Baby On a Budget

Baby On a Budget

by Lora Fickett

Many people come to me and want to start a family, but are afraid they can’t afford it.  Yes, children can be expensive, but for me at least, the benefits of having children far outweigh the cost.  I believe in planning for financial situations, so before you have your child, think of all the costs associated with an infant.  There may be disposable diapers, clothes, perhaps formula, day care, home renovations or at least baby-proofing the home, and car seat, stroller, crib at a minimum.  What does that cost look like, monthly, weekly?

Now, pretend the baby is here, start putting the amount you calculated for costs in a separate account.  Can you afford it?  Do you need to re-arrange some of your finances?  Do you need to find an additional stream of income?  The benefit to this type of planning is it give you not only piece of mind that you can in-fact afford an infant, but the 9 months that you are carrying the child you are accumulating an emergency fund.

What if you can’t afford a child?  Now is the time to be creative.  Start to collect slightly used infant items, like a stroller.  Start to look for ways to make additional income.  Perhaps you slowly decrease some of your living expenses, or resist making major purchases.  Pay off a vehicle to free up that car payment.  Move to a less expensive area that is nice to raise a child in, but not as costly.  Collect hand me down clothing.  The main thing is to prepare!!!   Especially in the first few years, your child wont remember what kind of pants they wore, but they will remember how much time and love you gave them.  So plan, prepare and start saving for the child and then have a stress-free pregnancy and a more enjoyable baby on a budget!

lora fickett

Leave a Reply Text

Your email address will not be published.