Creating a Budget for Your New Family
Now that you have an idea of the expenses your new baby will bring, along with the potential loss of income that caring for your child can entail, you can create a new, baby-friendly budget. Use WORKSHEET 16-4 below to determine how you're going to afford your new baby.
Monthly Expense |
Amount |
Ways to Reduce/Eliminate |
New Amount |
Groceries and household items |
$ |
$ |
|
Contributions |
$ |
$ |
|
Savings |
$ |
$ |
|
Rent on furniture or appliances |
$ |
$ |
|
Entertainment/babysitting |
$ |
$ |
|
Eating out |
$ |
$ |
|
Rent or mortgage |
$ |
$ |
|
Car payment or lease |
$ |
$ |
|
Electric bill (average) |
$ |
$ |
|
Gas bill (average) |
$ |
$ |
|
Water bill |
$ |
$ |
|
Sewer bill |
$ |
$ |
|
Trash pick-up bill |
$ |
$ |
|
Cable/DSL/satellite bill |
$ |
$ |
|
Telephone bill |
$ |
$ |
|
Cell phone bill |
$ |
$ |
|
Bank charges |
$ |
$ |
|
Haircuts/manicures/pedicures |
$ |
$ |
|
Home equity loan |
$ |
$ |
|
Other loan |
$ |
$ |
|
Credit card or store-charge bill |
$ |
$ |
|
Credit card or store-charge bill |
$ |
$ |
|
Credit card or store-charge bill |
$ |
$ |
|
Credit card or store-charge bill |
$ |
$ |
|
Credit card or store-charge bill |
$ |
$ |
|
Credit card or store-charge bill |
$ |
$ |
|
Child support or alimony |
$ |
$ |
|
Car maintenance |
$ |
$ |
|
House maintenance |
$ |
$ |
|
Auto insurance |
$ |
$ |
|
Property taxes |
$ |
$ |
|
Gifts |
$ |
$ |
|
Events to attend |
$ |
$ |
|
Clothing and shoes |
$ |
$ |
|
Home insurance |
$ |
$ |
|
Vehicle registration |
$ |
$ |
|
Vacation |
$ |
$ |
|
Club membership |
$ |
$ |
|
Other: |
$ |
$ |
|
Other: |
$ |
$ |
|
TOTAL: |
$ |
$ |
