How to Manage Your Finances When an Unexpected Pregnancy Occurs

Pregnancy is a major milestone in people’s lives. However, there are instances in which it comes when couples least expect it. An unplanned pregnancy can create a lot of stress due to the major changes that accompany it.


You have enough time to prepare your budget so that you don’t need to worry about your finances. You have nine months, and that’s enough to come up with your budget. That way you can enjoy the anticipation of childbirth to the fullest.   


You should consider these ways you can manage your finances after finding out you are pregnant:


Evaluate Needs


Giving birth and raising a child is not cheap. Parents spend around $300,000 to raise a kid until the age of 18 years old. When you find out that you are pregnant, you should list the things your baby will need, including food, health care, bottles, hygiene products, clothing, shelter, a car seat, and many, many others.


You should realize that you don’t need to spend on luxury items such as a designer stroller or an expensive changing table. Once you have listed the necessities and weeded out what you don’t need, you can easily set a budget and stick to it.


You should strive not to spend money on things that are unnecessary. This can be a challenge, but you should do it for the sake of your child. You should live below your income. Being frugal for nine months is the best way to save enough money to raise your child.


Look at Income and Living Expenses


You should monitor your expenses and income. If you have extra money, use it to buy baby items such as bottles, wipes, bibs, and diapers, just to name a few. Having a child will definitely mean that your expenses will increase. It can be stressful, especially if your estimated expenses are higher than your income.


You should look for ways to free up some of your income. It’s possible to do this by avoiding expensive trips, shopping, and dining out and other nonessential expenses.


It is important that you determine how much you will need beyond childbirth. In today’s economy, most parents rely on a dual-income to support their child. That way, there’s less stress on both parties because they can share the financial burden.


Ensure that you and your partner are on the same page when it comes to raising the baby. Both parties should agree on short-term and long-term goals. If not, difficulties will arise.


Create a Budget


Once you evaluate your expenses, income, and needs, the next step is to create a financial plan and stick with it. You should create pre-delivery and post-delivery budgets. Baby food, disposable diapers, wipes, medical expenses, and insurance are additional expenses added to the latter.


Your goal should be to reduce your overhead costs so that you have extra money to add to your savings account.  Two easy ways you can save money include buying your baby’s necessities from garage sales or accepting hand-me-downs from family members.


Reduce Your Debt


If you have outstanding debt, you should take the time to deal with it. Avoid paying only the minimum amount each month. Paying your debts off completely as soon as you can result in great savings.


If you have credit card debts, you should consider consolidating them into a loan with a company with affordable rate like You would only need to remember one due date for your payment, and at the same time, you will save money because you don’t need to pay higher interest.


Check Maternity Package


Ask the Human Resource (HR) department of your company if they pay for maternity leave. You can find the information in your contract, but it is best to consult HR personnel about the subject. Find out how much you will receive from your maternity package. The HR advisor can also tell you how long your leave will be.   


Open a Savings Account


A savings account is where you will put money aside for your baby’s expenses. By building up your savings, you can become financially independent in no time. Make sure that you can easily withdraw from the account, instead of one that will lock your money away for a specific period.


Create an Emergency Fund


You should prioritize establishing an emergency fund as soon as possible. This is different from the savings account. The fund should be worth at least $1,000, and it should be used only for emergencies. Creating the fund will teach you how to save and give you experience doing so. The fund will prevent you from relying on credit cards and other types of debt.


Supplement Your Income


There are many ways to increase your income, such as doing part-time work. You can also sell unwanted stuff, such as old laptops, phones, or TV sets. Another method is to consider working from home. That way you can look after your child while earning extra cash for the family.


No Need to Panic


A surprise pregnancy is not the end of the world. You should see it as the start of a new beginning for you, your partner, and your baby. Just remember that planning is the most important element of being prepared if you experience an unexpected pregnancy. When you stay calm, you can objectively evaluate your situation and focus on your needs. That way, you can maximize your income.


Having a baby is a happy occasion. It is important that you look after the well-being and health of you and your child. Happiness and health are more valuable than all the material things in the world.


Make a Schedule of Important Dates


It is easy to forget a doctor’s appointment when you have many other things inside your head at the same time. Aside from the medical appointments, you should create a schedule that includes financial-related dates, such as shopping for baby stuff and filing for maternity leave from your workplace.


It is important not to make financial worries dampen your spirits. Instead of treating the surprise pregnancy as a curse, you should embrace it with open arms. You have nine months to prepare your finances. You don’t need to be in debt to raise a child!