Learning you’re about to have a baby is one of the most life-changing and exciting events anyone can experience. Becoming a parent will mean a radical change to your lifestyle, and it will disrupt your budget. This is the perfect time to use a monthly expense calculator to track your expenses and make informed financial decisions.
If you plan and start budgeting before the child is born, you’ll have a much easier time managing your money once you’re a full-time parent.
Five Monthly Budgeting Tips for New Parents
1 – Start estimating and budgeting for medical expenses ASAP
Budgeting for your medical needs should be a top priority. This should include prenatal care, delivery, and any expected expenses shortly following delivery. Ask friends or people online to share their expenses to help you estimate.
2 – Leverage your gift registry
You can significantly cut down on early childhood experiences by making the most of a baby gift registry. In many cases, you can get friends and family to pay for a lot of the diapers, food, and clothing you’re going to need.
And don’t forget hand-me-downs! If you know anyone with a toddler, they might have some baby clothes they no longer need.
3 – Start budgeting for food
Food will be one of the most significant expenses to track in your monthly expense calculator if your kids’ appetites are anything like our kids. Ideally, you should have a good idea of how much you’ll be paying before the child is born.
If the amount of money seems too much, look for alternatives. For example, most baby food is just blended vegetables with some sugar added. You could easily make your own, for much cheaper and healthier. Don’t forget to budget for nursing-related supplies either, especially if you’re planning to use formula rather than breastfeeding.
4 – Will your income be disrupted?
How much time will you or your partner be taking off of work? How will this affect your budget? If you’re using a monthly expense calculator effectively, you’ll be able to compare your monthly expenses versus your savings to see how much leeway you have.
5 – Don’t make any big purchases
You don’t have to run out and buy a bigger car just because you’ve had a child. Hold off on any major purchases until they’re a little older and your finances are stable.
Let CalendarBudget Help You Track Expenses & Save
CalendarBudget includes a robust monthly budget calculator that can make early parenthood a lot easier. Click here for a free trial and to learn more!