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Daddy-to-be, what an amazing, scary feeling!
- Set up a budget. Know what your current monthly expenses are and budget for the costs involved with Baby. When budgeting for your new little arrival you will find you start comparing costs before, instead of being surprised by it.
- Draw up a grocery list before going to the shop and stick to it. This will prevent you buying unnecessary goods and at the same time ensure you don’t have to do emergency shopping – which often leads to buying the same product at a more expensive cost
- Research exactly what your medical aid will cover. Many of them have additional pregnancy benefits as well as baby inoculation cover. This could decrease your medical expenses thus contribute to you saving more.
- Start saving monthly, even a small amount is better than none. Saving for the unexpected ensures that you prevent debt! There are many saving vehicles, do the research to see which one would suit your need best. Remember to compare the cost of each option or product.
- Know your need from your want. Discuss with your wife what you believe you need, write it down and then be very strict when going through the list on what is a true need. Look for cheaper options, for example buying a cot brand new versus buying a second hand one and re-painting it. This is a more personal touch and saves you money.
Baby will be your greatest blessing, don’t let the stress of finances take away from this wonderful experience. Be prepared and stay prepared!