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Affording a baby – what's behind the credit crunch?

If you have financial trouble, you’re not alone. Thousands of families around the world are struggling to make ends meet. Many mums and families put the financial burden of having and raising children at the top of their list of worries.
 
One of the main reasons for this is the steep increases in basic costs like healthcare, housing and day to day living expenses. One of the most basic costs, housing, can cost 75 percent more for families than for single people or couples. The increased space requirements of a family, and the need to be near schools and other amenities, mean that families are all competing for a very small housing pool. This will increase your costs at a time when you are on maternity leave or when you’re trying to get by on one salary.
 
There’s also increased pressure to buy more equipment, toys, gizmos and gadgets for your baby, and in our consumerist society your love and care for your children is often measured by the things you give them.
 
The most important thing to remember is that having and caring for a child is not a status symbol. You need to learn to determine which are genuine needs (housing, food, clothing) and which are wants (living in a fancy suburb, eating gourmet meals, wearing designer labels, and yes, the most expensive buggy on the market.) When you’re doing your baby budgeting, be realistic. Don’t assume that you need the best or the most expensive items or equipment. Often, that’s less about what your baby needs, and more about what you want, or what society is telling you that you have to have.

More questions

There really is no such thing as starting saving too early for your child’s future. 
When you become a parent it is more important than ever to build a nest egg to cope with any unexpected expenses such as doctor’s bills or expensive car or home repairs.
Updating your will (or putting one together) is a necessity when you have a baby
Applications for Maternity Benefit are handled by the Department of Social Protection.
Although you are entitled to maternity leave, and can qualify for Maternity Benefits, these are subject to specific rules.
If you thought going back to work, or being a stay-at-home parent were your only options, think again.
Plan your weekends well and do the necessary preparation during the week to ensure that there is time for fun – not just chores – on Saturday and Sunday.
It is important to remember that you are only human and it is impossible to have a perfectly balanced work and home life. Unexpected things do happen and it is at times like these that you should simply take a deep breath, relax and accept that you are doing the best you can.
Join up with other stay-at-home moms and dads in your area. Getting together with them regularly will make up for the adult company you are so accustomed to in the workplace.
It’s surprisingly common for stay-at-home mums to resent having to stay home and care for children.

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