Having a baby can be expensive, and you probably have a million things running through your mind. Here are some tips on how you can be financially responsible for yourself and for your baby.


  1. Cut down debt If you have credit cards consider transferring your debt to a card with lower interest rates in preparation for the future.


  1. Start saving With each paycheck received, take a portion out to be placed in a savings account. This money can be used in emergencies or if your costs have become more expensive than anticipated.



  1. Draft a pre-baby budget Before delivery, you should sit down and decide how much you plan to spend in the coming months on preparation for your child’s birth. Adjust your budget accordingly but try to stay in the same range if possible.


  1. Baby Gear Advertisement will come from everywhere once you are pregnant, but you don’t need everything you see. Remember, babies do not need fancy cribs or strollers, they need the basics. You can save money by not getting sucked into the more advanced baby supplies.



  1. Plan for maternity/paternity leave Taking leave can significantly impact your finances. Make sure you know how much leave you have and whether you will be paid during this time. If you or your partner plan to become a stay at home parent, it should be thoroughly discussed as this decision can also alter the household’s finances.


  1. Plan your post-delivery budget Diapers, wipes, childcare, and extra food in the house can become expensive. Determine how much of each you will need each month to create a budget that best fits you. Childcare will take a lot out of your income, so be cautious in deciding who takes care of your child.



  1. Health Plan Bringing a baby into the world now means that someone depends on you. Though some people think so, newborns are not automatically added onto your insurance. So that you have less to do once your baby has arrived, remember to place them on a health plan.


Personal finance can become difficult when you add a child to your family. Start early, plan carefully, and you can minimize the financial obstacles you have to face when starting a family.