Managing expenses after having a baby:
Bringing a baby into this world is definitely an expensive affair. One of you has to stop working for a brief period of time. So there’s less income & more expenditure. But if generations of people belonging to different financial groups, could manage it well, we can also manage it by just following a few tips.
1. Start saving:
Every month, keep some money aside & call it the “baby fund”. This money is different from the money spent on the monthly expenses for the baby. Even a small amount like a 1000k per month will be a lot of help, once the baby starts going to play school after 3yrs.
2. Smart spending:
Basic items like diapers & soft tissues are required on a daily basis. Instead of buying really expensive brands, you can opt for good & reasonable ones & buy them in bulk, at marts which offer them at a discount rate.
Avoid using diapers when the baby is at home. It even helps the baby stay comfortable.
3. Borrow wisely:
There’s nothing wrong in borrowing things from friends & relatives. Things like a stroller, car seat, baby crib, baby chair etc. are not just expensive, but cannot be used once the baby is old enough to walk. Instead of buying everything new for your baby, you can borrow these from your friends or relatives. You will be saving a lot of money by borrowing.
4. Use Gift cards carefully:
After the baby is born, friends and relatives give gifts & money. Use this money carefully. You can take a life insurance or a medical insurance with this money. Taking an insurance when the baby is just a few months old, is very affordable, as the premium increases with the age of the baby.
5. Stop silly spending:
There’s an extra addition to your family. You should start being more responsible & sensible while shopping.
Stop going to restaurants often, instead of ordering Pizza or Chinese food, its better you eat home cooked food. Don’t buy expensive baby clothes or shoes. Kids grow very fast & you cannot use the same clothes & shoes after a few months.
6. Plan early:
It’s always better to plan before having a baby. But that’s in an ideal world. So it’s not too late to start saving during your pregnancy. Start the “baby fund” during your pregnancy itself.
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