A New Baby Is Coming: Start Saving Now

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Lovely infant foot with little white daisy in mothers hands

If you have recently found out that you and your partner are pregnant, then Mazel Tov. This is an exciting event for all families. You and your partner are probably over the moon. You are probably trying to figure out what kind of baby clothes you want to get, what color you want to paint the room, and how you want to let everyone know that you are pregnant. At the same time, it is also important to know that there are some expenses that are going to be coming down the line very quickly. Having an extra mouth to feed can be expensive, so it is important to start saving now.

You probably don’t have a lot of extra money lying around right now. That is fine. It is important to note that every little bit helps. Even if you can only put aside  a few dollars per month, this can add up quickly. If you have a baby coming in 9 months, this is nine months that you have to save up money with compounded interest, so try to avoid touching the money unless you need to. These savings could make a significant difference in the future.

As you are saving up money, it is important to note some of the expenses that you are going to face. For example, you are going to have to take your baby to the doctor on a regular basis. Even if you have health insurance, you may still have to pay co-pays and deductibles. Furthermore, you’re going to have to put extra gas in your car to get there. In addition, you are going to have another mouth to feed. At first, your baby might survive only on breastmilk. Eventually, you’re going to have to buy food as well. If you decide to go with formula instead, this is also relatively expensive. Add this to the car seat expenses, the clothes, and diapers, and it is easy to see why so many people struggle to support an extra mouth. The good news is that you can start saving now.

Having a new baby can be exciting and overwhelming. Therefore, it is important to develop a plan. Part of this plan should involve saving now. The earlier you start saving, the more money you will have when you need it. This could make a significant difference down the line. Furthermore, this will also provide you with peace of mind, knowing that you have some extra money in the bank to support your growing family. Now, sit back, relax, and celebrate the fact that you and your partner are going to be giving birth to a child! Mazel Tov!

 

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