A new baby brings joy and is a blessing to any loving family.  However, having a new baby adds many extra costs to your monthly budget.  According to the U.S. Department of Agriculture, a middle income family will spend about $165,000 on one child until the age of 18, not including education costs.  Parents will also spend up to $10,000 on new baby costs before the baby is even born!  Once you have a baby on your mind, it's time to re-organize your budget.

Your new bundle of joy also brings with them a bundle of expenses.

1. Write up your normal budget for the month including bills, car payments, groceries, etc.  Then add in future baby costs, such as diapers, bottles, etc.  This will help you prepare for the extra costs baby will bring.
2. If you are investing or saving money each month, it may be helpful to divert some of this money into a separate baby fund.  A baby fund could be its own savings account.  Ask your Lincoln Savings Bank representative for more information on preparing a baby fund account.
3. Cut back on luxuries!  Some entertainment, restaurants, and those cute pair of shoes are added expenses that you could be using towards baby.  Also, check out cheaper cable, internet, and cell phone services.  There are lots of ways to maintain cable and internet without through-the-roof prices.
4. Consider refinancing.  Right now rates are still pretty low, and it could be a good time for you to refinance your home to put a little extra cash in your pocket.  Speak with one of our Mortgage Bankers to learn more about refinancing or apply online at www.lsbmortgage.com.
5. Having a credit card can help you build the credit that you need, but with a baby on the way it can be a hectic time, putting credit card bills on the back burner.  Be sure to pay these on time as it can be an added burden you don't need when baby arrives!
6. Lastly, consider secondhand baby furniture and supplies.  Many of the expensive baby necessities will come to you as gifts, but for the other items, safe used or secondhand supplies will work just fine and save you big bucks!

Having a new baby is an exciting and joyful time.  Lincoln Savings Bank can help you prepare your budget and accounts so that when baby comes, you can enjoy all the love and happiness that baby will bring.