When you’re expecting your first child things can seem a little overwhelming. Not only have you got to prepare yourself emotionally to become a parent, but your whole life has to change and adapt. There’s so much to prepare, so much to buy and so much to plan for that it can feel like you’re never going to be ready. But relax, it’s normal to feel this way and (depending when you found out you were expecting) you have up to nine months to get everything in order. The best thing to do is get prepared, write a list and get things done week by week. Here are some particularly important things not to overlook when it comes to planning your finances.
Is Your Car Suitable?
Since this will be your first baby, you might not have a suitable car for a family. Perhaps it’s a two seat model which is ideal for you and your partner but not so much when you need to strap in a car seat! Maybe you don’t have a car at all, if that’s the case it’s well worth getting one for when your baby comes. You might not mind hopping on the bus or train but doing so with a pram can be a lot more difficult. With numerous doctors checkup visits, baby groups and seeing family with your new addition it can make sense to have your own vehicle. You can check out used Cars at LSH Auto and other similar companies which will help you find the right car within your budget,
Do You Need to Move House?
Again, as this will be your first baby you could well be currently living in a place which isn’t family friendly. If you’re in a flat with lots of stairs, if you only have one bedroom or if you’re in quite a crime stricken area then you might want to consider moving. This could mean selling up if you own your property, or searching for places on the rental market if you’re a tenant. Set your budget and then find the best place you can based on this. Ideally you will need something with a garden and in an area with good local amenities such as parks, play centres and other family- friendly places.
Can You Improve Your Financial Position?
You don’t need to be rich to have a baby, and of course it’s perfectly possible to give a child a wonderful life when you don’t have heaps of disposable income. However it does make sense to get yourself in the best position you can with money. If you’re in debt, could you start a side hustle to earn more money or sell things you no longer need to pay them down? Are you able to save up some money to create a financial buffer if things go wrong? Whatever your financial position is now, do what you can to improve it before the baby comes along, it will certainly make life easier.