It could be excitement, nervousness and overwhelming. But don’t you worry, all of these feelings are normal. We know that the last thing on your mind right now is having to worry about managing your money. We have you new mommies covered on how to manage your money.
Even though it is a smaller thought over your baby’s overall health and happiness, it can be a task. And that task is necessary because it can benefit both you and your family. If you want to maintain your financial status as you transition into motherhood, we have some tips for new mommies to manage your money.
What is your savings goal?
As a new parent, determine your savings goals. We know thinking too far into the future aside from changing diapers and feeding will be difficult. But as time goes by children grow, and there will be more activities and life events they’ll be involved in. There will be multiple Doctors appointments, there’s the education you’ll have to pay for. And you do need to build a budget to organize your finances.
Before placing save a certain designated amount each month, analyze your current saving and spending patterns. Remember, an emergency fund/savings is step number 1! Kids are unpredictable!
Consider hand-me-downs
Being cost-conscious now baby buys will be super effective in the long run. We know it’s exciting and super cute to go buy them fancy new clothes, whether it’s that cool leather jacket for your little boy or a tutu for your little girl. Before you buy all the items for your child, reach out to relatives and friends to see if they have something you can or borrow.
It could be clothing, cribs, breast pumps, changing tables or bassinets, anything really! Do a quality check and re-use them instead of buying these necessities brand new. If you spend a lot of money buying stuff and your baby experiences a sudden growth spurt you might end up having more unused clothing than you anticipated.
Plan it and buy it
Create a grocery spending plan. Trips to the grocery store are going to become more of a hobby now. There will always be a shortage of food, wipes, snacks and diapers and they will disappear faster than you think.
Make sure that you write down a solid plan and establish a spending limit for groceries and meals so you always have excess for the rest. When you plan ahead of time, you will get to choose the brands that not only are healthy for your baby but affordable.
The other shopping strategy you could employ is to buy items in bulk to save money and time. Some suppliers will be happy to lower the price for items available in a larger quantity. Use these deals to your full advantage to reduce your excursions to the store, and spend less on gas driving back and forth.
Sign up for childcare
If you are a working mother, your 3 to 4 months of maternity leave will fly by quicker than you would have ever thought. In the meantime find someone responsible for your child while you’re on the job which is a large additional weekly expense in itself.
While determining your budget, include other times you might need a nanny or babysitter, like date night and late nights. The more well-prepped in advance for childcare, the less of a financial scare you’ll receive when it’s time to pay the sitter. As new mommies, you’re well on your way to manage your money better now.
How to protect your growing family
You’re a mother now and you should be better at emergency planning better than any of the Harry Potter characters. No pressure though! All we’re trying to say is “better safe than sorry”.
As much as we hope that life carries on without accident or difficult incidents for years, as a mom, know that you’ve got tiny humans who constantly depend on you. And that means you need to be creating a safety net that protects your kids no matter what.
That is where an effective family emergency plan comes in handy. Ensure to purchase sufficient life insurance, naming guardians for your kids in a will. You may not get it right all the time but try and keep your finances organized.
Considering all these options, the best possible way for new mommies to manage money is with a little help from us. Try Beem’s amazing feature of Cash Now Pay Later when you have a money shortfall. All you have to do is subscribe to our plan that starts at just $1.97 a month and you’re sorted. Simply Subscribe. Get Cash Now. Pay Later.
