Financially Planning for a Baby

A baby will change your life in so many ways, especially if it’s your first. Many first-time parents are surprised by the amount of needs a baby has and the amount of money it costs to supply those needs. If you’re able to financially plan before baby arrives, it could take a lot of weight off your shoulders when baby is here. You’ll be able to enjoy your time as new parents, instead of worrying how you’ll provide for your child or cover all of your bills. Here are some tips to planning ahead for your baby.


While You’re Pregnant

While you’re carrying baby, there may be certain things you need that you didn’t need before. For example, you may have to purchase maternity clothing, nursing bras and you may have to satisfy some cravings. It’s wise to put some money aside for the unexpected. If you know you’ll be paying for scans of the baby and maternity photography, you’ll have to put money aside for those things too.



A baby needs one or two (or thousands of) things. Baby will need somewhere to sleep, somewhere to be changed, somewhere to be bathed and bottles to be fed. You may also need a breast pump and bottle cleaning essentials, even if you plan on breast feeding. Many mothers to be find that they’re inundated with newborn clothing but those clothes won’t last very long. Babies grow quickly! Then there will additional expenses like toys, blankets thermometers and a range of other things. Planning your finances ahead will mean you can stick to a budget and then ask for help if you need it. Another alternative is using Credit24 to buy the larger items.

Maternity/Paternity Leave

You’ll have some time off work when your baby arrives but you may find that you’re paid less than you normally are. For some people, you’re paid less than you are when you’re taking an annual holiday. If this is the case, you need to financially plan to cover bills, food and baby things when you’re on your leave. This is a time where you get to bond with your baby and help them to grow. You don’t want it to be overshadowed by money worries.


Post Baby

When your baby arrives it’s an exciting and emotional time. Make sure you’ve planned for the amount of money you have to spend in the first year. A baby will need diapers, formula, new clothes, teething toys, medicines and eventually baby food. It may not sound like much, but these are all items you’ll have to buy in bulk. You could be using up to ten diapers per day for one child, double it if you’re having twins.

Planning for a baby in all aspects will ensure you have the time to enjoy your child. The more you’re aware of and ready for, the less stress bringing a newborn home will be. Of course, as new parents it’s okay to forget things and remember to ask family and friends for help and advice when you need it.

1 thought on “Financially Planning for a Baby

  1. I would be terrified having to start all over again if I was pregnant, there no such thing as planning…

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