With the birth of the Princess (will she be named Alice or Charlotte?) even Kate and Wills will be thinking about rearranging their finances to ensure their budget is flexible to fund the whole family.
If you have recently had a Prince or a Princess of your own, or you are about to, you are probably thinking how am I going to afford to cover all these costs? With Prams starting from $600, Cots from $400 and a basic change table from $100, how much do we need to set aside when planning for a new addition to the family? Well mothers don’t stress.
Make a realistic budget and most importantly stick to it, this is a number one golden rule. Work out how much time you can afford to have off work and ask yourself can you live off one income and still sustain a decent lifestyle? If this is all becoming a little too overwhelming our team at Prudent Cashflow Mentors has the skills and abilities to make this stress-free and maybe you can come out of hospital looking as great as Kate did less than 12 hours after giving birth!
Budgets can be difficult when planning for a new baby, because how can something so small costs so much money. Yes ok, if it’s your second or third or even forth child then you can reuse toys, prams or clothes, and this will make it a little less expensive. But children grow so quickly it seems absurd to spend a fortune on things they can grow out of in a couple of months.
Look past the shops and the marketing that is put right in front of us everyday. Maybe you have friends or family that have had a child? Maybe purchase some of their baby essentials and you could save yourself a small fortune instead of buying it full price in store. If not, get on Gumtree there is an array of choices where people are trying to sell items that are no longer in use in their family home, but could be extremely beneficial in your home.
Shocking statistics from AMP state how a middle income family, for two children, from birth until they finish their education, will costs a staggering $812,043 – are you sure you have budgeted enough to sustain a decent lifestyle for you and your kids? Take a look at the table below to see where it all goes.
