How Do You Manage Your Expenses with a Child at Home? | Faydety

How Do You Manage Your Expenses with a Child at Home?

Publish Date: in Money Tips

How Do You Manage Your Expenses with a Child at Home?

This is for you if you're waiting for a new baby

Bringing a newborn home is a joyous stressful, and life-changing event. Your biggest priority is that baby and meeting his/her needs in every way and thus, restructuring your life (and your expenses!) accordingly. In celebration of Children's Day on May 2, we will outline the five most important things to do to save your money and make things easier for yourself and your new family.

 

1- Take Out A Loan For Maternity Expenses

 

Before your newborn baby arrives home, prepare yourself for significant delivery expenses, which range from around 2500 EGP to 10,000 EGP for a natural birth, depending on the hospital. In the case of a Caesarean section, expenses vary between 5000 EGP and 17,000 EGP. If this amount is not on hand, we advise applying for a personal loan before birth to cover these expenses.

 

Apply for a personal loan now for free and in minutes using Faydety’s Personal Loan Finder.

 

2- Calculate Your Daily Costs

 

It would be particularly beneficial to make a monthly budget to define your priorities and outline precisely what, when, and where you will be spending your money. There are various methods you can follow, including the 50-30-20 rule of thumb. This method is a guideline for allocating your budget accordingly: 50% to “needs,” 30% to “wants,” and 20% to your financial goals. 

 

To learn more about this method, check out What is a 50-30-20 Budgeting Plan?

 

Bringing a newborn home is a joyous stressful, and life-changing event

 

 

3- Apply For A Credit Card

 

With a child at home, you must always be prepared; anything can happen at any time, and you will need to act accordingly. For instance, your child may fall ill and need to see a doctor. This is a potential expense that must be factored in with a child at home. To save yourself the stress and hassle, consider applying for a credit card; that way, you’ll always have money on hand when needed, unlike cash which may not always be readily available. Moreover, credit cards have a 45 to 58 day grace period for repayments

 

Apply now for the card most suitable for you using Faydety’s Credit Card Finder.

 

 

4- Apply For An Investment Certificate

 

Although having a child has a significant impact on your expenses, there are ways to alleviate this impact. Consider taking out an investment certificate at your bank which will grant you various monetary benefits. You can also open a cumulative certificate in your child's name over an extended period of time, i.e., 10 years, which your child can then use when he/she gets older.

 

Are you interested in learning more about cumulative investment certificates? Check out What Is A Cumulative Investment Certificate?

 

Compare investment certificates of various Egyptian banks using Fadety’s Saving Deposit Finder. 

 

5- Apply for A School Loan

 

Suppose your child is at an age where they are about to enter school. This inevitably means that school feels, which are known to be quite substantial, are an added expense which you will have to manage. To do so effectively, consider applying for a school loan; this type of personal loan may cover 100% of the school fees, depending on your circumstances.

 

Apply for a personal loan quickly and easily using Faydety’s Personal Loan Finder.