mother and daughter in kitchen

How to Still Save Money While Raising Young Children

This statistic has been making the rounds, but perhaps you’ve been too busy between work, kids, and just generally being superman or woman to notice it.

According to the Federal Reserve Board’s 2016 Report on the Economic Well-Being of U.S. Households, 44% of all respondents could not cover an unexpected $400 emergency expense, or would rely on borrowing or selling something in order to do so. And believe it or not, that 44% is actually an improvement over previous results that go back to 2013. Still, it’s not making anybody feel any better.

If you’re part of this statistic, rest assured that there are ways to liberate yourself from this kind of burden. Saving money is power.

While the great expense of raising children can make you feel financially insecure, there are ways to work it so that you and your kids come out ahead. Even if you grow your family, there are habits to learn and stick to that can help keep you on top of your finances. Getting a grip on your budget, your finances, and your expenses can make for a happier family and a somewhat less stressful existence.

Here are a few suggestions that can help you save money while raising young children.

Establishing an Emergency Fund

Even if you can only afford to contribute a few dollars a week, an emergency fund can help you deal with the unexpected without necessarily having to resort to a credit card. These funds should be in a separate account (not your checking account) where you can access the funds easily, but not that easily (really, save it only for emergencies).

Treating Your Family to Home Cooking

Cooking in bulk, say on Sunday night, before the week begins, is a good way to have meals on hand and to eliminate the temptation for takeout and ordering in. You can save a lot of money in the process, especially if you cook with good health in mind. It’s also a great group activity for the fam.

Rethinking Your Grocery Budget

Walking through a supermarket is an exercise in resisting temptation. Instead, arrive with a pre-prepared list in hand, and stick to it. Planning meals (see our second suggestion) can get your shopping chore done faster.

You don’t have to get completely frugal—some snacks should be allowed—but if the bulk of your shopping list is planned and practical, you’ll likely see the difference in your budget, and, more importantly, in your family’s health.

Staying at Home

It may seem old-fashioned, but young children usually love old-fashioned fun: board games, charades, watching movies, reading comic books, playing music, taking walks, and telling stories can save you money on most outside activities.

You don’t have to give up the outside world completely, but cutting down could surely make a difference in your monthly outgoing expenses.

Buy Secondhand

New clothes are not always a good solution for kids who quickly outgrow their old clothes. Accepting hand-me-downs, attending yard sales, and checking out online trading can be great ways to avoid the high prices of children’s clothing, and possibly the high price of your own wardrobe as well.

Sharing a Nanny

One of the most draining costs of raising young children is day care and/or a nanny. Nanny shares are actually a thing, because of the need to save money with a baby or young child while still benefiting from high-quality care. Nanny sharing can result in a cheaper monthly nanny bill, and a chance for your child to learn how to interact and get along with other children (hopefully).

Asking Your Doctor and Dentist for Free Product Samples

After your child’s checkup, it can’t hurt to ask if there are any free samples you can take with you. Whatever you get can be one less product you have to buy at the drugstore: eye drops, skin cream, toothbrushes, toothpaste, floss. It’s a doggy bag that saves you money.

Cutting Down on Extracurricular Activities

This doesn’t make you a bad parent. Allowing your child horseback lessons or Little League baseball instead of horseback riding lessons and Little League still gives them the benefits of activity and socialization.

You child will usually let you know which activity is the most important to them. It also teaches your child one of the most difficult lessons to learn in life: we can’t always get everything we want. A great source for free activities for kids: your local library.

Reducing the Amount of Toys you Buy

This may sound cruel, but you may have noticed that your child plays with a toy for a few hours at the very most, and then abandons it (have you seen Toy Story?).

Buying fewer toys will save you money and make your child cherish the toys already there. This tip doesn’t mean that you should never buy another toy again. Check online for sales, discounts, and trades.

Signing up for Free Offers and Coupons

Online commerce wants you! They’ll do anything to attract you and keep you. This often includes getting messages to you for flash sales, discounts, and coupons you can use right from your phone. Check your favorite stores for kids. They’ll be glad to hear from you.

Other Ways to Save Money While Raising Young Children

Need additional guidance? Check out SoFi Relay, our new money tracker. You can see your finances at a glance, and track and categorize your spending.

You’ll be able to track your money and cash flow daily to help hit your targets. The best part? SoFi Relay has absolutely no cost.

Sign up for SoFi Relay today!

The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Automated and advisory services offered through SoFi Wealth LLC, a registered investment advisor.
SoFi can’t guarantee future financial performance.
This information isn’t financial advice. Investment decisions should be based on specific financial needs, goals and risk appetite.
Neither SoFi nor its affiliates is a bank.
SoFi MoneyTM is offered through SoFi Securities, LLC, member FINRA / SIPC . Advisory services offered through SoFi Wealth, LLC, a registered investment advisor.


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Divorce and Debt Responsibility: What Happens to Your Debt When You Separate?

If you’re getting divorced, one of your concerns will most likely be how the divorce will impact your personal finances. Although each case is unique‑and this article should not take the place of consulting an attorney—this post will share helpful information and important questions to ask as you navigate the divorce process.

One commonly asked question is: “Am I responsible for my spouse’s debt after separation?” The answer to this question will vary, depending upon your personal circumstances and the state you live in. States generally follow either community property rules or common law property rules.

Community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. If you live in Alaska, you and your spouse may have signed an agreement making your assets community property, but if you didn’t sign this agreement, Alaska follows common law property rules—as does every other state excluding the nine states that adhere to community property law.

The rest of this post will share more information on the distinctions, as well as some answers to other questions about divorce and debt responsibility. We’ll share strategies for consolidating your debt through personal loans, refinancing your student loans in your new name (if applicable), and much more.

Community Property vs Common Law Property Rules

If you live in a state where community property laws apply, both spouses are typically responsible for debts incurred while married. In fact, most debts are considered to be the responsibility of the “community” (the two married partners) even if only one of them signed the paperwork.

After a legal separation takes place, debt in these states is typically owed only by the person who took on that debt. Exceptions are made if the debt was taken on, pre-divorce, to maintain a joint asset, such as a new HVAC system on a home; if what was purchased was needed for family necessities; or if the couple keeps joint accounts.

But what if one or both members of a married couple took out student loans before the marriage? In this case, the debt very well might not be considered part of community debt, although it could if the spouse signed on as a joint account holder.

If your state follows common law for property , debts taken on by one spouse are, typically, solely that person’s debts. Exceptions can include ones that benefit the marriage, such as childcare, food or clothing, and shelter or household items considered necessary.

Both parties are typically responsible if they both signed a contract agreeing to make payments, or if both names are on a property title to property or a shared account. This can also be true if both spouses’ income was considered when a creditor was making a lending decision.

End of Debt Accrual

A crucial question to have clarified is when, exactly, during the separation/divorce process will you stop incurring marital debt in your state? In California, as one example, a person stops being responsible for his or her spouse’s debt on the date they separate. Every state is different so it is best to consult with an attorney.

Note that, even though state law may draw the line on your liability for a spouse’s debts because of separation or divorce considerations, creditors may still have a legitimate case for pursuing payment from you if repayment of the debt falls behind.

Plus, let’s say that according to the divorce decree, your soon-to-be ex-spouse will be responsible for payments made on a credit card. If your name is on that credit card, the court would order your ex-spouse to make payments—but, if he or she doesn’t actually make the payments on time, it can still affect your credit in a negative way.

Talk to your attorney about options available to get your name off of any accounts with debts assigned to your ex-spouse, including having your ex-spouse refinance the loan so that it is solely in his or her name. You and your ex-spouse could agree to each ask creditors to remove one another’s names according to the dictates of the divorce decree, but creditors are not required to comply.

In response to your request, a lender could, for example, ask you to apply individually for credit to see if you can manage the debt based on your income and credit history only; if satisfied with your ability to repay the debt, the lender might agree to remove your ex-spouse’s name. If one spouse has higher income and/or better credit history than the other, requests might be approved for one and not the other, making the situation more inequitable.

Additional Considerations

Courts may assign debts that are considered necessities to the party believed to have the ability to pay them. This may or may not be divided equally, especially in common law property states where the goal is equitable division, rather than equal division of property.

No matter which one of these legal structures your state follows, debt typically follows the asset. In other words, if you get a car, you’ll probably also be responsible for paying it off. This also means that, if you end up with more property than your ex-spouse after the divorce, you may be taking on a greater percentage of the debt.

If you and your spouse signed a prenuptial or postnuptial agreement that lays out division of debt in case of divorce, your situation probably won’t mirror the typical divorce in your state.

Because laws about divorce and debt responsibility differ by location, it’s important that the attorney you consult is experienced in the laws of your state. Some couples find that using a mediator to amicably divide debts and assets is preferable to having a judge make the calls. Some mediators are also attorneys, which can be helpful.

Managing Debt After a Divorce

Once the dust clears after a divorce, you’ll need to take stock of what you owe, balance-wise, and what monthly payments you are responsible for. You may discover that payments are higher than what you can comfortably afford each month, now that you’re only relying upon just one income.

In that case, are there any loans that you can pay off and still have enough of a savings cushion in the bank? You might, for example, have a loan with a relatively high monthly payment but, if you only have a few payments left, paying off the loan may help.

If not, consider consolidating your high-interest credit cards and loans into one payment through a lower-interest personal loan. That way, you can focus on paying down just one loan, one that can come with more favorable repayment terms. Consolidating debt with a personal loan could significantly free up cash flow, right when you need it after a divorce.

If you are currently paying off student loans, you may consider refinancing your student loans as a way to free up cash flow post-divorce. At SoFi, you can refinance student loans in a different name; important if, as one example, you take back your maiden name after your divorce.

Tackle post-divorce debt at SoFi today with a divorce loan. Apply for a personal loan and/or refinance your student loans to free up cash flow at the start of your new life.

This article is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website on credit.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Planning for the Cost of Having a Baby

There’s nothing quite like the joy of planning for your first child. But don’t let visions of cute little onesies, bibs with clever sayings, and the perfectly decorated nursery distract you from planning for the cost of actually having a baby.

Hospital costs and basic needs such as diapers, formula, and even checkups can add up quickly. Factor in the cost of childcare, too, and you’re looking at potentially spending several thousand dollars in just the first few months.

Keep in mind that hospital and day care costs vary from state to state, and that a complicated birth can quickly add thousands of dollars to your hospital bill. And that’s just the tip of the iceberg. Most shopping lists for newborns have more than 50 items and even if you plan to skip extraneous items such as a changing table, diaper pail, and fancy diaper bag, there are still plenty of basics you need to buy to keep your baby safe and healthy, including food, diapers, and a car seat.

Having a baby can be the most joyous time (but also an expensive time) in your life. Here’s a breakdown of the average cost of having a baby.

What is the Cost of Having a Baby?

Hospital Costs

The birth of a newborn is ranked third among the most expensive hospital inpatient stays in the United States, according to the U.S. Department of Health and Human Services Healthcare Cost and Utilization Project .

And this doesn’t even take into account Cesarean section costs. Nearly 32% of all babies are delivered by c-section, according to the CDC’s National Center for Health Statistics .

Prenatal care and delivery costs, including C-section costs, can span a huge range: from about $9,000 to over $250,000 . The average cost of having a baby is $5,000 to $14,500, but can easily rise depending on your insurance coverage and any complications for the mother or baby at birth. And even though many insurance companies offer maternity benefits, many policies demand at least some form of deductible for each family member.

For example, your newborn family member will probably be sent a separate hospital bill from mom’s bill, and baby will be expected to pay a deductible. If you (and baby) each have a $2,000 deductible , you’d be expected to pay the initial $4,000 for baby’s and mother’s hospital care, as well as anything else not covered by your insurance plan.

Car Seat

The hospital won’t let you take your baby home by car without a proper car seat , which can cost from $80 to $400. Most states also require you to have the car seat installed and checked for safety before baby’s first ride home. Fortunately, many hospitals, police stations, and fire stations offer car seat installations and inspections for free.


Disposable diapers can set you back $30 to $60 per month. Cloth diapers might save you around $2,000 for the two years most babies are in diapers, but only if you plan to wash them yourself.

If you send your cloth diapers out to be laundered, then cloth diapers end up costing about the same as disposables. Baby wipes can easily add another $25 a month to your tally.


Even if mom breastfeeds for the first six months or even a year, many families find themselves eventually purchasing baby formula. Powdered formula can easily cost between $70 to $150 per month . Add to that the cost of bottles, and you’re looking at spending an additional $50 for bottles and up to $400 for entire bottle feeding systems (pumps, bottles, then later spoons, bowls, etc.).


Once mom and baby are home, the family will want to go out for a walk and show baby the neighborhood (and get out of the house, too). That means you’ll need a stroller. Depending on how fancy you want to get, a stroller can cost anywhere between $50 to $1600 ; if you’re very active, all-terrain strollers can set you back around $300 to $1,200 . A high-end travel system that includes an infant car seat, car seat base, and stroller can cost more than $700.


Come bedtime, baby will need somewhere safe and comfortable to sleep. A crib can cost from $100 to $2,000, but you’ll also need a mattress and sheets, adding another $50 to $400 to your total (again, depending on how fancy you want to get).

High Chair

At around four to six months, you’ll probably start feeding your baby solid foods . That means you may need a high chair (between $60 to $300 ), baby-proof spoons and bowls, and baby food ($.50/jar at three jars/day = at least $45 per month).

Doctor’s Bills

It’s a fact of life that babies need frequent checkups. The American Academy of Pediatrics recommends that babies get checkups at birth, three to five days after they are born, and then at one, two, four, six, nine, 12, 15, 18, 24, and 30 months.

Even with a copay, you will likely be paying for at least a dozen doctor visits during your baby’s first years. It’s also not unusual for babies to get sick in between doctors visits. Many new parents may even take their child to the emergency room during their baby’s first two years, even though it might not be medically necessary , and potentially leave with a staggering bill .

All these items, essentially to protect baby and help baby to grow, can easily add up, making the average cost of having a baby more than $10,000 for your child’s first year.

About SoFi

SoFi offers useful financial products, from investing solutions to student loan refinancing. SoFi Money is a cash management account that has no account fees (variable and subject to change).

SoFi Money doesn’t charge you a penny to transfer money, or pay bills. And your SoFi Money cash management account provides overdraft protection and access to any ATM within the Allpoint® Network.

External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC .
Neither SoFi nor its affiliates is a bank. SoFi Money Debit Card issued by The Bancorp Bank. SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

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What to Know About the Parent PLUS Loan Program

Parent PLUS loans can be an important tool when it comes to funding your child’s college degree. When your child has gotten back his or her financial aid offer and counted their Stafford loans and Pell Grants, you might find you fall a little short. After all, the Department of Education’s budget doesn’t always account for skyrocketing college fees. That’s why the Parent PLUS loan program has gained popularity over the last 30 years. In 2017, there were around 3.5 million Parent PLUS borrowers ; the average Parent PLUS package is around $15,880 a year. Stafford loans may not cover the total cost of college; Parent PLUS loans can help fill in the gaps.

So what exactly are Parent PLUS loans? They are simply loans issued by the federal government for graduate students or parents of undergraduates. What makes them different from any other type of federal student loans? Unless you’re applying for them as a grad student, these loans are issued in the parent’s name, not the student’s. Financial responsibility, therefore, lies solely with the parent and any cosigners, not the child.

The nitty-gritty details can be a lot to handle. That’s why we made you this Parent PLUS loans guide—we’ll take you through how to apply, how much you could receive, and how much you could pay in interest.

What are Parent PLUS loans?

Parent PLUS loans (also known as Direct PLUS loans) are federal loans offered to parents of undergraduate students. Graduate students are also eligible for Direct PLUS loans, although in the case of grad students, the students themselves who apply for the loan. The interest rate for Parent PLUS loans is set once a year, and because these are fixed-rate loans, the interest rate doesn’t change throughout the life of the loan.

At the moment, the interest rate for Parent PLUS loans is about 7.6% . There is also a loan fee on all Direct PLUS Loans; as of October 1, 2018 that fee will be nearly 4.25% of the loan amount (which is deducted from each loan disbursement proportionately).

How much can I borrow?

The maximum amount you can borrow for a Parent PLUS loan is simply the cost of attendance (as determined by your child’s school), minus any grants or scholarships (or any other financial aid) your child may have received.

How do I get a PLUS loan?

Before applying for a PLUS loan, you will need to fill out and submit a FAFSA® to see what additional aid your child may qualify for. After that, the financial aid process really depends on the school in question. You may want to call the financial aid office of your child’s school before you apply for a PLUS loan, since different schools require different information. Many colleges will require you to fill out the application online. Note: This application takes about 20 minutes to fill out, and it will include a credit check.

What happens if I get rejected?

If your PLUS loan application is rejected based on what they call “adverse credit history,” you may still have options. You can seek out an endorser—which is someone who qualifies and who will agree to pay the loan back in the event that you are unable to. In addition, if you don’t qualify for a PLUS loan on your own, you will be required to go through PLUS credit counseling .

If there are extenuating circumstances impacting your credit history, you can submit documentation to support your appeal to the Department of Education (they provide a list of extenuating circumstances they will recognize if you’re having trouble getting approved for a Parent PLUS loan.)

If you continue to get rejected, your child may be eligible for other unsubsidized federal loans as a result. Consult with a qualified financial aid advisor for details.

When do I have to start repaying?

As a Parent PLUS loan borrower, you will have to start paying back the loan as soon as the entire amount is disbursed. You can, however, request to defer payment while your child is in school—as long as they are enrolled at least part-time. You can even request a six-month grace period once your child finishes school or drops below part-time enrollment. But remember, interest accrues even while payment is deferred.

What happens if I lose my job?

In the event of unemployment, borrowers can contact the Department of Education to request forbearance on the loan. If you are permitted to enter forbearance, you won’t have to make monthly payments for up to three years. However, interest still accrue during forbearance, so your debt will likely increase by pausing payments.

Pros and Cons of Parent PLUS

Pros of a PLUS loan

Parent PLUS loans are federal loans, which means they enjoy most benefits that come with federal loans. For one thing, interest rates are fixed for the life of the loan, so your interest rate will not change or go up from the time your loan is first disbursed. Under certain circumstances, federal loans may be forgiven, cancelled, or discharged.

Cons of a PLUS loan

If federal loans are taken out in the parents’ name(s), the parents assume total financial responsibility for the loan—they cannot transfer responsibility for paying off the Parent PLUS loan back to their child. As parents near retirement and their child becomes capable of paying back his or her loans, it might make more sense to refinance their Parent PLUS loan and transfer the debt into the child’s name.

Are Parent PLUS loans holding you back? Check out SoFi’s Parent PLUS loan refinancing!

Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website on credit .
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Creative DIY Nursery Room Ideas

When preparing to welcome a baby into your life, you’re often faced with an ever-expanding to-do list that multiplies as you get closer to the big day. Here, you’ll find tips to help bring calm to chaos, especially when it comes to setting up your first nursery.

There are tons of unique nursery room ideas that can provide inspiration as you design the baby room of your dreams. Redecorating can be expensive, so we’re here with our best DIY tips and baby room ideas to help guide you through the process without breaking the bank.

From cool effects or murals you can paint on the wall, to easy ways to get the storage you need in adorable baby room furniture, the options are endless. We help you sort through all the great baby room ideas so you can visualize the perfect nursery room for you and your baby; all while giving you the tips you need to keep the project within your budget.

Not sure how you’re going to pay for it? We give you estimates for how much everything will cost and suggestions for how to pay for all that baby room furniture and those cute DIY accents.

Use Paint to Make the Biggest Impact

Paint is cheap compared to high-end baby room furniture. So, buy less expensive furniture and make your statement with color.

You could pick a fun shade to paint all four walls or you could decide to create an accent wall or to use color blocking to make a real statement. For example, you might decide to paint one wall a slightly darker or brighter shade of the same color or paint it a complementary color. You could also choose to paint stripes, a chevron effect, or clouds on the ceiling.

If you’re really artistic, you could add a mural with animals or popular cartoon characters. Do your painting skills leave something to be desired? You can buy murals to put up on the walls instead.

Price tag: $100 to $200

Get a Soft Rug

If you have hardwood floors, a rug won’t just help your feet stay warm when you come in for late-night feedings. You’ll also want a cozy surface for your baby to play, and later, learn to crawl. You can get a rug at a local hardware or furniture store that can bring out some of the colors in your decor and provide a soft buffer between your child and the hardwood.

Price tag: $50 to $300

Create Your Own Art

Blank walls are boring, but art can be expensive to buy. So, why not make it? Get jumbo letters from the local craft store that spell out your baby’s name and hang them on the wall. Figure out the theme of the room to help you come up with other ideas.

For example, you can go to the zoo with a camera and then print out pictures of animals for an animal themed room. Or become inspired by the night sky and put up sparkly stars and a moon on the walls. You can also find cool fabric and tack it onto a canvas for a fabric panel .

Price tag: $50 to $100

Help Baby Sleep

Every baby is different—some cry more and some start walking much earlier. But the thing that you can expect with almost any newborn, is that they’ll wake up throughout the night. Make sure that your nursery is an oasis designed to help your baby sleep. To do that, make or buy blackout curtains to ensure that the sun coming in the blinds won’t interrupt a good nap. Making blackout curtains is easy with a quick trip to the fabric store.

You might also want to buy a noise machine that will help soothe your baby to sleep or make a mobile that will keep them entranced until their eyes start closing. Mobiles are easy to make with a quick trip to the craft store.

You should also consider getting a video or audio monitor so that you can keep an eye (or ear) on your baby while they’re sleeping.

Price: $50 to $100

Store Everything Safely and Neatly

Babies require a lot of new purchases—clothes, toys, clean diapers, and backup clothes for when the diaper malfunctions and your baby needs to be changed. Make sure that you have all the necessary furniture and storage you need so that you can easily tidy up the room so you don’t trip over a toy and can always find the rash cream.

Storage systems don’t have to be expensive. You can get used dresser drawers on Craigslist or at a garage sale that you can refinish and paint to fit the room. You can also get inexpensive storage systems for toys at local discount furniture stores. Want to add your own spin to things? Luckily, there are a lot of great IKEA hacks for baby room furniture. Sometimes you can even buy things like an unfinished wooden trunk and paint it to match your nursery.

Just remember, it’s important to fasten all the furniture to your wall so that when your baby starts pulling themselves up and walking nothing topples over on them.

Price: $150 to $300

How Do You Pay for It?

Once you’ve decided on a theme and color scheme and you’re ready to get DIY-ing with all these great nursery room ideas, you’ll just need figure out how to pay for it. One challenge that comes with having a baby is the number of expenses that come at the same time. You have to buy all sorts of clothes, toys, carriers, and gadgets to make sure your newborn stays safe and looks cute in all the pictures you’ll be taking. In addition, there are medical expenses and maternity clothing.

Rather than worry about how you’ll pay for it all or tap into your emergency fund, you might consider getting a personal loan to help you pay for some of the baby expenses — including decorating the nursery. Interest rates are relatively low, which means that you can likely get a loan at a low rate compared to a credit card. For that reason, it might be a much better idea than putting the expenses on a credit card, which typically have high interest rates.

In addition, with a personal loan, you typically choose a term length of anywhere from one to 10 years. Extending your repayment over multiple years could reduce your monthly payments. The longer the term length, the more you’ll pay in interest over the life of your loan.

When looking for a loan, you may want to look into securing a fixed interest rate so that you can lock in your low rate over the life of your loan.

Considering taking out a personal loan to make your baby room ideas come to life? Check out SoFi’s great rates and flexible terms on personal loans.

External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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