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Once everything started rolling I didn't have to worry and having only one payment was great.
- Betty Morris

Did you know?

91% of undergraduates have at least one credit card

Qualified Debt

  • Credit Cards
  • Collections
  • Unsecured Loans
  • Autos Repossessed
  • Unsecured Personal Loans
  • Unsecured Personal Lines of Credit
  • Medical Bills

Unqualified Debt

  • IRS Debt/Taxes
  • Utility Bills
  • Home Loans/Mortgages or Home Equity
  • Auto Loans
  • Student Loans
  • Government Loans
  • Secured Debts
  • Apartment Leases/Rent
  • Consumer Electronics & Furniture
  • Payday Loans

Ahh a Baby...don't let debt get you down

Having a baby is the most beautiful thing in the world. They are so precious and time flies by before you know it. Don't let your financial worries get you down. Plan ahead and save now!

There will be many expenses you will need to take into consideration such as baby furniture, clothes, car seats, strollers, food, diapers and so on. For the big ticket items, see if you can get used or hand-me-down items or add those items to your registry and maybe get them for free. If not, make sure to add those items to your budget along with the everyday items.

Good news, the big ticket items only need to be added once and will not be a monthly charge as will be formula, foods, childcare, healthcare and diapers. First of foremost make a budget.

Make a budget--Big ticket items vs monthly items

Big Ticket Items are one-time larger costs upfront but many items can be bought second-hand or given to you for free. There are always deals out there too so look for instant savings, coupons, discounts and even garage sales.

  • Crib
  • Changing tables
  • Car seat
  • Stroller
  • Play pen
  • Swing
  • Walkers
  • Baby furniture

Monthly Items - These you will need to allocate to come out of your budget on a weekly/monthly basis. You can also ask for help here but these items will be frequent.

  • Formula
  • Diapers
  • Baby food
  • Doctors visits payments
  • Medicines
  • Bathing and changing articles- baby soap, lotion, wipes, oil, rash ointments and so on
  • Baby laundry detergent
  • Clothes
  • Miscellaneous items
  • Utilities bills- You’re electric and water bills will go up so account for this.

Save money today!

Put money way into your savings account and if you don’t have one, set one up. Start building up your little nest egg to support you and your baby. Do you have other kids? If so, you will need to take your entire family into consideration when planning for a baby.

Don’t overlook this

Medical Costs of having a baby

Medical costs can overwhelm some couples, especially those with existing debt management issues. Some insurance plans require you to pay up to 20% of the delivery cost, which could be anywhere from $8000 to $10,000. Those costs will rise rapidly if any complications arise.

Your Income on Maternity Leave

What is your company's policy on maternity leave? A typical short-term disability plan pays you 60% to 70% of your gross income for a period of six weeks. That can be a sizeable decrease in income. If you are struggling to maintain your budget on your own, a credit counselor can help you find ways to adjust it to best fit your needs. Also, your employer may provide a flexible spending account for medical costs. If so, take advantage of it to save money for any potential uninsured costs that may arise.

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