Becoming a parent is an exciting life change but it can also be very expensive.
A new bundle of joy needs feeding, clothing, personal care, and diapers.
If parents have not saved money for these added expenses, they may find themselves struggling to make ends meet.
With a bit of creativity, new parents can prevent themselves from going into debt due to childcare.
The tips below will have new parents saving money without sacrificing on caring for their new babies.
Money-Saving That Comes Naturally
Babies require care around the clock, which means that 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 and the extra cash can be accumulated in a savings account that earns interest.
Many new parents report that the way they spend money changes, with more expenses associated with the baby than with themselves. This makes it important to have spare money on hand to cover these costs.
At the hospital, new parents should load up on free samples and coupons 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 these items second-hand. They should find excellent deals through online classified and at car boot sales.
Other parents are often happy to give away equipment or clothing that 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 so baby will be set for a while.
Take a Practical Approach with 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 that their children once wore. Thrift stores are excellent places to find additional gently used baby clothing at low prices. Purchase enough clothing basics to avoid a daily load of laundry, yet not too many as to be excessive.
Baby Does Not Need Everything
Baby catalogues convince new parents that infants need much more than they really do. Ignore these must-buy lists and purchase only the basics. Focus more on good parenting skills than purchasing all the products in a baby catalogue.
Stock up on nappies and baby bath when these products go on sale. They will definitely be needed and purchasing them at reduced prices saves money. Most new parents find it easy to make small sacrifices in order 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.