Having a Baby

Grab a coffee and enjoy a 5 min read …

Have a look at our 6 tips to help you plan financially for your new arrival.

Did you know on average, a family spends $2000 to $3000 on nappies over two years?

There was one time my friend begged me to stop gifting her baby clothes and give her nappies instead. They were literally running out of nappies faster than buying them.

Many families underestimate the costs of having a child. This is why it is important to look for ways to save money.

Here are 6 ways to help you get through this time:

1. Shop around for great deals on big purchases

Are there opportunities to pick up a few of the big-ticket items that are no longer required by family and friends? If not, check TradeMe for bargains. You can consider getting second-hand items such as a bassinet, cot, portable cot, stroller, highchair, fireguard, stairgate and baby monitor. *Note when buying second-hand car seats, be aware they have a service life,

typically 7-10 years and should be purchased and fitted in consultation with

a specialist.

2. Keep an eye on small recurring expenses

Nappies are expensive, you could easily go through $30 worth of nappies per week. You can check websites that offer regular specials, such as babyonline.co.nz and stockpile your nappies before childbirth. You can also invest in cloth nappies, which is expensive at first but you can save heaps of money in the long run. You can even save them for your next child!

3. Increase your sources of income

Consider getting a part-time job. Is there an opportunity to work part-time for your current employer, or friend? Perhaps you can look online for suitable employment opportunities. Kiwimoneymum.co.nz has a number of income earning suggestions.

4. Check if you are entitled to help from the government

Make sure you contact the IRD to apply for paid parental leave. Depending on your circumstances you could get $564.38/week (pre-tax) for 22 weeks. From 1st July 2010 this will be extended to 26 weeks. The government also offers Best Start payments of $60/week. See SmartStart website for details: www.smartstart.services.govt.nz. You can also contact Work and Income to see if you are eligible to receive a childcare subsidy and other financial assistance.

5. Seek professional help

Take advantage of the help available - especially talking to your midwife or Plunket services. Expecting a baby is a time of change for you and your family, so it’s normal to feel anxious or worried. There are services that can help you through this experience. www.plunket.org.nz

6. Be ready for change

Be prepared for a sudden change in lifestyle, costs and income. The arrival of a new baby is the beginning of a new journey. It is important to take care of yourself physically, mentally and financially! Everyone’s circumstances are different, so there is no one size that fits all, but be prepared for the increased costs and decreased income.

Consider getting a part-time job. Is there an opportunity to work part-time for your current employer, or friend? Perhaps you can look online for suitable employment opportunities. Kiwimoneymum.co.nz has a number of income earning suggestions.

We know that having a child can bring big change to your family and can be financially stressful.

The Love My Money team is here to support you during this financially challenging time and have created a step-by-step Journey specifically for those expecting. Having a Baby

Solution

Change the way you feel

about money

You and your money can live happily ever after …

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