Ahh the dreaded budget. The stress of changing from two incomes to one can be overwhelming seemingly impossible.
Did you plant that money tree at the start of the pregnancy?
If not then you will need to have a read through my top five tips to manage the budget post baby.
- Surprise surprise make a budget
- pay off high interest debt first
- create a shopping strategy
- understand your leave entitlements from work and centerlink
- Make room for the baby in the budget
A lot of these key points make sense, as controlling your spending is often about control and awareness more so than some magical solution you have never thought of.
Budgets are fairly easy to come by. I have always liked a pen and paper version however these days there are some fantastic apps and electronic versions. These will help you control those day to day splurges that often see a good budget plan come unstuck!
High interest debt is terrible. Every repayment gets lessened by those pesky fees and interest. It can take many more months to pay off your purchase. So when you make a list of your expenses try and pay this one off the fasted.
A shopping strategy. Yep this is the league you are in- all those catalogues you have previously ignored. You will have time when your home with your baby to have a look and get that bargain. You don’t need to fill your house with 200 bulk toilet rolls but shop smarter not harder is always a great plan.
Understanding what you have to work with is important. Allow for the time lag between the baby and the payments commencing- so you don’t load up that credit card! This is one of the most important parts of a budget and taking control of what you have to work with will help your budget to work successfully.
Yes that little baby might be getting food from you but it still has a high use of consumables. In some cases buying reusable products will actually save you lots of $$$ however they mean you have to have that money up front. Many experts say that this little baby will cost you $200,000 by the time they are 21. Starting out small in the budget to allow for consumables then as time goes on this would need to be increased.
This is a very logical basic list- one I wish I had read before I had my baby!!
Money is often one of those things that can cause stress and lots of arguments at home. The one way to help this is to take control of your spending so you know exactly when you need to be careful and when you can loosen that belt and splurge a little.
If you want other useful tips and tricks check out The Baby Manual
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