10 best things to do to prepare for a baby financially

prepare for a baby financially

*This is a guest post 

If you are reading this you are likely going to have a baby soon, congratulations! So many parents feel overwhelmed and under prepared.

Most will tell you, “You are never really ready.” That might be true, but these 10 tips on how to prepare for a baby financially could help you be more confident in your financial future.

Baby’s Account

It’s time to go to your bank or credit union and set up an account for your child. Set up something that allows for easy deposits. Credit unions typically offer higher interest rates which is great for a child’s savings account.

You might also want to open a fixed rate bond. These have a maturation date, so you can’t use the money until then, but some accounts have interests rates up to 2.5% annually.

Write it Down

If you haven’t already, it is time for you to take a good look at your finances. Write all of your bills down. Look back at your accounts and see what you have been spending your money on. When you write it all out you will have a better idea of where your money goes.

One expense that adds up quickly is going out to eat. Now that you are growing a little human you will likely be more aware of the food you eat. If you are a social drinker that will be cut out for 9 months. Use the money you save and put it in your baby fund. You will be surprised how quickly it will add up.

Auto Transfer

Setting up an automatic transfer from your account once a week or bi-weekly is very beneficial. Pick a number that is substantial, but also reasonable. Even something like £15 a week can really add up. After 40 weeks that is already £600

Imagine you are a moderate income family and you are about to put away £70  biweekly. By the time your baby is here you will have already saved £1,400.00 for your baby.


If you are happy with your finances and money is of no concern, then why would you be reading this? You have written down your expenses and taken a look at where your money is going. Now you have to budget.

Budgeting is knowing what your expenses are and setting a limit or allowance. When you go to the grocery store and say you are only going to spend £40.00, only spend £40.00. Sometimes you need extra money for something new, then cut back on something that can spare a little.

Keeping a budget and staying aware of what money is coming in and out is the goal. You want to know that the money you make is put to good use. Stay on budget and live within your means

Plan for Maternity Leave

Having a baby is a very exciting time, but can also be very stressful. There are a lot of decisions to be made about how you want to deliver your baby. When the time comes you won’t be thinking about finances.

However, when it comes to maternity leave, you should check with your employer how much time you will be able to take off. You may want to also coordinate this with your partner’s schedule. Whether you can get enough time off work and whether you’re paid for that period of time can seriously impact your finances at home for the year to come.

Read up on local laws and get an accurate picture of how your maternity leave will affect your finances.

Gifts you Might Not Need

When you have your baby shower you might get a lot of gifts that you don’t really want or need. For instance, you may get 10 of the same newborn outfit. Babies grow very fast and your baby will likely not get a chance to wear them all.

Pick your favorites and return the rest. You can pick out something else where the “gifts gapped.” If you get cash back put that in your baby’s account. You will be happy that you don’t have to get rid of unused outfits, and you added a little extra cushion to your baby fund.

Have a Diaper Party

Many times the expecting mum gets to have all at the baby shower. A great way to get your partner some action is to have a diaper party! A diaper party is a party for the soon to be dads (or not pregnant parent) where part goers bring diapers as gifts.

The cost of nappies can really add up can cost up, so this will definitely help you ease into your new postpartum budget. (Extra hint: Encourage party guests to bring a variety of sizes.)

Talk to Other Mums

It is likely that you know other mums and they probably have lots of gentle used onesies their babies grew out of too fast. Babies grow like weeds and all mums face the problem of clothes being too small too fast. They will also feel good that the clothes are going to be put to good use clothing another infant they know.

Shop Off Season

My mum always taught me this. If you buy your winter clothes at the beginning of spring, and your summer clothes at the beginning of fall, you will snatch some killer deals. Baby clothes are great because they are categorized by ages.

You know your due date and you know about how old they will be in the off season. Buy the clothes on sale. Scour online and find the best deals. Maybe get some things a little big if you are worried they won’t fit. Your baby will grow, that is inevitable.

Write for a Blog!

When your baby comes I hope you are lucky enough to get maturity (or paternity) leave. Even if you do though, a little extra money is always nice. Parenting is a great topic that we all have so many views about. You are going to be learning a lot with your new baby, why not share the experience.

Blogs are a great way for new parents to share their stories and make a little extra cash.  We live in a social world, and writing is an excellent hobby to pick up, and blogs are always looking for real people to write real stories.


Bringing your baby into this world will have a lot of worries and stresses. If you are more prepared financially, those stresses could be much less.

Starting early and being consistent is key when you need to prepare for a baby financially. We all wish we could win the lottery, but in the event that doesn’t happen, everyone can plan and budget for success!

Are you expecting a baby? Have you started to think about the financial aspect of it? Or perhaps you are a parent with financial tips to share with parents to be? Do leave a comment below.

10 best things to do to prepare for a baby financially

Author bio: This guest post was written by Isaac Atia, Managing Director at 10BestRanked.com, an authority blog where he reviews the top home, outdoors, and kitchen products. Check out his latest post about the best convertible car seats.

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