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Budgeting for Baby

Budgeting for Baby

May 30, 2014

Maternity clothes, baby gear, and diapers – they’re only a handful of costs to expect when you’re expecting. The good news is there are plenty of ways to factor a new addition into your family budget without feeling the pinch. Here’s how.

Something borrowed. 

It’s tough to justify a whole new wardrobe for just nine months’ of wear and tear. That’s all the more reason for expectant moms to borrow maternity clothes from friends and family. However, if asking for a helping hand makes you uncomfortable, consider arranging a swap shop in your living room to expand your wardrobe and make new friends. 

Twice around. 

You’d be surprised by the high-quality clothes you can purchase for a fraction of the retail price at yard sales, school fundraisers and church fairs. Finding the right fit may take a bit longer than usual but the savings make it a worthwhile adventure. 
Sew what? Many soon-to-be moms choose to pack up their pre-pregnancy wardrobe until baby arrives. However, a talented seamstress can easily modify your existing wardrobe for a fraction of the cost of new clothes. For example, adding an elastic panel to the waistband of your favourite pair of jeans can easily take you through the next nine months. The best part: once ready, a seamstress can return clothing back to its original state.

Get clipping. 

Did you know that expectant mothers are one of marketers’ top target demographics? Now’s the time to start taking advantage of all the deals, coupons and rewards programs you’re likely to be offered in the coming months. 

Get advice. 

No one knows the costs of raising a child more than another mother. Talking to an experienced mom can help you prepare for unanticipated expenses and adjust your budget accordingly so be sure to join online forums and mom-oriented web communities.

Reinvest your money.

 Late pregnancy is a time for relaxation and reflection. But this later stage also presents the perfect opportunity to reinvest your earnings. It’s likely you’re not spending what you used to on clothing, entertainment and nights out on the town. Why not reroute these dollars to a savings account or emergency fund? Or better yet, use the extra spending money to pay down debt or contribute to your retirement savings.