When Kyle and I got together, our family was pretty much complete already. Certainly, we did talk about the possibility of having more children but with both of us bring in two children already, we were also content enough with what we had. Squeaker, obviously, had other plans. And quickly we realized our blended family of six, would soon be a blended family of seven. One of the first things that we started talking about was how we were going to afford said new baby. Kyle has a pretty good job, and at the time I was still working part time. But after the baby got here? Well, that was another matter entirely. It might have been two months in when we started talking about budgeting for a new baby and about five months in when we looked at our expenses and actually created our new budget.
A new baby brings a lot of joy and hope to a family.
It also brings some uncertainty. You may be concerned that your home is too small, or that you need a larger car, among others. Whether you are expecting your first or your fifth child, chances are that you need baby gear! There are hundreds of different items that you need when the baby arrives, and it is important to remember that stocking up doesn’t mean you have to clean out the bank account.
If you do a little bit of research beforehand, you can get everything that you need at a fraction of the retail price or even for free depending on where you go.
You should also determine what your new baby will really need. Aside from essentials such as diapers and baby wipes, here are a few bigger items that you should budget for:
- crib mattress
- car seat – will you buy an infant seat and then a bigger seat? Or will you start with a convertible seat?
- baby gates and other safety equipment
- baby monitor
- medical expenses (not covered by insurance)
If you’re lucky, you just might have friends or family who have these items already. Ask and see if you will be able to use them. Just be sure that with the car seat that it’s less than five years old.
Other important things to factor into your new baby budget include:
- feeding supplies
And then the day that your new baby arrives, are you prepared? Have you considered starting a bank account for your new bundle of joy? Have you thought about college expenses or what might happen if they need braces? How will you factor this into your budget?
Or, maybe you just want to save for a sunny day.
Maybe you want to save for a family reunion, family vacation, camping trip, etc.. Whatever the case may be, it’s easy to start saving for a sunny day and Sun Trust can help.
At SunTrust Bank their purpose is lighting the way to financial well-being. When you feel confident about your money, you can save for your goals and spend knowingly on what matters most to you. They know we all live for the sunny days and want to you help you live yours.
Subscribe to the Shine newsletter and receive inspiration and advice twice a month to help you live for a sunny day.
Visit the SunTrust resource center anytime for help achieving your financial goals.
This is a sponsored conversation written by me on behalf of SunTrust Bank. The opinions and text are all mine.
Latest posts by Kori (see all)
- A Guide to Shifting Your Office to an At-Home Office - July 22, 2021