Financially preparing for a new baby
When you’re expecting, there’s lots of time to plan. Picking a name, painting a room, getting everything ready for the day your baby arrives.
There’s lots of stuff that you’ll need to buy so before the little one arrives, now is a good time to sit down with your partner to discuss everything that’s to come from the financial side of things. Maternity leave, buying equipment, clothes, food and all the bits that go with caring for a new baby can cost more than you expected.
To get you started, here are some of our tips for keeping an eye on the money when there’s a new baby in your life:
1. Figure out your budget and stick to it
We know that it can be tough to walk around the baby department and resist the urge to buy it all so decide your budget and stick to it. This will help you keep track of all your finances and will help to manage your spending. Creating an annual household budget is a great way to keep on top of things.
2. Start saving now
If you can manage to save something small each month, try to split it into a fund for your future and a new baby fund. That way, you’ll know just how much you have to spend on baby items and how much you have for family holidays or events. With an AIB Online Saver account you can open up to four savings accounts in your own name. You can also save with flexibility and get hold of your money whenever you (or someone a little smaller) needs it.
3. Think second hand
Not everything you need has to be new. Family or friends may have baby furniture, or clothes that they’ve grown out of and can give you. This will save you from splashing out for new stuff and can reduce the amount of money you spend.
4. Plan for the future
Now is a great time to sit down with your partner so you are financially prepared for your future. There will be lots more things to think about like childcare, schools or if you or your partner will be returning to work. If you start thinking about these things now it will ease the financial pressure on you later on.
Find more information on planning around families here.
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