September 24, 2018

Budgeting Plan for New Parents

Having a baby is an exciting affair. There’s a new sense of joy and excitement in the household. Of course, it comes with a lot of changes.  These include your household finances. As new parents, managing the household budget with a new addition to the family can be overwhelming. But don’t worry. There are several things that you can do to manage a budgeting plan. Here are some things to take into account:

Understand your income and expenses

Know how much is coming in and list down all payments that need to be made on a monthly basis. Work around your income and look for areas where you can cut corners.

To keep everything organised, you can use a household budget planner

There are a lot of apps and online budget programs designed to make the budgeting plan a lot easier to manage. You can also use a household budget calculator to give you a clear idea of where your money goes.

Save part of one income while you’re pregnant

Once the baby arrives, the household will only have one income, so be prepared for this situation. There are household budget planners that enable new parents to see estimates of their cash flow for up to one year. In this way, you’ll be able to manage the household budget more effectively.

Ask about your paid leave entitlements

Check if you’re entitled to maternity leave, recreation or annual leave or long service leave. You can also check out the Government website to see if there are tax benefits, baby bonus or paid parental leave that may be suitable for your situation.

Consider pre-loved baby items

It is understandable for new parents to want the best things for their baby. But if you’re on a budget, buying secondhand items is the way to go. Save money by finding great bargains online and retail stores. You can check out garage sales for other baby essentials such as a crib or stroller.

Bulk buying of baby essentials is another way to stay within your household budget

Nappies, baby wipes, and toiletries are some of the things that you can buy in bulk so you can save money.

Think about your child care options

Reach out to relatives or friends who can help you in taking care of the baby, especially if you already need to go back to work. Look for a childcare centre that meets your needs and budget. You can likewise ask your employer if they offer on-site child care.

Got other household budget tips? Share your ideas in the comments section.

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