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How to create a budget for a new baby
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Feb 17, 2025
Expecting a baby? Learn how to financially prepare for the costs of diapers, medical care, childcare, and more. We’ll break down essential expenses and share budgeting tips to help you save money as a new parent.
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0:00
assessing initial baby expenses a new
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baby comes with upfront costs including
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a crib stroller car seat diapers and
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baby clothes research prices and created
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checklist to avoid unnecessary purchases
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consider buying secondhand or borrowing
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items from family to reduce costs
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estimating ongoing monthly costs
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newborns require recurring expenses such
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as formula diapers baby wipes and
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healthc Care estimate these costs based
0:29
on your baby's need needs and adjust
0:30
your monthly budget accordingly tracking
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expenses helps prevent overspending
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planning for medical expenses doctor
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visits vaccinations and Emergency Care
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can add up quickly check your health
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insurance policy to see what's covered
0:45
and set aside funds for unexpected
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medical expenses consider opening a
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health savings account HSA if available
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budgeting for child care costs if both
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parents work Child Care can be a major
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expense research daycare options Nanny
1:01
costs or family assistance some
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workplaces offer child care benefits or
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flexible work Arrangements that can help
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reduce
1:12
expenses with a baby in the picture it's
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essential to reallocate funds in your
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household budget cut back on unnecessary
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expenses like dining out and
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entertainment to make room for baby
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related costs prioritize essential
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spending creating an Emer Mercy fund
1:31
unexpected costs such as medical
1:33
emergencies or job loss can put
1:35
Financial strain on a new family aim to
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save at least 3 to six months worth of
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expenses in an emergency fund to provide
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Financial
1:45
Security preparing for Parental leave
1:48
check your employer's parental leave
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policies and determine how much income
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you'll have during maternity or
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paternity leave if income will be
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reduced plan ahead by Saving extra money
1:59
in the months leading up to the baby's
2:01
arrival saving for future education
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costs it's never too early to start
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saving for your child's education
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consider opening a 529 savings plan or
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other college savings account to take
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advantage of tax benefits and long-term
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growth potential cutting costs with
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smart shopping look for discounts use
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coupons and buy in bulk for baby
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Essentials many stores and online
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retailers offer loyalty programs that
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provide savings on baby products
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subscription services for diapers and
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formula can also lower costs reviewing
2:35
and adjusting your budget your baby's
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needs will change over time so it's
2:39
important to review your budget
2:41
regularly track expenses make
2:43
adjustments as necessary and continue
2:45
saving for future needs like education
2:48
activities and medical expenses
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