Are you expecting a baby this month? Congrats! There are few things in this world as joyous and exciting as have a new baby. But as wonderful as having a new baby is, a baby can add a lot of extra costs to your monthly budget.
Timberwood Bank wants to help you prepare for your new bundle of joy. Don’t forget about the following costs when organizing your baby-specific finances:
Unexpected Loss of Space – For as tiny and precious as a newborn baby is, their supplies and furniture can take up a lot of space in your home. If you feel like you need to move to a bigger home before baby arrives, make sure you set up your finances accordingly and explore the mortgage loan options offered by Timberwood Bank. Remodeling is also an option to create more space in your home.
Unexpected Utility Bills – Other than the potential costs of buying a new home or making remodels, you can expect a change in your utility bills as well. You will most likely find yourself doing more laundry and running the dishwasher more often after baby arrives. This will directly cause an increase in your utility bill. Also, in the hot month of August, you may be needing to crank up the air conditioning to stay comfortable with your new baby.
Unexpected Doctor’s Visits – You can plan for the required two week and two month check-ups, but you can’t predict when your newborn is going to get an ear infection or when you need to buy formula because breast-feeding just isn’t working. Consider saving extra cash for these unplanned doctor visits and medical requirements to prevent you from using money that you originally planned on saving for something else.