How To Save Money As New Parents?
Created by Tasneem Sariya Updated on Oct 13, 2020
The arrival of a new bundle of joy is one of the happiest moments for any new parents. However, if seen from a practical aspect, it also means an increase in costs and your monthly budget. In fact, it is totally understandable if your bills are suddenly only from the children’s clothing, toys and medical sections. Hence, how can you save money as new parents? What can you do to ensure that you do not spend unnecessarily and in frenzy in the course of trying to give the best to your child?
Ways To Save Money As New Parents
Here is taking a look on some of the money saving ideas for new parents. We can categorize them into ways to save up for baby, save money while raising the baby as well as saving money for the baby’s future.
How To Save Money For A Baby?
Home renovation:Once you are expecting, as parents you tend to want to renovate the entire house. Building a separate nursery for the baby, making the house more baby friendly and so on are some things that all parents want to do. However, you can drastically save money for the needs of the baby instead of remodeling and going overboard with your interiors. Simple partitions within your room for the baby’s cot or putting shelves and handles at higher angles to avoid crashes and so on are some of the easiest ways to cut your cost
Hospital costs:The mother and child’s health are of paramount importance, however, the range of medical care and facilities are wide in a country like ours. You may be able to save a lot of money if you share your room with another person or choose a reasonable hospital that has good medical support but may not be very posh and luxurious
How To Save Money On The Baby
Do not be ashamed to ask for hand overs:Baby clothes outgrow more sooner than you imagine. Ask your friends and family if they have any stored worn clothes of their children. Most often used children clothing are in good condition because they are not worn much. Also, try and use cloth diapers, which can be reused
Keep an eye for offers/discounts/coupons:Online as well retail shops are loaded with offers and discounts, especially during festive seasons. Do bulk shopping for your baby when such offers are available
Be innovative:Since children grow really fast, make sure that you do not buy fitting size clothes for them. A bit loosely fitted t shirts and pajamas are not only comfortable, but will last longer and help you save more money. Also, be innovative in trying to use things from home for the needs of your child, for example, an old t-shirt can be torn and stitched as a bib or clean clothes can be used as wipes instead of buying fancy ones
Food habits:It is best to breast feed the baby for at least the first year. This is of course, very good for the health and immunity of the child, however, it is also a great way to save money on the baby foods. If breast feeding for some reason is not possible, then try and prepare the baby’s food at home rather than buying expensive baby formulas
Money Saving For Baby’s Future
The best way to save for your child’s future is to open a child saving account. Keep depositing the money that the baby receives from relatives, your savings and any other gifts that the child may receive into this account, so that you can use it for your child’s future.
As new parents, the feelings are overwhelming when a little life is put into your hands. There is a lot of love, but also anxiety and worry. Let not money be the reason for any of your fretting.
Did you like the blog? Did you find it useful? Do share your thoughts with us in the comments section below; we’d love to hear from you.