Baby on a Budget: Planning ahead for non-planners

So, let's face it. There are those of us that plan and budget and there are those of us who don't. Some people scrimp and save, while others live paycheque to paycheque. I'm not judging, it's just the way it is. I know just how hard it is to "save." Seeing that money in an account untouched when there are plenty of reasonable things you could use it for? Not easy.

So, this one is for those of you who live paycheque to paycheque. If you're one of these people, you might be concerned what might happen if you are waiting for that next pay cheque and baby needs formula, diapers or worse, medicine. How can you protect yourself from running into these issues without worrying about budgeting or saving?



First of all, pick a store that you regularly shop at. Keep in mind, this store should be somewhere that carries baby items; food, diapers, clothes and maybe even a pharmacy. For example, I would chose Walmart or Shoppers Drug Mart (a Canadian drug store), a grocery store would work as well, but somewhere like Walmart is probably most likely to cover all your bases. Whatever you choose, make sure it is a store you regularly shop at.

Now, get a reuseable/reloadable gift card. Most stores nowadays allow you to load any amount on a gift card and use or add to it as you choose. Now, every week or every time you do your shopping, add an extra $5, $10, $15 to it, or whatever you can afford at that time. Five dollars extra on your grocery bill every week won't seem like much, but over 40 weeks you will accumulate $200 on your gift card.  If you are able to put a few dollars extra each week, you will accumulate even more.

Once baby is born, keep this gift card around for those "emergency" occasions, or unplanned expenses. Having this little safety net will save you a lot of stress and headaches down the road.

I wish I could take credit for this idea, but I can't. I read it ages ago on a forum, and I wish I could accredit it to the user, but I cannot recall their name. Regardless, I think it is a brilliant idea for those who are worried about unforeseen expenses associated with a baby.

For more Baby on a Budget Tips:
Baby on a Budget: Starting a Budget