Baby blankets, diapers, strollers, etc. Let’s face it, having a baby can be expensive and those first-time purchases can really add up. Then there are the times when we get a wee bit carried away – like buying the same cute onesie in three different colors. (You gotta laugh at some of those first time parent purchases.)
Then comes the nudge to bring another baby into the world (though that nudge has left me with three amazing kiddos of my own) and you ask yourself or your partner, “Can we afford to have another kid?”
Know that we all have had this same conversation when thinking about expanding our families. Having baby #2, #3 or more doesn’t have to be based on dollars and cents, but it’s helpful to know how another beautiful bundle of joy could impact your family.
That’s why Baby+Co., a women’s wellness and birth center here in the Triangle, introduced Nest – a class designed to help expectant and new parents get smart about money.
At Baby+Co. they believe education is a key component to healthcare that will ultimately empower women to make the decisions that are right for them. So whether its general woman’s health, pre-conception planning or pre/post-natal care, Baby+Co. has a class to help along the way.
And speaking of help, here are a few budgeting tips from the team at Baby+Co.:
Tips For Budgeting For Another Baby
1. Set clear goals and get on the same page with your partner about these goals.
- If the goal seems too big, break it down into action steps you can commit to in the short term, then build on that success to take the next step.
2. Figure out what you’re spending.
- Track every dollar for one month to get a sense of things. There are lots of apps like YNAB and Mint that can help, but a basic spreadsheet can also do the trick.
3. Zero in on two or three categories where you think you can reduce spending.
- Common examples are eating out, entertainment, and transportation/commuting. Grocery bills can be challenging because you want to buy healthy food which can sometimes be pricier, but there are ways to reduce your grocery spending that are actually healthier for you, too.
4. Make saving automatic.
- Have your paycheck automatically put money into your savings account, or use an app like Acorns.
5. Make sure you understand your benefits, including health insurance and any parental leave options.
- Being savvy about how you use your benefits can sometimes save hundreds or thousands of dollars.