Babies are miracles! Blessings! And we love each and every one of them, however, NO parent will deny that adding another human into your life is a huge financial responsibility and one that you have to consider before the big due date.

Thinking about this can be hugely overwhelming, especially if you are not the best at counting your pennies! Below are some top tips on preparing your wallet for the big day!

1. Write out a clear list of what you need for your baby. Be harsh with it, remove anything that is a “nice-to-have” and focus on items you will use every single day to care for your child.

Once this list is done, think about if any of these items can be bought or borrowed secondhand. Not everything has to be shop-bought, although some things such as car seats, cribs, and mattresses are usually better brand new for safety reasons.

2. If you work, and you will be taking maternity leave, take the time to sit and calculate the change in your income during this time. Confirm them with your employer. Knowing in advance exactly what is coming in each month will help you plan much easier when it comes to spending and saving.

         Photograph by Sarah Chai 

3. Open a savings or investment account early on. One popular method to ensure you have a buffer when the big expenses kick in (such as school and university fees, or unexpected medical bills) is to start small value saving from day one. For example, if you can spare $70 a month, you will have put away around $15,000 by the time your baby is 18.

4. Give yourself a little break when it comes to personal goal saving. In order to do the above, and purchase everything you need to begin your parenthood journey, you may need to take some dollars off your own personal monthly savings budget. Don’t think of this as a long-term setback, merely a means to provide for your child until you can afford to increase your savings again.

5. Spend time researching hospitals, and ensure the way in advance that your current insurance plan will adequately cover your pre-and postnatal care. The last thing you need is an unexpected bill when you’re looking after a newborn for the first time.

6. Accept hand-me-down clothes. Our babies grow so fast, they fly out of clothes often before they’ve even been used. By accepting basic clothes like vests, baby grows and cardigans from friends or relatives, you can focus on only buying pieces you really truly want.

7. Shop around. When you do go to purchase those essentials, take some time to read reviews and look at the market. You may find there is a sale at a certain retailer, or cheaper to go direct. You may see influencers with discount codes that can serve you, or find bundle offers that save you some money for buying in bulk.

Photograph by Karolina Grabowska

8. Consider breastfeeding if you can or wish to. Although this decision cannot be purely financial, there is a huge financial benefit to breastfeeding over formula, the main one being you do not have to buy anything other than perhaps a pump! You are hypothetically able to feed your baby highly nutritional food, with little notice, for free.

9. Don’t get too wrapped up in the pregnancy glow that you buy a whole new wardrobe of maternity clothing. Often it is very possible to buy adjustable dresses, skirts, and tops that would cover up bumps and still work for postpartum dressing equally as well. You will be surprised at how many items you already own that don’t require replacing.

The most important thing to remember is not to get too excited or overwhelmed! This is an amazing time of your time, and just a few smart decisions can help to remove some of the financial strain that comes along with it.