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New Baby...New Budget

When a newborn baby enters into the world, your financial picture is bound to change drastically. Now it’s more important than ever to create, maintain and stick to a budget. You now have someone depending on you to keep the family financial matters in order. A well thought-out budget will be your most valuable tool in managing the family money.

If you already have a budget, you’ll need to revise it to fit your new, expanded family. If you don’t have a budget, create one right now.

Go through each of your expenses to see if they will change with your new baby. For example, your rent or mortgage will probably stay the same, but electric bills might increase if one person is planning to stay at home every day.

Add all the extra costs of raising a child into your budget. Another parent can help you identify what extra expenses might come up on a regular basis and what you can expect to spend on them.