1. Save up for the next 4 months
We've decided it doesn't hurt to do our best to save as much as we can while we are both working full time. We are big savers anyway so this shouldn't be too tough. Getting a new car this year will be a big one though! (We get it TOMORROW!)
2. Decide how much time we will take off from work
We're pretty sure that I'm taking the full year of Maternity leave that we get in Canada. I really want as much time home with Baby T. as possible and paying for daycare when getting EI is kind of a waste since daycare at that young age is so expensive and hard to find where we live.
3. Review our spending over the past few months using mint.com
Ok, I love this site. Have you heard of it?
As it says on their website, "Mint brings all your financial accounts together online or on your mobile device, automatically categorizes your transactions, lets you set budgets and helps you achieve your savings goals."
You can change classifications of items if you'd like and it creates awesome graphs of how you've spent your money each month. This can really help you keep things in check.
I also love that you can set budgets and it alerts you when you have gone over them for the month. This will definitely help when it comes to budgeting for baby time. Our budgets will shift a bit, but we can manage those changes here to make sure we are still living within the money we are making.
4. Detail our fixed expenses
We've already done this, but have a few things to add this year and adjustments to make. We need to review and have these set so we are prepared.
5. Plan for baby expenses
So apparently babies aren't free. There are a few things we need to budget for when baby is here. We're sure some things will be gifted, but many we will have to buy. I'm leaning towards the investment of cloth diapers. I've seen other bloggers talking about it and think it would be a great way to save some money in the long run. Jetty isn't so keen on the idea, but since I'll be doing the majority of the diaper changing I think I can sway him.
What other things should we be thinking about when budgeting for baby? Any tips you have?