Wed. Feb 28th, 2024

When you have a baby, one of the major worries that you may have may be your finances, as babies cost a lot of money and it can be difficult to keep up with the demands that are made on your finances by this bundle of joy. As such, if you are worried about the state of your finances and how a new baby will impact these, here are some of the top tips that you should follow if you are struggling to improve your finances after the birth of your baby. 

Take an Online Degree

If you and your family are under pressure, then taking an online degree might not be at the top of your priorities, as online degrees still cost money and you may not be able to work as much as you would like to when you are taking an online degree. However, you may be able to get a student loan for your qualification, and, when you are on maternity leave, it is unlikely that you will be able to work anyway. This means that an online degree can help to set you up for a great career and a substantial paycheck when you finally do return to work. Not only this, but online degrees cost much less than traditional degrees and you will not have to worry about paying for accommodation and the other expenses that a traditional degree can incur. Not only this, but an online degree can help you to get promoted and take on leadership positions that you may not have been able to otherwise. 

As such, if you decide that you want to use your maternity leave to study for a qualification, you should consider looking for the best online degree and college for you. For instance, you might look at getting a DNP from Walsh University online. This can then allow you to thrive and set yourself up for success and a good paycheck throughout the first years of your baby’s life and beyond. However, you do need to realize that studying for a qualification while having a newborn baby is not always easy, and you might have to work in small, quiet doses when your baby is napping or otherwise occupied. 

Get a Promotion 

The cost of raising a child is over $200,000 and even having a baby can cost you around $30,000 depending on your insurance policy. As such, it is clear that you need a good salary coming in if you are going to support your child and ensure that they have an exciting childhood ahead of them that is not tempered by money worries. If you want to improve your finances when you have just had a baby, you should consider aiming for a promotion. This will mean that you will not have to deal with the pressures of trying to find a job in another company while allowing you to have the potential to earn more money.

As such, if you want to get the promotion that you think that you deserve, you should consider talking to your manager about your ambitions and they can then help you to set goals and targets that will help you to be in the best place for a promotion. The best time to do this is at one of your annual performance reviews. You should also consider the gaps in your skills and expertise that could be preventing you from getting a promotion and consider remedying these, as well as creating a strong relationship between you and your manager and your colleagues. This is especially important if you are aiming to take on a leadership position once you get promoted. 

Look at Part-Time Jobs

If you want to improve your finances when you have a baby, you should also consider looking at the many part-time jobs that are available to you, especially if you have come out of maternity leave, are not currently employed, or if your employer is happy with you taking on an extra job during maternity leave. Part-time jobs can allow you to get the money that you need while still enabling you to have the time with your baby that you need. If you do not think that you will be able to commit to a part-time job, you should consider looking for part-time jobs that you can do at home, as you will then be able to complete these around your own routine and while caring for your baby. Some other ways to make quick money as a mum include becoming an influencer, taking surveys, or even dog walking or pet-sitting, and you might even be able to get your baby involved with influencing and dog-walking. 

If you decide that a part-time job is too much for you since you will have to act on the whims of your manager, you should consider creating a part-time business venture for yourself. For instance, you could consider making a little bit of extra cash by selling items on eBay or another online marketplace, by making crafts to sell on Etsy, or by drop-shipping products and selling white-label goods. This will then allow you to make extra cash without having to give up precious minutes with your baby to do some. 

Get Financial Support

If you are struggling with money when you first have a baby, you should consider looking at the financial support options that are available to new families. You should not think that you are alone when it comes to your finances. You may be able to get food and education, as well as Medicaid for the duration of your pregnancy and beyond. You may also be able to get financial assistance if you are in need or if you are a single mother, even if this is only temporary. You may also be eligible for a child tax credit, dependent exemption, child, and dependent care credit. In some cases, you may be able to contact religious organizations and charities for help, or you might be able to take out a short-term loan that can help you to cover the costs of raising a child, which you can then pay back when you are more financially stable. Many people will be eligible for maternity leave from their employer, too, until they can go back to work. You might also consider speaking to your family and friends about the possibility of getting a loan from them, as this can help you to get the money that you need without the worry about falling into debt, even if asking family for a loan can be difficult and can put a strain on your relationship if you cannot pay it back straight away.  

Find a Babysitter

Although getting a babysitter can be costly, it is important that you find a trustworthy babysitter when you are trying to keep your finances stable as a parent. If you are unable to find a babysitter that you trust, you may be unable to work because you have to care for your child or may lose money because your babysitter lets you down at the last minute. As such, you should look around for a babysitter that is local and that has experience in babysitting a child of your child’s age. You should try to find someone who wants the job long term, too, as they will then be able to build a bond with your child and your child will face less disruption with a constant change in babysitters. You should consider getting a babysitter through word of mouth by speaking to the other moms in your area, or you should consider looking online or even on your local noticeboards for a babysitter who meets your needs. 

Create a Budget

Your budget is also incredibly important, as this can help you to control your spending and can make sure that you always have the money that you need for essentials. As such, before you have a baby, you should sit down and create a budget that details all of your fixed costs as well as the money that you are aiming to have spare. You should then update this and check it regularly and aim to stick to this budget, as this can make sure that you never find yourself unable to buy essentials or in debt. You should also share this budget with everyone that has a say in your finances, such as your partner, as this will make sure that you are all on the same page when it comes to your expenditure and your money in general. 

As such, there are many steps that you can take to improve your finances when you are struggling after the birth of your baby, and having a newborn baby does not have to signal a period of worsening finances. From creating a budget to getting a part-time job, by taking a few small actions, you will very quickly be able to stabilize your finances and give your baby the best, financially stable life possible. 

By Manali