5 Ways to Financially Prepare for a Baby

Whether your bundle of joy was planned and prepared for, or whether you were totally shocked by that positive pregnancy test – it’s a well-known fact that babies can put some financial strain on a family. It doesn’t take long for a couple to start worrying about the cost of cribs, formula, diapers, and – if they’re very ambitious – a college fund for their someday-Harvard-student. But having a baby doesn’t have to make your bank account spontaneously combust. There are tricks and tips for padding your savings in preparation for your little one, just as there are tricks for soothing morning sickness during early pregnancy.

Here are just a few ideas to lessen the financial stress of a new baby.

1. Build Your Babysitter Fund

It may seem premature, but set aside a fund to pay a babysitter or other childcare options before your little one has even arrived. The joy of a newborn is also peppered with stress and exhaustion. As a couple, it will be hard to find time to talk with one another, let alone catch up and enjoy a romantic dinner together. You’ll find that a little chunk of cash comes in handy when your little one is a couple months old and you just really, really want a glass of wine and a night out.

2. Look for Free or Affordable Activities with Kids

Don’t get sucked into the trappings of paid playdates or classes. Your city probably provides lots of opportunities for parents to do things with their kids. Does your local zoo have free days for children? Does the yoga studio down the street have a donation-based mom-and-baby classes? Does the rec center have free family pool days? Is there a library nearby with scheduled story times each week? Most likely, the answer to all of these is YES. Be resourceful and seek out these events and activities before your little one arrives.

3. Take a Long Look at Your Health Insurance Policy

Make sure you have the best possible coverage for pre and postnatal care! You want to be sure your baby is cared for before and after birth.

4. Buy Secondhand

Here’s the thing about all those adorable onesies and bonnets you see at Carter’s – your child is going to wear those for about two minutes, if you’re lucky. There’s a good chance you’ll be in such a fog of sleep deprivation that the newborn will wear the same onesie for the next three months. And there is no shame in this, by the way; but you’ll do well to buy those cute clothes from yard sales and thrift stores until the kiddo is old enough to pick outfits for himself.

5. Ask for What You Need

Baby showers are the best. They allow family and friends to gift you with things for the new baby, and they allow you to ask for that bouncer you really want! So don’t be afraid to ask. People love babies and shopping for baby clothes and toys; they will be happy to shower the little one with gifts.