Budgeting for Baby
Planning for the arrival of a child can be an exciting time. As your family grows and changes, so will your fiscal needs. Origin Bank is here with some tips to help you get started with your new family plan.
First, start by categorizing your expenses so you can understand where and how you spend your money. Essentials like housing and utilities should remain top priorities while spending on things like dining out or leisure travel should become less important once baby arrives. Origin’s Personal Financial Management tool can help, with features like auto-categorization, account aggregation and debt management resources.
Next, examine your spending and look for ways to reduce your monthly expenses, both in the short- and long-term. An easy place to start is to identify how much you spend on things like monthly streaming services, gym memberships or magazine subscriptions. These fees can add up, so take a hard look and decide what’s absolutely necessary or what can be canceled and turned into savings. You can also research ways to save on your utility usage, find out if you’re eligible to refinance your loans, or consolidate debt at lower interest rates.
It’s important to learn how your expenses will be affected so you can begin to plan for inevitable increases. Costs for your health, dental and vision insurance plans will go up, so talk to your employer about what family plans will best suit your needs. You’ll also need to plan for increases to your monthly spending for things like food, clothing, child care, copays for doctor visits, legacy planning and more.
While it can seem overwhelming, there are plenty of resources available online to help you understand what the typical expenses are for baby’s first couple of years. If you need guidance along the way, Origin is here to help with expert advice on savings and money market accounts, and tools like our financial calculator to help you start saving and budgeting smarter. Visit your local Origin Bank or call us 24/7 at 888-292-4037 to learn more.