My experience in the banking world showed me the not-so-great things that happen when a mother and partner are not on the same level with their financial knowledge and management. With everything, we should start small. Little things make a big difference. Here are some financial tips for new moms. This is not meant to cause stress or anxiety. However, implementing some of these steps will create a routine and alleviate some of the unknowns in the future.
Establish Savings Goals
Your baby and family grow every day. As a new mom, the immediate thoughts are diapers and wipes. But as they get older, we add activities like swimming or music class, and then their education to the list of things to pay for.
Keeping track of your current expenses and spending habits will help you determine how much you need to put aside. Do not forget that an emergency fund is the first step.
Protect Your Growing Family
The thought of your little one being without you or them ever leaving you is not something we think about often, but it does peek into our minds a little at times. Taking the time out to create a will for your family is a way to protect them when you are not here. An emergency plan and knowing notifying those closest to you of your wishes if something were to happen to you are very important.
Second Hand, Reusable Goods, & Hand Me Downs
I honestly learned that second-hand buying or hand me down while being an infant teacher, nanny, and babysitter. Some great quality items can be expensive, and purchasing a gently used item for your little one has its long-term benefits.
Consider purchasing a neutral palette if you are planning to have multiple children. That way, if you want to buy all things new as a first-time parent, the gently used items can be used by their sibling in the future. Changing tables, strollers and cribs quickly add up, and shopping gently used or getting hand-me-downs is a great way to save.
Meal Plan & Meal Services
A solid meal plan or meal delivery service is a lifesaver. Ask your fellow mom friends. It takes the stress out of wondering what your family will eat or get at the grocery store.
Budget and Plan for Childcare
Maternity leave passes by before you know it. Speak with your spouse or look at your personal budget. What type of care can you afford or what is available to you now, and at what cost. Remove the guessing game or the shock at the end of the year when you realize just how much you have spent on childcare.
Plan for an emergency as well. Little ones get sick, and sadly you may not have a boss or company that is understanding. We all know that a stressed mama is not a happy mama. Everything takes time. Give yourself time to figure out what works best for you. And there is no one set method for everyone to find what works best for your budget and lifestyle.
