Baby, baby!

February 7, 2013 § Leave a comment

Teach your babies wellMany friends have recently had babies or are thinking about beginning their family. Here are some financial things to mull.

Changes – You’ll be home a lot more. Baby needs it to stay germ-free and you need time to recover and maybe even get some sleep. Staying in saves on gas, few expenses for eating out or entertainment. Besides what entertainment beats watching that baby grow and smile and wiggle? Not much, my friend.

Managing expenses – Stores are packed with a plethora of possible things you may be convinced is necessary baby stuff.  But this kid just needs you, some food, a warm place to cuddle and clean ‘nappies.’ Just from a cost perspective disposable diapers and baby formula cost. There are cheaper ways to manage these aspects of babydom with cloth diapers and breast feeding. But what you save in money you spend in time. For your priorities and lifestyle you may opt for convenience. There are plenty of resources from parents, with coupon ideas and other cost-saving methods, to help make babyhood less expensive. So you judge which options may work for you.

Make your own baby food, get used gear and other ideas may work. Obviously you always want to keep safety in mind.

Making better plans – Now that you are parents, what will happen to this precious gift if something happens to one, or both, of you? Do not tell me you are fighting over who would be an appropriate caregiver. Get thee a will and make it snappy. The likelihood is small that you will need this legal document. But if the worst case DOES happen and you leave this dependant alone without a plan…come on. And don’t forget life insurance, bub.

Setting expectations– Though money is often tight, because you may be repaying school loan debt, etc., try not to make a tight situation tighter by adding more debt to your life. Consumer debt in particular is a very tempting option. Think long and hard about your need for stuff. I understand the lure of more up-to-date clothes, a nicer TV or a faster computer or coolest phone when these things may have been a part of life before babies. But the added debt may give you nightmares and years of financial uncoziness.

This is a beautiful time and you can enjoy more with thought and just a bit of self-control. (CR 9011)





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