Preparing a Budget for the Baby

Last week, I had the opportunity to visit a young couple. The young couple are expecting their first baby soon. As we chatted on various issues, the conversation inevitably turned to the baby, who is expected in a month’s time. The eager soon-to-be parents were seeking my advice, on how they should go about preparing to receive the baby. Speaking from a man’s perspective – which I believe is a pragmatic perspective — I told them that one of the most important things to do, when getting ready to receive a new baby, is to prepare a budget. And that is what I am reiterating to my readers in today’s article: that one of the most important things to do, when getting ready to receive a baby, is to create a budget.

A costly affair

Taking care of a young baby is a costly affair. A young baby comes with certain unique needs, that have to be catered for financially. Your family expenditure is certainly bound to go up, once the new baby arrives. If you are first-time parents, then you may be amazed at the amount of money you find yourselves having to spend specifically on baby items. The bottom-line is that you need to prepare financially. And the starting point, in that regard, is by creating a special budget for the baby.

Items to be included in the budget

There are many items to be included in the baby budget. If you have previously been involved in the care of newborn babies, you will know, based on your experience, what to include. If you have never been involved in the care of young babies, you will need to ask people who have experience, to give you advice on the things to include in the baby budget. Or you can research online, to see what is required. All in all, you need to appreciate that a new baby comes with special needs, in terms of food, clothing, medical care, toys and so on. Further, you have to keep it in mind that you may have to hire someone to help you take care of the baby — as baby care can be quite tiresome.

Financing the budget

If you are employed somewhere, then you will have to find a way of making your monthly (or fortnightly) earnings to stretch, to accommodate the new baby. You can start by looking at your pay stubs. If, for instance, your employer uses the Paycom payroll processing service, you can log into the portal, and proceed to review your pay stubs. Based on your past earnings, you can make projections of the amounts of money you expect to earn in the future. Then you can try to work out which expenses you will cut back on, so as to remain with money that can be used to finance the unique expenses related to the new baby. Ultimately, the baby budget has to be financed: one way or the other.