Newlywed couples would usually enjoy a little of financial tutorial for the first few months or years of their marriage. This is because the two people are now sharing the expenses on food, utilities, and other expenditures. There are also more opportunities for couples to save money since they have lesser expenditures to pay for; most especially if both are working.
In other words, this can turn around when couples are expecting their first child. With this new bundle of happiness come various additional expenses that parents will sometimes find it hard to cope with their financial needs and even adjust their lifestyle.
Couples, though, don’t need to find themselves broke simply because they are expecting or already have their newborn baby. Here are useful tips below for couples to start their family:
Firstly, start living a simpler lifestyle, this will enable both of you to cope with the present situation, though it is not unusual for newlywed or childless couples to have date nights once or twice a week wherein they have dinner at a big restaurant and give each other lavish gifts. They will also go on vacations abroad once or twice a year because they want to get some rest and relaxation and because they “deserve it”.
Unfortunately, all of these will have to “change” or even “stop” once a couple is expecting a baby. All the money you will save from these activities or events can go to something more important like payment for the hospital bills, medicines, baby clothes, diapers and other expenses that come before and after the baby’s birth. The last thing you want to happen is to be covered in debt just because you are expecting a baby. You can avoid this problem by living a simpler lifestyle once you know that you are expecting.
Also, always foresee your expenses and make a list of all your anticipated expenses. These include hospital bills, doctor fees, maternity clothes, diapers, and necessities for the baby (Feeding bottles, blankets, etc.). Then, sum up everything. You now have to rework the budget you and your partner are currently on to include this cost. Expect that there will be expenses that have to be added in the future but don’t worry; you will be able to figure them out as time goes on.
Finally, you will need to increase your emergency fund. If you already have a safety financial net, you and your partner or spouse should now work on increasing it. Experts advise six-to-nine months of living expenses set aside in case of job loss, which can become more of a problem if one spouse is at home on childcare duty. Look at your budget again and figure out how much you can afford to put into an emergency fund after all the basic necessities are covered.
TIAMIYU ADIO ISMAIL
