Budgeting for a baby

Expecting a baby is a beautiful and exciting time. However, it can also be very expensive. It is never too early to start thinking about saving and creating a budget. There may be benefits available to you as a new mom, such as tax exemption. Additionally, if you have a child with an illness or disability, you may also be entitled to Social Security Income. If you haven’t been claiming for it, then you might be able to claim for SSI backpay.


Work out how much money you will have 

Knowing precisely what money you have coming in will allow you to make clear plans. You may want to use a budget planner to help you.

Next, you will need to work out how much essentials are going to cost; nappies, formula, food, bills, etc.

Especially if this is your first child, it is good to get to grips with what everything should cost.


Cut back

Once you have made a budget, you might decide that you need to cut back on certain things. Asses your outgoings and make adjustments; consider how much is essential and what are luxuries.

It is essential to keep doing things for yourself, and you shouldn’t stop everything that you enjoy. Make allowances for luxury and stick to them. For example, perhaps you spend a lot of money on clothes. Fashion might be a passion of yours, and new clothes make you feel good. If you can, you should still spend money on clothes, but decide how much money you don’t mind spending on it each month and stick to it.

A great way to cut back is to think about small purchases. Small purchases add up to a large amount. For example, let’s say you buy a coffee every day. The average price of a coffee is $2.70, so if you bought one every day for a year it would cost $985.50, which could go a long way towards house renovations or a vacation. Instead, allow yourself a store-bought coffee once a week.¬† Use this cash finder to work out how much you spend on small items.


Deal with debts

If you have any debts, its best not to let them build up. The sooner you deal with them, the more you will save.



Open a savings account and start putting money aside. That way, you have a pot of money if you need it. Make it hard to spend your money by having no card attached to it.

You may need some money put aside for when you are off work on maternity leave.



Whatever your financial position, try and think ahead and make some preparations before having a baby. Or, if you already have a baby, then it is never too late to start being more mindful.

New moms often end up with lots of the same thing. If people want to buy you something, then be clear about what you need. It could save you a lot of money!

Getting into good financial habits will allow you to save and spend it on what matters.



I'm a mother of 2 who likes to get involved in too much! Besides writing here I started a non-profit, I'm on the PTO board, very active in my community and volunteer in the school. I enjoy music, reading, cooking, traveling and spending time with my family. We just adopted our 3rd cat and love them all!

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