Saving money can be a task in itself, and the pressure may be rising when you are expecting and figuring out ways to save up. Stress is one factor that can be removed from the equation in any area of life. These tips will provide guidance and structure so that you are on your way to reaching your financial goals within the allotted time frame.
Set a goal
One very important step when you are saving money is goal setting. This way you can track your progress without stressing about it. Your personal goal can be set at any amount and you can add to this savings fund at any time. For example, you have 5 months until your delivery date and you want to save up $5,000 before the 9 months is up. Then you should be saving around $250 weekly on average. If you decided that you wanted to deposit money bi-weekly or monthly then you would simply recalculate and adjust.
On average, the first year after childbirth, the expenses can range anywhere from $10,000 to $20,000. And the average cost of a child from birth to 18 years of age is about $250,000. The types of expenses you should research can range from college funds, school funding, food, clothing, health, and much more. Toys and furniture are great expenses as they can be beneficial health wise like teething or they can provide protective as well like portable gates.
You may find a better area to live in. Or, even a ranch style house that is more suitable for children. This expense should be factored in with the majority so that there aren’t any surprises if you decided against it or not. It is better to have fewer expenses and to be over-prepared than the other way around.
If you or your partner are working within a company with very reliable insurance then this would be the perfect time to dig in and find the best policy and coverage for your family. There are also policies and savings accounts that can be put into place to protect your family in the event that something would arise. Increasing your life insurance policy should be a very thorough decision. There are other factors to consider here as well. What type of coverage is provided for college tuition funds and what type of healthcare is offered under each policy?
When you are making an addition to your family, you should also look over your will and make the necessary adjustments.
There are a few ways to cut corners on expenses. Breastfeeding is certainly a more healthy alternative for food. By utilizing this method, this expense is greatly reduced to simply purified water for the child. Rather than buying formula to make milk. If a breast pump is not affordable at the time, there are other ways to modify real food. Please keep in mind that insurance companies are also able to assist with the first breast pump. You can puree food at home or buying baby food in bulk will also provide a great difference in pricing, allowing for more savings.
Purchasing supplies, furniture, and basic necessities at once can take a large chunk out of your wallet. To prevent this, start planning ahead of time by working with companies that provide payment plans.
Planning for childcare and maternity leave is also a job to be sorted to beforehand. You would probably feel more comfortable with the assistance of a close relative or family member. Well, your wallet would feel more comfortable as well.
You may want to put away that speedy sports car and pick up something much more convenient. You should research the best midsize truck that would be the perfect fit for your family and your new addition.