If you are growing your family then you will have extra expenses. This is something that many people accept and just cope with at the time. However, with some careful planning it is possible to make it a lot easier to manage. It is a good idea to think about what you will be needing to cover the cost of and that should help you to plan more easily. Then you can start to think about where you will find the money needed.
Costs the Baby Will Bring
The baby will bring along costs. These include things like food, clothing, car seat, pram, cot/bed, toys etc. These may not seem like that many things to consider, but they will add up over the years that you bring up your child. Also, these are just the essentials and as they get older, they eat more, clothing costs more and they want electronics and things like that. Then there could be the university costs too and the list can go on and on. It is good to try to work out the cost if you can, although try not to be daunted by it because people usually manage to afford their children, it is just that if you are more prepared, it will make it easier.
Costs of Missed Work
There will be the possibility that income will be reduced due to maternity or paternity leave but some employers will be really generous when it comes to pay and you will get full pay, it will depend. However, this small loss in income could pale into insignificance compared to the cost of being at home with the child. Before the child starts nursery or school they will need to be looked after all of the time. A parent could do it but they will not be able to work or will only be able to work part-time while the other parent is not working and can look after the baby. Even once they are at school there will be before and after school care and holidays to sort out. There are places you can take them or you could use a childminder or nanny but these are expensive and you will have to make sure that you are earning enough to justify the cost.
Ways to Save Money
Therefore it will necessary to think of ways to cut back your spending in other areas. Many parents will cut back on luxuries and treats for themselves compared to what they would have bought before the baby came along. This means less new clothes and things for the home. Some things will be cut back automatically, such as eating out, evenings out etc as although you may be able to get a babysitter at times, you may not want to do it as often as you did before. You may find that you are just too tired to cope with going out in the evenings with sleepless nights and the energy you need for looking after a child anyway. This means that some savings may just happen anyway. However, it is worth making sure that you do concentrate on making sure that you are in control of your spending. It can be very tempting to keep buying lovely things for your children and this could end up meaning that you spend a lot more money than you were before. Therefore, setting a budget could be a useful thing to do.
Ways to Earn More
You may also gain form thinking of ways to earn more. Perhaps something the parent at home with the child can do when they are alone looking after them if that is possible or the other parent finding a way to earn extra. It might be a case of trying for a promotion or changing jobs to one that pays more but it might also involve finding extra work elsewhere.