Bun in the Oven, No Bread in the Bank

MeghanWhitmer — Tue, 16 Sep 2008 23:15:00 GMT

I will never forget the day I found out we were expecting. We had $75.00 in the bank (checking and savings combined, mind you!), had just quit one of my part-time jobs (and was only a few days away from being fired from my other) and was holding a positive pregnancy test in my hand. Actually, I was holding 3 positve pregnancy tests - what if the first two were wrong? My husband was thrilled, terrified, amazed... I was nauseous. And terrified. It would still be another 10 months or so before we really got a handle on our finances but, looking back, there were plenty of ways I could have used our nine months of preparation for our daughter as nine months of preparation for a better life. And these hints are....

* Get your affairs in order : IMMEDIATELY! Wills, life insurance, living wills, appropriate health insurance, college funds if you're feeling ambitious - if your child is anything like Maggie, you'll be lucky to have five minutes to yourself again! You are about to be entirely responsible for another human being - it's time you started being entirely responsible about yourself.

* Get ahead - and stay ahead : Even if it's $10 more on your minimum payments or $20 more towards your car payment, this is a great time to accelerate your attempts to get out of debt. I worked until I was a full nine months pregnant and only went on maternity leave because I was terrifying my boss (and perfect strangers!) with my gigantic baby belly - our income did not suffer at all. Financially, this is an awesome time to sock extra money away and to make tremendous progress on what you owe.

* Live in the future : If your family, like mine, is a dual income household, there is daycare looming. I pay (approximately) $800 a month (OUCH!) to make sure my daughter is in good hands while I am at work and our current household income is less then it was when I was pregnant, due to recent job changes. Starting TODAY, start paying for "daycare". You will have to do it soon enough, best to get used to it. Start pricing daycare in your area, get recommendations, interview providers - and open a savings account to sock your day care money away in. This is a great way to adjust to your new financial situation - and to save money. Sooner rather then later, that money will be going to someone else, take advantage while you can!

* No need to upgrade : We were living in a one bedroom apartment when we found out we were expecting. We are currently living in a one bedroom apartment today, with our 13 month old toddling around in it. However, in our initial holy moly we're pregnant panic, we started sourcing two-bedroom apartments IMMEDIATELY. Adding a new member to your family will require additional space. It will not require an immediate move, renovation, or home sale. Seriously. You do not need to move to a mansion for an infant and one child does not require a minivan. Stay put and assess your situation on the other side of your pregnancy - your wallet will thank you!

* Think less - not more : In our closet, we have bins full of adorable baseball onesies and cowboy pajamas for the son we saw on our ultrasound. Readers of this blog will know we had a daughter. Ultrasounds lie. Show restraint. We also have multiple vibrating bouncy chairs to soothe colicky infants to sleep. Our daughter slept through the night at three weeks old and rarely burped, let alone screamed with gas pains. Elaborate breast pumps (used three times)? Check! Boxes of bottles that our daughter disliked! You betcha. Until you meet YOUR child, take it easy. A reliable car seat, a week's worth of onesies, and a box of newborn diapers would have gotten us through the first two weeks. I wish I had realized that before I took all of the tags off!

* Take care of yourself! : First and foremost, please slow down and take care of yourself during this incredibly exciting time. Whether you have a busting baby belly, a completed home study, or an extremely pregnant and cranky spouse, you are an expectant parent! Enjoy these fleeting moments and you will be in the best shape possible to take care of your new addition!

Please share any other tips you might have - I only have one kiddo at home and know there are more experienced parents out there!

The Whole Buffalo : debt

Bun in the Oven, No Bread in the Bank