How to Budget for a New Baby

Video Transcript

"Hi, I'm Veronica Baragas with my wigglesandgiggles.com, and today I'm going to share with you, how to budget for a new baby. There are a lot of things that go into- that you have to take into account when having a new baby, and there's plenty of things that come up that you just don't even realize. So, first thing to do is, take time to discuss your finances, sit down write out all your bills, figure out what debt you have, and just really get acquainted with your spending habits, and you have to take everything into consideration before brining home your new baby. I would suggest trying to pay off all debt as possible, the least amount of debt that you have, the better off you're going to be. When you get familiar with your spending habits and your finances, you'll be able to figure out where you can save money, or move money around, so this will help with your new budget. You also want to take into account that you're having another person live with you, so I would put aside about 200 dollars extra for household bills, you also accrue a lot of monthly bills, doctor visits, medicines, baby food, there's a lot of things that could come up, so I would also set aside for like an emergency fund. And if you're able to do so, maybe 50 dollars a month to put towards a college fund. So it's really just getting to know your finances and your spending habits, and knowing that you will have to change some of those. But with some careful planning and with some frugal living, I think you should be able to maintain and execute a good budget to keep you above water with your finances. So basically, just write yourself a checklist of how to budget for a new baby."