How Expecting Parents Can Budget for Their Child

How Expecting Parents Can Budget for Their Child

When you’re expecting a child, many emotions will run through parents’ minds to make sure they have the best life possible, and they will do anything (and I mean anything), to make that happen. Being a new parent should be the most exciting time of your life, and a few worries are normal. Of course there is a long laundry list of things to do before your little one arrives, and one of those things is budgeting.

From decorating the nursery and buying a crib to buying nappies and baby food, all of these necessities cost a lot of money. Until you’re done getting ready, you’ll have spent thousands of dollars on just getting ready for them, and they aren’t even here yet!

In the last few months of pregnancy, you can start writing down things to cut back on, and alternatives to popular necessities for your child, such as making homemade baby food and switching to reusable cloth nappies. Kids clothing store 

Plan to Go Thrift Shopping

There’s no sense to purchase brand new clothing all the time for your child, since they’ll only be wearing things for a couple of months until it’s time to go up a size. There are many second-hand stores that have an entire baby section that is much more affordable than the average kids clothing store. Another item to never buy brand new are shoes. Your baby will get about 2 months of wear out of them and that isn’t long enough to make it worth your money. Once you see how much a onesie or shirt costs at a secondhand store, you’ll really see how much money you can save.

Make a Finance List 

As your child’s education is very important and you should save for their college, you shouldn’t count this as part of your current financial situation. Always have a few hundred dollars stashed away for an emergency fund, approximately $500 to be safe for any unexpected expenses like dental and hospital visits. 

Save for retirement: Make sure you’re putting money away into your 401k each month to save for your future when you retire. It’s smart to put about 15% of your income into this, and it’s even better if your employer matches your 401k.

Pay off debt: If the bills are piling up, get those taken care of so you can start fresh with a clean slate. Debt will hurt you and your credit score, costing you money every day until you pay them off. If you have outstanding bills, you won’t be able to focus on the main financial priorities for your new addition.

Practice Living Simply

Income often changes temporarily or permanently after having a child. Oftentimes both parents will take maternity leave for some time, then one person will go back to work. The other parent will have responsibilities as a stay-at-home mom or dad and since there will be only one income coming in, things will be tight at first.You’ll need to make room for a smaller budget and adjust to about half the income. 

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Nicolas Desjardins

Hello everyone, I am the main writer for SIND Canada. I've been writing articles for more than 10 years and I like sharing my knowledge. I'm currently writing for many websites and newspapers. All my ideas come from my very active lifestyle, every day I ask myself hundreds of questions to doctors, specialists, and physicians. I always keep myself very informed to give you the best information. In all my years as a computer scientist made me become an incredible researcher. I believe that any information should be free, we want to know more every day because we learn every day. Most of our medical sources come from and government research. You can contact me on our forum or by email at

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