Having a baby is a blessing and a life-altering experience. However, with this great news comes a serious realization. Having a baby will change your life in more ways than one. It will cost money and force you to change your lifestyle and save up before the baby arrives. Many couples can be terrified with this news but the fact is – it is manageable. Many have done it before and you can do it. With good strategic planning and smart decision making, you will be able to save money before the baby comes.
Do not worry – prepare
One of the most important things to realize is that you will have to prepare for the baby’s arrival. You will also have to save up for that moment. However, you don’t have to be worried, there is time. The deadline for savings is the birth date but you still have to make plans and decisions right away. So, how can you save up and generate savings for the baby’s arrival?
Saving money – Cut down on expenses
One of the first steps is to cut down your expenses and get rid of the money-draining habits and activities. Think about what you really need and want. Unnecessary things like eating out or going to concerts are a huge expense that you can live without. If you live in a big city like New York you can have even more options to save money. With its extensive offer of everything, you can buy stuff on deals for less and exploit all of the benefits of living in New York City. Living in a big city can help you cut down on expenses.
You can still calculate these expenses in your budget without really having them. You can direct them to your savings account that you can set up for the baby. You can also try to adapt to having one less income. Try transferring one income directly to the savings account. Living on just one income will help you save money before having a baby as well as help you get used to living with a baby and one income less.
Accumulate extra income before the baby comes
It is always a good idea to try and earn some extra money. Nowadays it is easy to find earning opportunities online. These jobs are not hard so they won’t put much strain on the family members and won’t burden the pregnant woman. They will be a valuable source of money to be put aside for the baby.
You can also downsize your house to earn extra money. Change your apartment for a smaller one or move to a cheaper NY neighborhood. Also, be sure to research on how to save money on your NYC move and put the surplus into savings. You can always look around for stuff you have but don’t use them. If they are in a fairly good condition, they can generate some income if sold online. Try to be creative and find new ways to fill in your savings account. You can always try and sell:
- your music instruments,
- sports equipment,
- shoes and clothing
Buy baby items on sales
It’s very easy to do your online research and find good deals on baby-related stuff. Buy wipes or dippers in bulk and big boxes to save money. Try to find cribs, strollers, playpens, and other expensive stuff trough online sales. Also, consider buying them second hand and see how much you can save. Be aware that spending less does not make you a bad parent. You also do not have to buy high-end equipment nor provide your baby with everything. Be realistic and modest and it will go a long way.
Also, do not be shy and say yes to baby showers. Accept gifts from friends and family. Ask for useful gifts and you will be saving a lot of money before the baby comes. Also, encourage your parents and family to opt for the money gifts that you can transfer to your savings account immediately.
Conclusion on how to save money before having a baby
So, having a baby can be a terrifying and nerve-racking experience. If you take into account the financial aspect of it, it can seem even more complicated. But you must know that it is manageable. With proper planning and rationing, you can save enough money to enjoy the time with your baby when it finally arrives. Prepare in advance and enjoy your baby, stress-free. If it is necessary, you might even consider hiring a moving company and moving to a more affordable neighborhood. Why not?