Learn how to develop a budget when planning financially for a baby
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Melanie Raposo: Hi everybody! I'm Melanie Raposo and welcome to The Pregnancy Show. The cost of having a baby these days is very expensive. So one of the first thing you need to think about before having a baby is, are you financially ready? Well, today we're breaking down the cost for you and a financial expert gives us great advice on how to budget before the baby comes. Laurie Campbell: One of the most important things, if you are in the situation as a couple, really, really important is to take a look at it together. The one thing that we often find is in that if one person is trying to budget and the other person is spending, it's never going to work. So have some solid agreements on the budget process. Start tracking every cent you spend to get an idea of where your money is going now, and then take a look at how you can cut back. There is a lot of little budgeting booklets and trackers out there that can really help people and we offer a little budgeting booklet for free. People can carry on them, track all their expenses on a daily basis. Then as a couple get together see where you can cutback. Can you cut back on perhaps lunches, bring your lunch every day to work. Can you cut back on transportation? Do you really need to drive your car into work or maybe you can take public transportation. Cut back on entertainment cost, you might be able to cut back on clothing cost, etcetera. So work towards that. Set some goals where you want to spend your money and make sure that you follow it monthly and review it monthly to see if you are actually further ahead or further behind. If you are further behind you need to review it, let's see what you can do to modify it, because now it's a time before the baby comes.