Budgeting for your baby

Everyone knows that organising and budgeting your finances can be stressful and confusing, but for expectant parents getting control of family finances before the baby is born is even more important. The cost of a baby can sometimes surprise new parents so creating a budget beforehand is an ideal way of making sure you are prepared. Once you have created your budget, you will find that sticking to it and keeping on top of your family finances is easier than expected.

Before it comes to crunch time take a look at your current financial situation and how you spend your money. Try keeping a spending diary for a month, write down all purchases, bills and outgoings and refer to bank accounts to check for direct debits and standing orders you may have forgotten about.   Be aware that your spending habits will be different whilst working compared to how you will spend when you go on maternity leave. Most will spend less on maternity leave as you won't have to pay for travel costs, expensive shop bought lunches and even the small things like coffee and drinks.

If it is your first child you may be surprised what you will need to buy for your baby. There could be expensive equipment such as cots, highchairs buggies and car seats and then the everyday costs such as nappies, wipes and formula. A great money saving tip is to ask around friends and relatives to see if anyone has any clothes and equipment they're no longer using. Or look in shops, online or your local NCT sale for second hand equipment and clothes that can be bought for a fraction of the original price.

Once you have thought about the things you will need to buy for your baby and have a good idea of your current monthly spending you need to form your budget. You can create your own or you could use this handy online budget calculator for expectant mums that will do the adding up for you. The budget calculator will break down your finances into sections so you don't forget to include anything.

Hopefully your new budget will help you keep track of your finances and make sure you have enough money to leave you stress free to enjoy your time with your new baby.

This article was written by Tom Sangers on behalf of MoneyforMums.co.uk who provide information to help pregnant mums stay on top of their family's finances. Article Source