Creating a Nine-Month Savings Budget
Although the long gestation period for human babies results in a lot of discomfort for the mother, there is one silver lining: You get nine months to save up for the added expense a baby brings. Think of the time until your baby is born as your best chance to save. Cut back on every possible expense between now and then and save every penny you can.
Having money in savings when your baby is born can help in a variety of ways: You can pay for medical expenses; use it to live on should you or your spouse decide not to return to work; pay for a day-care provider; use it as a cushion against unexpected repairs on your house or car; and so on.
Use WORKSHEET 16-2 to help you determine how much you can save.
Monthly Expense |
Amount |
Ways to Reduce/Eliminate |
New Amount |
Savings for the baby |
$ |
N/A |
$ |
Groceries and household items |
$ |
$ |
|
Contributions |
$ |
$ |
|
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 |
$ |
$ |
|
$ |
$ |
||
TOTAL: |
$ |
$ |
