Getting Your Pre Baby Budget Right
Having a baby can be an expensive experience. Actually, no, let’s scrap that. Having a baby is expensive. There is really no doubt about that. The months leading up to having your baby is the time when you should be preparing yourself not to spend more money than you are now, and to teach yourself to control your budget correctly. Besides the initial costs of setting up your nursery, buying clothes, bottles and so on, most of these expenses will continue for the first few years of your child’s life, and then the requirements are going to change as each year passes by.
We have a few tips that you can do in the months leading to your baby’s birth that will help you to save money, and teach you how you can keep your everyday household running costs to a minimum.
Before we start with how you can go about saving money, for the next month keep a running tab on how much money you actually spend, and this means everything. You may be surprised just how much you actually spend on a day to day basis now, and inmost cases, it is usually more than you realized.
We are not saying that you and your baby should go without the little things, what we are trying to do is make sure that you and your family can have the little things, and still keep your budget in reach.
Pay yourself first
This may be a surprise to some of you, but one of the best secrets is to make sure that you budget in yourself each month. It is easy to include all the basics, and then forget about yourself, or to go and spend a few hundred dollars on yourself, but if it is not in your budget, then you are going to be left short.
You can do this by setting aside some of your money into a savings account each month, and using that account to shop for yourself. That way you won’t be able to overspend.
If you find it difficult to save money, then you could easily setup a savings fund which will automatically take an amount which you choose out of your account, and places it into another account for you every month.
If you only have a limited amount which you can set aside, then you can even stagger the payments. Once every two months, will be easier to manage, and a little savings can surely go along way.
Pay your debt
If you have credit cards and other debt, ten pay this off as fast as you can. It sounds so simple, and yet this is the easiest way to save money. In most cases all you seem to do is to pay the interest on your credit card, or mortgage.
If you are on a tight budget, then even just a little extra every month will make a huge difference in the long run.
Be a loan officer
Once you have paid off your credit card and other debt, keep paying these amounts, but make the payments into your savings account instead or savings scheme.
Instead of buying items on Hire Purchase, use it as your savings goal. Find out how much it costs, work out how much you can afford, and place that money into a separate account. Once you have the money saved, you can buy the item cash, saving your self from having to pay an item off as well as the higher interest.
Keep Your loose change
Keep a jar or money box in a handy place, and preferably make it one that you can get your hand into. Place all your coins in the jar at the end of everyday. You will be surprised just how quickly it ads up to be a nice little nest egg for Christmas or another treat.
Sock away surprises
Anytime you get some money that you were not expecting, put it into your saving account, or if there is something that you have been saving for, put some of it into that. Think of it rather as your next holiday or car rather than a life saver for the month. If it’s not in your regular income budget, then use it as a savings account or to get your debt down.