First Bank of the Lake: How to Budget for That First Baby

Congratulations! You just found out that you are pregnant and your family is growing by at least one. Budget for your baby early on so you're not scrambling for cash after the little guy or girl gets here. Our bank at the Lake of the Ozarks is here to give you a few tips on how to budget for that first baby. If you'd like to open up a savings account for your little one, visit with our friendly staff at First Bank of the Lake or check out our website at www.FirstBankLake.com.

How to Budget for That First Baby

Research childcare costs.
On average, prices for daycare amount to approximately $11,666 per year, but can range from $3,582 to $18,7773 a year, which is anywhere from $300 to $1,564 a month.

Source: https://www.babycenter.com/0_how-much-youll-spend-on-childcare_1199776.bc

You also have to be mindful of openings, especially for newborns. Sometimes, daycare will have limited space and you must reserve your child's spot early on.

Check with your company about paid maternity leave.
Some companies may offer paid maternity leave or short term disability pay, which allows for you to receive payment while you are out on maternity. If you are the mother and plan to take off work after your child is born, which most mothers do, then every little bit helps while you are not working. Check on these sorts of things early on.

Check your health insurance regarding prenatal care costs.
Prenatal costs such as your monthly doctor visits, ultrasounds, and bloodwork can add up after a while. Some healthcare facilities require these costs to be paid by your baby's due date. Plan accordingly and cut back on other expenses where you can, such as eating out each week.

Save for medical expenses.
Other costs related to your baby can include the actual birth costs, which can typically by anywhere from $4000 to $7000. Check with the healthcare facility about a payment plan.

Budget for nursery items.
With this being your first baby, you may tempted to buy all NEW items. There is no shame in buying used items for your nursery, especially bigger items such as a crib, a pack and play, or a stroller. Save money where you can because you will most likely need it for other mandatory items such as diapers, baby food, etc.

Save for that First Baby with First Bank of the Lake

Save for that baby as easily as possible and let our bank in Osage Beach help you. Build savings automatically — link your Free Kasasa Saver® account to your free Kasasa® checking. Free Kasasa Saver® is saving simplified. Connect it to your Kasasa Cash® or Kasasa Cash Back® checking to build your savings effortlessly. Learn more at www.FirstBankLake.com.

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