Budgeting for baby – getting your finances ready

Here’s how much money we think you need to put aside for your baby budget. Would you make any adjustments to this list?

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Rule 1 - The baby doesn’t have to have the biggest, best, brightest, of anything. The baby doesn’t need everything that is being sold. Only buy what is essential.

Rule 2 - Don’t buy until you know you will need it. For example, don’t buy clothes until you know what size the baby will be. Don’t prebuy clothing. Even though you think you know what season it will be, and what size baby will be, neither the seasons nor the baby growth are predicatble.

Rule 3 - Seek and share wisdom. Talk to parents who have been there done that. Join a parent-to-be group, and then after the birth a parent’s group. Find out about the hacks, and the short cuts.

Rule 4 - You will likely spend everything you can spare (and perhaps more) on your child. Get used to it.

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Rule 5 - Watch all of the ‘as a guilty mum the checkout’ videos on youtube!

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All I needed to buy in my baby’s first year were some maternity bras, nappies and a couple of baby slings, as excited relatives and friends gave me all the rest. (I bought all my maternity clothing secondhand.) I chose a home birth so there were midwife fees, but no furniture was purchased as I was co-sleeping, and I changed nappies on a mat on the floor or on the bed - the safest and easiest way. My daughter was breastfed until she weaned herself, so the only solid food she ate were occasional samples off my plate. I don’t know where your shopper was spending so much money, but it sure wasn’t Kmart!