5 Financial Moves We’re Making Before Having a Baby

money before baby

“There’s never going to be a good time to have a baby,” my sister told me as we drove to my mom’s with her toddler in tow. “You just have to do it now.” This was after I told her one of my many excuses why we are not having kids right now, “we just can’t do it financially at the moment.” While she may be a little biased (she wants me to have a baby…yesterday), she does make a point. Kids are expensive. And we’ll probably never really feel like we can afford one. However, we are getting a few things in order to make the financial shock a little less painful if and when we finally decide to have a baby.

#1 We’re Saving Money

As previously mentioned and with emphasis, kids are expensive. Oh my gosh, they are expensive! And I’m not even talking about diapers, formula, and baby equipment. I am talking solely about daycare. I can’t believe how expensive it is. On average, it’s about $1,000 per month. That is a big cut to our income, which will make it harder to save. So, we’re doing it now while we can.

#2 We’re Paying Down our Debt

On top of saving money, we’re also paying down our debt. This should help free up some money each month. Being new parents to a baby is stressful enough, we don’t need financial stress from our debt to add to it. We have a ways to go before all of our debt is paid off. But we’d like to get at least some of it (credit cards and my car) paid off before bringing a baby into the world.

#3 We’re Mastering Our Budgeting

Becoming homeowners brought a slew of new (and higher) bills and other costs. We have to get used to our new budget. Before we add even more costs to our budget, we need to get used to living on this one for awhile. Once we can do that, we can see where we have wiggle room, where we can eliminate some costs, and how much more money we will need to make in the future.

#4 We’re Finding Ways to Cut Costs

We became pros at cutting wedding costs, now we’re tackling regular costs of living to help us save money and pay down our debt. Once we find new ways to cut costs, we’ll have a little more wiggle room in our budget for other expenses.

#5 We’re Spoiling Ourselves (a Little)

While we are working on our finances, we’re also rewarding ourselves and enjoying the ability to buy things for ourselves. We know that we won’t be able to buy a few frivolous items when we have a baby that will always have more important needs. So, we are spoiling ourselves while we can. It’s helping us enjoy our time as husband and wife and as a family of three (plus our dog!).

What did you (or are you doing) to prepare for a baby?

6 thoughts on “5 Financial Moves We’re Making Before Having a Baby

  1. I am not a woman first off. I just happed upon your site while reading all about you in your profile, sorry for this truth, and I probably wont be speaking quite in the way as is expected. Just my Fed up take on most everything I encounter anymore.
    I have zero plans for a child, I like sex, as im sure most men will say, but oh no, not without protection, its just not worth it.

    1. Hi Brian, thanks for reading even though you are not a woman! This blog is really for everyone. I hope you can find some useful information in this blog although you are not female. There is still some good stuff here for everyone. I like to think so at least. 🙂 Kids are not for everyone. I am glad you are being smart!! Have a good day.

  2. Easiest way to budget for a kid… Don’t have one… If you do, just expect that your return on investment is going to be poor. I am going to take 10% of my daughters pay check until I pass away. I think that is an easy trade off. 😃

    1. Haha nice, Danny. That little girl has you wrapped around her finger! Something tells me you think she’s worth it (most of the time)!

  3. I’d really like for my husband and I to try to get down to a one-income budget before having a kid. I think we do #5 a little too much! Haha

    1. It’d be great if my husband and I could get down to a one-income budget! Ha, yes, we need to relax on #5 as well! Haha

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