make a baby budget
Many times during pregnancy one has to go to the hospital for checkup. You should plan for this expenditure in advance and make a budget for the expenditure to be incurred at the time of delivery. Your budget will be different if you are looking at IVF, donor insemination, egg freezing, surrogacy and adoption options. Baby clothes, furniture, food and medical bills etc. will all come in your budget.
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avoid overspending
After the arrival of the baby, you can think of spending more in excitement. However, there is no need to spend a lot of money on baby clothes as these baby clothes will soon become small. Spend money on such things which are really needed and which you have to buy new.
Build an emergency fund
You must have an emergency fund to deal with any trouble or emergency situation. Unless there is an emergency situation, you should not touch this money. If your expenses become very high, then in that situation you can touch that money. With this you can easily balance the extra expenses.
don’t show off
There is no limit to shopping for a little baby but if you are inundated with baby products on Instagram, then stop now. It is okay to do this to some extent but after some time these things will just pile up in your house. Instead of getting material stuff for your child, you should focus on good upbringing.
don’t take any loan
If you are about to plan a baby, then stop now for loans like home loan or car loan. There is a lot of expenditure in raising a child, so do not increase the list of your expenses now, but when the child grows up a bit, then you can start shopping for luxury items.
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