Becoming a parent is an exciting life change, but it can also be costly.
A new bundle of joy needs feeding, clothing, personal care, and diapers.
Parents who have not saved money for these added expenses may struggle to make ends meet.
With some creativity, new parents can prevent themselves from going into debt due to childcare.
The tips below will help new parents save money without sacrificing caring for their new babies.
Money-Saving That Comes Naturally
Babies require care around the clock, meaning new parents will have little time to dine out, go shopping, or spend an evening at a club or theatre. These lifestyle changes are natural money-savers; the extra cash can be accumulated in a savings account that earns interest.
Many new parents report that their spending habits change, with more expenses associated with the baby than with themselves. Therefore, it is essential to have spare money on hand to cover these costs.
New parents should load up on free samples and coupons at the hospital before taking the baby home. Additional vouchers and offers are advertised online, and parents should set up automatic notifications. Baby formula is expensive, so new moms should consider breastfeeding, the free alternative.
Car seats, carriages, and other baby equipment can also be costly, so new parents should try to purchase them second-hand. They should find excellent deals through online classifieds and at car boot sales.
Other parents are often happy to give away equipment or clothing their babies have grown out of, so new parents should ask their friends for these. Starting an exchange for baby items at a local clinic is another way to get needed things while giving unwanted items to parents who need them. When creating a baby gift list for friends and family, parents should include items that the baby will need at six months and one year to set the baby for a while.
Take a Practical Approach to Clothing
When at the supermarket, compare the price of own-brand nappies to name brands because the first are usually cheaper. Supermarkets also sell high-quality baby clothing at inexpensive prices. There is no point in wasting money on costly brand-name clothing because babies grow out of clothes faster than they wear these out. Purchase plastic bibs that can be wiped clean rather than cloth bibs that must be washed in the machine.
Add more toys than clothing to the gift wish list because others will lend or donate clothing their children once wore. Thrift stores are excellent places to find inexpensive, gently used baby clothing. Purchase enough clothing basics to avoid a daily load of laundry, yet not too many as excessive.
Baby Does Not Need Everything
Baby catalogues convince new parents that infants need much more than they do. Ignore these must-buy lists and purchase only the basics. Focus more on good parenting skills than buying all the products in a baby catalogue.
Stock up on nappies and baby baths when they go on sale. They will be needed, and purchasing them at reduced prices saves money. Most new parents find it easy to make small sacrifices to provide the essentials for their babies.
As new parents become more comfortable with their roles, they will find other ways to save money. When baby number two arrives, clothing and equipment can be passed down from the first child. A frugal mindset and focus on love and affection rather than material items will keep the family on positive ground.