Whether it’s your first, or your third (oh my!) a new bub on the way means big expenses – especially if you don’t have the luxury of hand-me-downs. Though we’re all in a flurry of expectation and organisation, it’s easy to spend up big on the credit card and forget about it later. So, what can be done about it?
Taking out a personal loan is one way to save money on getting everything set up for baby without breaking the bank – especially when the alternatives are so much more expensive.
Why a personal loan?
Why should you use a personal loan instead of what you already have? Because a personal loan will help you save on interest in contrast to “Buy Now, Pay Later” services and credit cards. BNPN services simply charge your credit card in four or more instalments – which also makes it harder to pay off in the 55-day interest free window. (This may depend on your credit card.) Also, you can compare your different personal loan products with a broker and get the best deal possible. Every repayment you make is equal and each month that goes by gets you closer to a zero balance – not the case with credit cards.
Use on baby’s needs
Did you know the average cost of giving birth in a private hospital is $8,500? We all want our baby to have the best chance in life and going private is one of those ways. Coming up with that amount of money isn’t easy in one fell swoop. You could use a personal loan to pay for these bills and rest easy.
Use to renovate or improve the home
Making your home childproof isn’t cheap – and making it accessible for when they grow up is a must too. Renovating your kitchen to provide more space, perhaps making your living area open plan, or upgrading bedrooms to ensure your baby has space to grow. Personal loans can give you the cash you need to achieve what you require.
Use it for new transport needs
Personal loans are also used to fund new cars to transport your growing family. The old two-seater or hatchback won’t be good for baby seats or when they grow out of them, so upgrading to a four-seater or SUV ensures your family has the transport it needs into the long-term.
Use it on household furniture or whitegoods
Babies need cots, bassinets, beds, disinfecting units – and that’s just for starters. Upgrading your household furniture or whitegoods – perhaps your unit-sized dishwasher just isn’t cutting it – will cost a lot. But it’s an investment in your family’s domestic future!
Use it for a much-needed holiday!
Once all is said and done, you may need to use a personal loan for a bit of a getaway! Exploring Australia or overseas can be within your reach by getting the money together with a personal loan, so you can give your family a trip they won’t soon forget.
