I am expecting a baby in this month (IN SHA ALLAH) and i want to do aqeeqahbut financially i need to pay a loan and in march the zakat is pending. So it would be difficult for me to do aqeeqah. I cannot do it within seven days. I have read that it is pledge for Muslim to do aqeeqahfor new born baby. So what should i do?
Firstly, al-hamdulillah for your new baby; may Allah SWT bless you and your family.
From what I have understood, Aqeeqah is only a mustahhab action and it is neither wajib nor fardh. Therefore, if you do not have the financial means to perform Aqeeqah, you are not obliged to.
Furthermore, I heard that although the preferred time for slaughtering the animal is on the seventh day, if this is not possible, then it should be done on the fourteenth day; if this is not possible either then the twenty-first day.
I have summarised this answer from islamQA.org; if you have any further questions feel free to ask.
Finally, Allah SWT knows best.