Babies and Finances – Re-think Your Budget


As a new parent, you're filled with equal amounts of excitement and worry over your new baby. One worry is the amount of debt that can occur with a new child. BabyCenter.com distributed a survey to 1,000 new mothers and found the average parent spends over $10,000 during baby's first year. Baby expenses include diapers, clothes, food and an increase in basic utility costs. When you bring home your new bundle of joy, how do you avoid or lessen your new baby debt? Re-think Your Budget If you're pregnant, start budgeting immediately. Compare your current budget to anticipated costs. Take a look at all of your expenses to see where you can make cuts. You can probably remove premium options from your cable lineup, especially since with a new baby, you won't have as much time to watch television as you did before the baby! If you eat out several times a week, cook more meals at home. Look at other ways to cut any unnecessary costs, putting your savings in a new account. It's important to adjust your lifestyle, now, so you can save for later.

 


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