Welcoming a baby into your house seems to be overwhelming when rampant unemployment is the ugly reality of the world. From food to daycare, it will undoubtedly burn a big hole in your pocket.

If you are becoming a parent the first time, expenses you will come across throughout at least two years since you conceive will make you feel like pulling your hair.

Of course, it seems like floating on the air when you get the news, but it does not mean you will forget to manage your finances. The fact is affording a baby is expensive.

Your income may not be keeping up with all the expenses, although your financial condition is strong enough to welcome a new life into your home. It becomes tighter when you are to take maternity leaves.

Financial strain can be more than you expected, especially if you are already under debt. No matter how much you earn, you will have to cut the cloth to suit your financial circumstances. Here is how:

Settle your outstanding debts

The first thing you should do before someone expensive enters your world is trim the size of your debt. If expanding your family is at the back of your mind, you should start settling all your dues.

The rule of thumb says that you should throw all of your spare money at short-term debts. Try to pay off most expensive loans first. A straightforward method to achieve your goal is to spend less than you earn. Buy only when money is in the bank.

You should figure out where you should cut down on. Keeping up with the Joneses can lead to unrelenting debt, leaving you permanently trapped in a debt spiral.

As long as you can manage to live without anything, go ahead. Your first goal should be to settle all outstanding dues.

Anticipate expenses you will incur

You do not need to wait until the baby comes to create a budget. Start budgeting based on anticipated expenditure. The baby will need a lot of things like diapers, nursery furniture, clothes, toys, and the like.

Having a clear idea of how much money you will need, to meet expenses related to your baby every month. Do not forget to add in regular costs such as utility expenses, mortgage instalments, rent, and so forth.

Make sure that you have enough income to meet all expenses. Build an emergency fund in case you or your baby catches a medical issue.

Consider medical coverage

If you do not have medical insurance, get it as soon as possible. Your medical coverage may include prenatal expenses. However, you may have to incur some costs out of pocket. Make sure that you are setting aside money for medical expenses not covered by your insurance.

Annual payment for your coverage may be expensive although you will get numerous benefits. Try to negotiate with your provider by opting out some tests and procedures to save your money.  

Note that not all health insurance covers normal pregnancy and childbirth costs. Most couples, who cannot afford to pay outright, negotiate with the hospital staff to set up an interest-free payment plan to pay down the price. If this facility is not available, you can take out cash loans in 1 hour in Ireland.

Learn the art of skimping

No matter how accurately you have built your budget and how sure you are about your financial condition, you may feel like being in a tight corner when the baby is due within weeks.

You may lose your job, or your rented property may have been vacated. Such situations can hit your finances. After birth, expenses quickly add up, making it more challenging to keep the wolf from the door.   

Of course, you will have to buy necessities for your baby like a crib, car seat, diapers, and the like, but think about things you will not need. Buying unnecessary things will drag you into debt only.

  • You do not need to buy expensive baby soaps, bubble baths etc.
  • Kids tend to outgrow their clothing, so do not buy branded clothes. Hand-me-down will be a better option.
  • Babies do not walk, so do not need to buy shoes.
  • Childcare can be costly, depending on your living area. Shop around and look out for childcare saving programmes.


Planning a baby can cost you an arm and a leg. Therefore, you should consider finding ways to make a baby budget. If you follow the tips mentioned above, you can easily manage to have enough money to bear all expenses pre and post-childbirth. If you still need money, bad credit loans are always an option for you. Remember that you do not need to neglect your own financial needs, retirement plans etc. You will need to fulfil the needs of everyone in your family.



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