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A new mom snuggling with her baby.

Financially Preparing For A Baby

Welcoming a little bundle of joy into your life is an exciting milestone. However, from diapers and formula to clothes and car seats, babies bring quite a few expenses along with them. The average cost of having a baby in the United States is about $10,800—a large price tag for such a little package!

As you get ready to become a parent, take steps to prepare your bank account for the arrival of your child, too. Discover how opening a savings account from Landmark National Bank can help you prepare for a baby financially.

Create a Baby Budget

It may sound odd, but you should create a budget for your baby. Everyone’s baby budget looks different, depending on how many children you already have, what your expenses are, and your income.

Consider having both a long-term and short-term budget. Your short-term budget focuses on the cost associated with the arrival of your baby. Postnatal care, hospital bills, or adoption fees are significant expenses at the beginning of your journey of parenthood. Your long-term budget includes:

  • College fund
  • Daycare expenses
  • Food
  • Diapers
  • Clothes

In addition to creating a budget, we’ve gathered a few cost-saving ideas to help you prepare financially for a baby:

Thrift for Baby Clothes

As a new parent, you may be tempted to treat your bundle of joy like your personal baby doll. Unfortunately, babies grow quickly, meaning that little sailor outfit or tutu may not fit for very long!

Additionally, baby clothes often get stained with spit-up and food (or worse!). Give yourself a wide variety of baby clothing options without overspending by going to thrift stores.

Use Coupons for Formula, Diapers, Etc.

Formula and diapers are two of the biggest costs associated with having a baby. If breastfeeding and washable diapers aren’t an option for you, try to use coupons as much as you can. In addition to saving money, coupons may even give you the option to purchase more baby supplies and save you a trip or two to the store.

Create a Savings Account for Your Baby

One of the biggest ways you can give yourself financial help as a parent? Open a savings account for your baby. By opening a savings account, you can create a space to track all of your baby’s financial needs. Set aside money for a college fund, build your short-term budget as your due date approaches, or build out a nest egg for the irresistible baby outfits you stumble upon.

Open a Savings Account with Landmark National Bank

If you’re wondering how to prepare financially for a baby, Landmark National Bank can help. In addition to savings accounts, we offer a variety of personal banking options to help you manage finances as you prepare to have a baby. Find a Landmark National Bank branch location near you and open a savings account today!

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