Babies and Budgets

In the beginning of a new year, we look towards the next 365 days as full of possibilities, exciting new adventures and the potential for major life changes. Maybe, 2019 is the year you plan on starting a family! If so, it will be one of the most exhilarating, proud and emotional whirlwind year of your life. The thought of planning your new life with a baby can be overwhelming and daunting, especially when it comes to the financial responsibility of childcare and ensuring you can give your child everything he or she needs to grow and thrive. From their first stroller to their college tuition fund, you want to make the right decisions every step of the way. While browsing for tiny, adorable onesies and choosing the proper paint color for your nursery may be more appealing than say, anticipating the costs of college for your little one, every piece of the financial plan is important! Below is a simple three-part plan to help start considering for the future and planning to save with ease! 

1. Pre-Baby


From the exciting time you find out about your pregnancy up until your delivery date, you may feel rushed to get everything done. As soon as possible, start working on a plan of attack for how you can get it all done. Using an calendar, plan out which days you’ll dedicate to working on the nursery, clothes shopping, supply gathering, etc. Then, calculate the cost of the necessities for the arrival, including your medical expenses and what you’ll need when you bring your bundle home from the hospital for the first time. Diapers, wipes, formula, an espresso machine for you and your partner, etc. Make sure you have everything on deck so there aren’t too many late-night runs to the grocery store or panicked, “WE NEED (blank)!” moments in your otherwise overjoyed, totally-not-stressed-at-all household those first few weeks. With a detailed plan, you’ll feel prepared going into the exciting months ahead leading up to your delivery and you’ll be able to combat any unexpected costs or issues with a calm, clear head. We love these printable budget binders from Blooming Homestead

2. The First Few Months 

Soon enough, you’ll probably be brave enough (or dying to) leave the nursery and bring your new baby out to into the world! AKA, you get to show off your new stroller for the first time and bring your baby around town in style. While the amount of choices can be overwhelming, narrow it down to what you really need by using a helpful chart to compare options. Or, to make it even simpler, Maclaren’s Buggy Selector tool helps you find your perfect stroller by evaluating what you need out. If you have a vision of yourself as a future soccer mom, toting a lightweight, sporty stroller that’ll be easy to toss in the minivan, the Maclaren Quest might be what you’re looking for. If classic is more your style, you might be compatible with the iconic Daytripper . While the purchase of your first stroller is an exciting one, don’t forget about all of the other necessities that you’ll ultimately need when hauling your new baby to run errands or just enjoying a day out. Consider reading up on what other moms consider to be their most essential baby-products such as swaddle blankets, ice packs, orstroller organizers . Create a list that makes the most sense for you and your baby, and work these items into your budget! 

3. And Beyond 

Finally comes the most intimidating part of your financial plan: the future. While it doesn’t have to be all mapped out before your baby is born, a loose plan for future childcare, college savings, insurance and emergency funds will be helpful to have for when you get serious about saving. A financial advisor can help you make the big decisions, whether it’s purchasing life insurance, investing in a college savings plan or adding a new addition to your health insurance. Planning so far into the future can be overwhelming, but will alleviate stress so that when the time comes, you can feel prepared and at ease, ready to enjoy your new family and soak up all the joy that is to come! From our Maclaren family to yours, Happy New Year! 

Check out these resources from Nerd Wallet The Bump on how to start financially planning for your new family!