5 Tips for Financially preparing for a new Baby
Having a baby is very EXCITING! Once the initial emotions have past, here are a few tips to help you get started thinking about how having a baby will change your financial life without hitting the pocketbook too hard.
1. Create a registry of wanted and needed items
Websites like Babylist.com are great because you can add items from a variety of sources to one place (Amazon, Wal-mart, Target, etc) to make it easy for others to shower you. Also, you will get a coupon code to buy items for yourself at a discount.
2. Check in with your insurance policy as well as look into outside resources for Birth Partners
Call your insurance to inform them of the news and find out how your policy will change, what benefits and discounts you might qualify for, as well as what birth services they support. Birth Doulas are covered by some insurance companies and not others. Some companies will reimburse you for paying out of pocket.
3. Invest in furniture and activities of good quality
Like most furniture, it's an investment: you get what you pay for. Furniture and activity toys can be used for more than 1 child. Baby's don't typically tare things up.
4. Once a month, or whenever you get paid, add a gift card to your order
The extra money helps when the baby is bigger. Use these cards to purchase diapers or wipes or clothing that the baby now needs.
5. Borrow or buy second hand
Borrowing or buying secondhand items can save a lot of money. Babies don't use things for very long and they don't typically wear them out.