As the days pass, most pregnant women begin to dream of what their days with the baby will look like, a perfect nursery, and how they’re going to give to the baby the best possible in life. While this feeling is beautiful, the cost factor is, in most cases, a struggle given the many expenses that come with having a baby— baby gear, new clothes, doctor’s appointments, hospital bills, maternity leave, daycare costs, and so much more.
When you are worried about money, nearly all areas of your life are affected, which means both you and your baby’s health might be put at risk. However, do not despair. Here are five great tips to help combat financial stress while you’re pregnant:
#1. Start Saving
Keep track of how you spend your salary each month, and try to save at least 30% of your income every month before you give birth. If you make saving a challenge, you will learn to avoid impulse buying at the supermarket or stores and to skip the stroll to different clothes shops during lunchtime. You can also cut down on groceries and look for other areas you can save a little more. You might find something in your budget you can do without to help make ends meet.
#2. Create A Monthly Budget And Stick To It
With a newborn baby come new expenses. The USDA shows that families spend an additional $10,000 to $34,000 yearly raising a child. From clothes, more food, diapers, and other childcare expenses can skyrocket quickly, and not to mention all the postnatal and prenatal medical expenses. It’ll be useful to understand what “upfront costs” will temporarily hit your wallet and the recurring costs that’ll influence your budget long term.
With that information, makes a plan of how you’re going to meet those expenses and following through on it. Create a budget that works for your family by cutting down your monthly spending, prioritizing your spending, factoring in unexpected costs, such as medical emergencies or items you pay annually, such as car insurance, and doing away with things you can live without. It can be tough to live uptight at first, but you’ll be glad you went the extra mile when your baby arrives.
#3. Ask Close Relatives For Help
Asking for financial help from friends or family when you’re expecting a baby might feel uncomfortable, but it can save you from loan sharks, high interest rates, and debt. While you do not want to make a habit of it, people who love you might be happy to help you during a one or two-off time of financial needs.
However, if you hate asking for help, you can treat it as a loan and pay them back when you can. Also, don’t forget to thank them for helping you out, and not just after receiving the money but also in the future.
#4. Learn Some Cheap Tricks
Mastering some saving tricks is another way to stretch your money. You can consider buying second and products such as clothes, carriers, cribs, nursery items, toys, and more from consignment shops or online. Research the items to make sure that they comply with the safety guidelines. By doing this, you may find quality products that look as good as new at a fraction of the retail cost.
#5. You Can Get A Loan Even If You Are On Benefits
Many lenders will consider your loan application even if you’re on benefits. They consider basic qualifications to determine your eligibility, such as people earning at least £350, living in the UK, and being 18 years old and above. Depending on the lending agent you choose, you can borrow a loan for people on benefits from £100 -£1,000 and repay in up to 18 months to two years. This ample repayment period gives you enough room to put your house in order and lift the financial burden off your shoulder throughout your pregnancy so you can enjoy every moment of it.
Bottom line– Relax and Enjoy This Time
You can find yourself flustered when it comes to money, but during pregnancy is not the time to worry. While you don’t have to pretend everything’s fine and disregard reality, you can take your time to appreciate this beautiful moment because there are plenty of options to sort you out when it comes to finances.