Most couples have at least eight months to prepare for the birth of their little one. So, it makes sense to start saving as soon as you know you are pregnant
It is so exciting to be expecting a baby and experiencing the birth of your new bundle of joy is amazing. The impact of the changes that having a baby forces upon your life, however, can be quite daunting. There’s never being able to do anything alone, for instance, as well as the lack of sleep. The biggest change, however, can be the loss of income if one of you decides to stop working to look after your newborn child.
We have some tips that can make living on one income easier:
Most couples have at least eight months to prepare for the birth of their little one. So, it makes sense to start saving as soon as you know you are pregnant or, even better, when you start to plan for a pregnancy. Try and get as much of a financial safety-net behind you as you can, it could buy you more time off with your baby.
Reduce your expenses
Look at all of your bills – utility bills and subscriptions, as well as insurance, petrol and groceries. Are you spending more than you need to? Use a comparison service to see if you could be paying less on all of your monthly commitments. Take the time to shop around to make sure you are getting the best deals on the things that you need to buy.
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Try and get as much of a financial safety-net behind you as you can, it could buy you more time off with your baby
Check if you are entitled to any benefits
If you choose to live on a single income, it might be that you are entitled to extra benefits. Check with the Government agencies in your country to see what support is offered to new parents, you never know, it could be just the thing you need to get you through.
Throw a baby shower
Family and friends often fall over themselves to help you gather everything that you need for the first few months of your baby’s life. Don’t be embarrassed to throw a baby shower; trust us, your loved ones will relish the opportunity to celebrate with you and help out with the essential items. They will appreciate a list too, so do let them know what items you still need.
Look at your lifestyle
It is all too easy to get used to a certain way of living and to find it difficult when things change. Too often, we get caught up worrying about the things that we want rather than what we actually need. Look at your lifestyle and see if you could save money by prioritising only the real necessities and sacrificing some of the ‘wants’.
Buy in bulk
Save money on groceries by purchasing items in bulk. Items such as toilet paper, washing powder or even nappies regularly go on sale in bulk and have no expiration. Make sure you take advantage when offers are available and save yourself some cash in the long run. You should visit several different stores to pick up the best bargains.