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Are you expecting a baby in 2013? If so, you might be wondering how you’re going to afford your little bundle of joy. Times are hard at the moment, but there are ways to get your finances in order and prepare for your new born.
Take Stock of Your Debt
If you slipped into the red during 2012, it’s important to take stock of your debt. This might sound like a grisly New Year task but it will help you understand your financial situation and move forward. To begin with, write down everything you owe and work out if there’s any way you can clear your outgoings before the baby arrives. Transferring outstanding balances onto a credit card with a lower interest rate could help or you might want to set up monthly payment plans.
Set Up a Savings Scheme
Before you know it, there will be another little person running around everywhere. They’ll need love, care and financial support for a number of years so it’s a good idea to set up a savings scheme. This can continue way past the birth and will provide you with a financial safety net as they grow up. If you need help and advice to get started, contact a financial advisor, speak to others on parenting forums, talk to your bank or make the most of the savings apps available.
Start Buying Things Now
Finding out you’re pregnant can be both exciting and daunting – particularly when you read the list of things your baby will need. The requirements are quite extensive, so it’s a good idea to stock up on nappies, wet wipes, soaps, creams, talcum powder and other things that will keep. Of course, you’ll probably get a wealth of goodies if you throw a baby shower, but it’s worth stocking up on the basics anyway. If your relatives want to buy something special, ask for an essential item like a high chair, car seat or pram.
Don’t Be Afraid of Second Hand Goods
When you’re expecting, it can be tempting to apply for a credit card and rack up huge bills on anything baby-related. The reality is your cherub will grow out of cute dungarees, little cardigans, miniature hats and tiny socks within a few months, so it’s not worth spending a fortune. Instead, reuse clothes your other children have worn in the past or buy items off you friends and relatives. You might even find some second hand clothes online or in charity shops that will do the job just fine. Give everything a good wash before you use it and it should keep your bouncing bundle warm and cozy.
Having a baby will certainly change a lot in your lives, but it shouldn’t leave your bank balance dry.