have any clothes or gear they no longer need?
Also, find out about parent groups in your community and online. Parent groups are a great way to learn tips and tricks as well as a great way to see what someone might have for sale. Who knows maybe a family has a crib in perfect condition that is much cheaper than the one at the store. Or maybe you can find some tips on buying diapers cheaper since you’re going to needing a lot of those.
Congratulations on your new bundle of joy!