Start by creating a budget based on your current household expenses — and finding areas to trim if needed. Next, account for upcoming expenses — both one-time and monthly expenses.
Medical: Kids and doctor visits go hand in hand. No matter what stage you’re in, it’s important to find out what insurance covers — so you can factor it into your budget. Consider things like prenatal care and delivery, postpartum care, pediatrician visits and other check-ups.
Big-ticket items: From cribs, to twin beds, to the “big girl bed” she’ll ask for down the road — expenses are inevitable as your family grows. Saving for these big-ticket items, browsing deals and sticking to budgets can help with your financial peace of mind.
Recurring expenses: Diapers, formula, food, clothes — anticipating recurring expenses, no matter what stage you’re in, can help you breathe easy.
And don’t forget to account for any upcoming changes in income. For example, if you decide to put your children in daycare, make sure your updated family budget reflects this. While this seems like a very obvious tidbit, it’s easy to overlook these types of things when you’re busy with the excitement of parenthood.
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