7 Tips To Help First-time Parents Prepare Financially For A Newborn
Congratulations! In the next few months, your first piccaninny will be in your hands. You will be unable to control your joy and of course, you have thought of different things you will do for your newborn. This is why preparing for a baby takes a lot of work, planning, and energy.
For your plans to come to fruition, you need money. So, whether you are a first time parent or planning to have one in the future, Jumia Travel, the leading online travel agency, shares ways to financially prepare for a newborn especially if you are having a baby for the first time.
Having a baby means that your financial responsibilities are about to double or triple. The best way to cushion the effect or impact of this is to start saving. Do not wait until you see your wife’s protruding belly before you start.
Set up a baby fund
Some banks have packages for customers who want to establish a baby fund. You only need to approach them. Tell them to deduct a certain percentage from your account at the end of the month for your baby fund. If you like, it can be a joint account.
Adjust your budget
A budget is the ultimate way to check your spending. With a new member coming into your family, you have to overhaul your budget to accommodate or reflect the changes. Check your budget again and again and remove non-essential items you do not need. Do this with your better half.
Figure out your income
When you have a baby, it doesn't mean your income will increase. Will you work more jobs to earn more income? Even if the income is enough, how do you intend to assign the money so that it can go round? Remember that there are other responsibilities besides having your baby.
Review your spending
After you get married, you have to streamline your spending. There is no room for extravagance. Even if this is the case before you had a baby, you have to stop after having a baby. This doesn't mean you should live below the line.
Keep your baby purchases in check
There is the tendency that you may want to spend so much on your baby whether they need whatever you are buying or not because you are excited. Do not make this mistake, buy things that are important and essential for their upkeep. Other things can come later.
Do not throw a lavish christening
We love parties in Nigeria and we love to celebrate everything. If you have to celebrate the christening of your child, it has to be in moderation. There is no need to go all out.