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Tip Store: Babies: Budgeting
Preparing for a New Baby
In preparation for our baby and the downsizing of our household income, we started a regular savings plan during my pregnancy of $25 each per week (you could put in whatever you want) that we put into an account for the baby. This has grown over time (our daughter is 13 months old now) to a few thousand and we still continue to do it. We haven't missed the money out of our pockets as it's now a regular part of our budget. We use this money for crèche holding deposits, upfront fees (which are $$$), a bigger car seat and other large costs for our daughter.
Contributed by Shae Cox, 21st January 2015
In preparation for our baby and the downsizing of our household income, we started a regular savings plan during my pregnancy of $25 each per week (you could put in whatever you want) that we put into an account for the baby. This has grown over time (our daughter is 13 months old now) to a few thousand and we still continue to do it. We haven't missed the money out of our pockets as it's now a regular part of our budget. We use this money for crèche holding deposits, upfront fees (which are $$$), a bigger car seat and other large costs for our daughter.
Contributed by Shae Cox, 21st January 2015
A Baby on One wage? No Problem!
Christina, with my last two children, I took three years and two years break from work (my work allows us to take up to four years)...and did it easily, even with two other children (family of six total). It comes down to planning. This is how we did it:
1. When we first found ,out we were expecting, we started saving 50% of my wage (so we lived off 1.5 wage). This would be my 'wage' once my paid leave ran out.
2. Saved holidays and long-service leave entitlements till I finished work. Then I took them at 'half-pay' which doubled my paid time off work. See if you can take your maternity leave the same way.
3. Check your parenting entitlements with Centrelink.
4. When I finished work, I only spent half of wage coming in from annual and maternity leave. Once my paid leave ran out, I was then able to draw on my savings that I had started putting away when I first found out we were expecting...still only drawing 50%. Meanwhile, my husband's wage covered bills and other essential expenses.
5.Finally, cut out any non-essential expenses. Remember, you don't need to buy every latest gadget for you baby. In the early days/months, they mainly just sleep and dirty nappies. Check out EBay for cots, prams, etc. I bought a cot 20 years ago for $100 and used it for my four children, selling on eBay again for the same price!
Contributed by Gina Petterson, 17th January 2015
Christina, with my last two children, I took three years and two years break from work (my work allows us to take up to four years)...and did it easily, even with two other children (family of six total). It comes down to planning. This is how we did it:
1. When we first found ,out we were expecting, we started saving 50% of my wage (so we lived off 1.5 wage). This would be my 'wage' once my paid leave ran out.
2. Saved holidays and long-service leave entitlements till I finished work. Then I took them at 'half-pay' which doubled my paid time off work. See if you can take your maternity leave the same way.
3. Check your parenting entitlements with Centrelink.
4. When I finished work, I only spent half of wage coming in from annual and maternity leave. Once my paid leave ran out, I was then able to draw on my savings that I had started putting away when I first found out we were expecting...still only drawing 50%. Meanwhile, my husband's wage covered bills and other essential expenses.
5.Finally, cut out any non-essential expenses. Remember, you don't need to buy every latest gadget for you baby. In the early days/months, they mainly just sleep and dirty nappies. Check out EBay for cots, prams, etc. I bought a cot 20 years ago for $100 and used it for my four children, selling on eBay again for the same price!
Contributed by Gina Petterson, 17th January 2015
Live Like the Baby has Arrived NOW!
Begin living on one wage right now. Save the other wage and implement every money saving tip you can get hold of. This is from the personal story of Trent over at The Simple Dollar. The archives of this blog have much more detail on what he and his wife did while pregnant and deep in debt. It sounds challenging but with the good and adventurous spirit I think you have , some of his approach will totally help you :D And (of course!) read the archives here at The Cheapskates Club!
Contributed by Lisa Grenfell, 19th January 2015
Begin living on one wage right now. Save the other wage and implement every money saving tip you can get hold of. This is from the personal story of Trent over at The Simple Dollar. The archives of this blog have much more detail on what he and his wife did while pregnant and deep in debt. It sounds challenging but with the good and adventurous spirit I think you have , some of his approach will totally help you :D And (of course!) read the archives here at The Cheapskates Club!
Contributed by Lisa Grenfell, 19th January 2015
Baby on a Budget
My biggest tip would be to borrow what you can as most of the biggest ticket items (such as cots and prams) do last well and can be easily passed on, provided they are a good quality product to start with. If you do have to buy any big ticket items, make sure that they will last through a couple of stages of the child's life. For example a car seat that goes from newborn right through to toddler and forgetting the bassinet. Far better to get a cot that will take you through from newborn until the child's old enough to go into a bed (most do, having a raiseable base that is lowered when the child gets to the stage where the rails need to be higher). There are heaps of extraneous baby paraphernalia out there that seem like a good idea but you'll never end up using … so ask friends and family what they found useful. The best investment I made as a new mum was a very good quality sling (I used a Baby Bjorn). Good luck and don't forget to have fun.
Contributed by Jennifer Dunlop, 15th January 2015
My biggest tip would be to borrow what you can as most of the biggest ticket items (such as cots and prams) do last well and can be easily passed on, provided they are a good quality product to start with. If you do have to buy any big ticket items, make sure that they will last through a couple of stages of the child's life. For example a car seat that goes from newborn right through to toddler and forgetting the bassinet. Far better to get a cot that will take you through from newborn until the child's old enough to go into a bed (most do, having a raiseable base that is lowered when the child gets to the stage where the rails need to be higher). There are heaps of extraneous baby paraphernalia out there that seem like a good idea but you'll never end up using … so ask friends and family what they found useful. The best investment I made as a new mum was a very good quality sling (I used a Baby Bjorn). Good luck and don't forget to have fun.
Contributed by Jennifer Dunlop, 15th January 2015
Do It Now
Figure out what your income will be once the baby is born, and try to stick to that budget now. The extra money saved can be used to buy all things needed for baby and will be a bit of an emergency/slush fund for after the baby is born. Also, check out the "buy, swap, sell, giveaway" type pages on Facebook. I have seen some beautiful furniture and baby items on our local ones at incredibly cheap prices.
Contributed by Chrissy Bourke, 15th January 2015
Figure out what your income will be once the baby is born, and try to stick to that budget now. The extra money saved can be used to buy all things needed for baby and will be a bit of an emergency/slush fund for after the baby is born. Also, check out the "buy, swap, sell, giveaway" type pages on Facebook. I have seen some beautiful furniture and baby items on our local ones at incredibly cheap prices.
Contributed by Chrissy Bourke, 15th January 2015
Saving before Baby
I did a couple of things before my daughter was born that really helped: 1. I bought a stash of cloth nappies second hand. I got all of mine for $200. They are adjustable and do from newborn right through to toilet training. There are websites and facebook pages devoted to buying and selling second hand cloth nappies - just do some searches. 2. Throughout my pregnancy, I bought double of all the non-perishable items on my grocery list - including things like tissues, toilet paper etc. I had a huge stockpile by the time my baby was born and it meant our grocery shopping was both cheaper and faster to do once she was here.
Contributed by Carma Hambley, 15th January 2015
I did a couple of things before my daughter was born that really helped: 1. I bought a stash of cloth nappies second hand. I got all of mine for $200. They are adjustable and do from newborn right through to toilet training. There are websites and facebook pages devoted to buying and selling second hand cloth nappies - just do some searches. 2. Throughout my pregnancy, I bought double of all the non-perishable items on my grocery list - including things like tissues, toilet paper etc. I had a huge stockpile by the time my baby was born and it meant our grocery shopping was both cheaper and faster to do once she was here.
Contributed by Carma Hambley, 15th January 2015
It's the Little Things
I don't have children but from watching friends having a baby I've gathered some tips. 1. Budget - start living on one wage now and put your wage in savings. Do up meal plans, set up your price book and become friends with supermarket catalogues. 2. Don't over buy - bub will grow very quickly so buying lots of clothes is a waste of money. Try your local second hand shops for baby clothes(if you have a Savers near you, they're fantastic). 3. Join a mum's group - not only will they give you huge amounts of support but it will be a great way for you to get out and about without spending money. 4. See if you can start a home business - even becoming an online blogger can bring in small amounts of money. 5. Get all your entitlements - talk to Centrelink and make sure you're registered for every benefit you're entitled to. Good luck!
Contributed by Emma Seabrook, 15th January 2015
I don't have children but from watching friends having a baby I've gathered some tips. 1. Budget - start living on one wage now and put your wage in savings. Do up meal plans, set up your price book and become friends with supermarket catalogues. 2. Don't over buy - bub will grow very quickly so buying lots of clothes is a waste of money. Try your local second hand shops for baby clothes(if you have a Savers near you, they're fantastic). 3. Join a mum's group - not only will they give you huge amounts of support but it will be a great way for you to get out and about without spending money. 4. See if you can start a home business - even becoming an online blogger can bring in small amounts of money. 5. Get all your entitlements - talk to Centrelink and make sure you're registered for every benefit you're entitled to. Good luck!
Contributed by Emma Seabrook, 15th January 2015