A new online baby budget planner designed to help parents-to-be draw up a realistic budget and keep their spending on target before their new baby arrives was launched today.
The tool has been introduced by the National Consumer Agency (NCA) on its personal finance website www.itsyourmoney.ie.
“Ireland is currently undergoing a baby boom and for many cash-strapped families budgeting for significant expenses is now a must," NCA Chief Executive Ann Fitzgerald said.
"First-time parents often don’t know what they need to budget for and can feel pressurised into buying the best of everything for their new arrival. The planner will help parents plan their spending so that they budget for the essential items first and decide on their priorities.”
The new baby budget planner asks users to include a maximum budget at the start. Then it is broken down into six categories including nursery items, feeding, clothing, changing/bathing, travel/outdoor equipment and play equipment. Once a user completes the planner, they can calculate their actual spending, see how it compares to their maximum budget and adjust it accordingly. There are also tips to help those who find they may be over budget.
“Whilst the baby budget planner is a great starting point for parents to help them budget for all the initial expenses, there are other ongoing costs such as childcare which you will need to work into your regular budget using our general budget planner," Ms Fitzgerald added.
"With childcare costing up to €1,000 a month in some areas, it is worth thinking about how you will pay for it if you are planning on returning to work after your baby is born.”