Do You Need To Budget For A New Baby When You Already Have Children?
5th March 2018
Are you expecting another baby and are wondering how you can afford the expense on top of your current child? In 2016, the Centre for Economics and Business Research reported that it cost £231,843 to support a child up to the age of 21. This is a scary figure for any expectant parent, let alone one with other children to also budget and care for. You might think you know what you’re doing as you’ve done it all before and that’s probably true when it comes to teaching children the risks in the outdoors, but looking after a young child when you’re pregnant, can be a whole different experience.
Continue working for as long as possible
It’s important to stay on top of your budget when you’re expecting a new baby as the cost of pregnancy can soon mount up. If you’re a working parent, consider working up until baby’s due date to bring in as much cash as possible prior to your little one’s arrival. This will also maximize the parental leave you can have following the birth. However, this does mean that you’ll need to consider childcare costs for any other children you have. Where possible, avoid relying on nursery and childminders and utilise family, friends and neighbours to keep costs to a minimum. You should find they’re happy to help out in the short term, until your new baby is born.
Rely on your loved ones
When pregnant, you can expect endless scans, midwife appointments and check ups. If you have other children who are of school age, try to make these appointments during school hours to save you having to arrange and potentially pay for childcare. Hospital car parking costs in some areas of England are extortionate, with some hospitals charging £2.00 for an hour long stay. Where possible, arrange for a friend or family member to give you a lift to avoid these charges and to keep your budget in check.
When it comes to dinner time, aim to make things as easy for yourself as possible. Grocery shopping can be done online and either delivered or collected from store. When shopping for food, select products which are low cost and nutritious, but easy to prepare so, when the inevitable pregnancy related sickness and tiredness makes an appearance, your other children can quickly be fed a healthy and convenient meal. Alternatively, do some batch cooking and freeze portions which you can easily take out to feed the rest of the family when you’re not feeling up to making a meal from scratch.
Shop smart and get other children involved
It’s inevitable that your baby will require new belongings, but hold back on buying too much. Instead, go through baby items stashed in the loft and wash and reuse what you can rather than buying new. This is also a great way of getting other children involved and getting them used to the prospect of their new brother or sister. Where new products need to be purchased, look for high quality second hand items in good condition and spread your purchases throughout your pregnancy to avoid a big cash out.
Budgeting when adding to your brood is essential to ensure you stay in control of your finances and can continue to provide all the support and care your family require.