Having your first child is one of the most important milestones in anyone’s life. Welcoming your first child into the world is an exciting and emotional chapter that should be celebrated, however, there is no denying that having a baby carries a financial burden that many new or expecting parents find themselves feeling overwhelmed by. Whether you are a stay-at-home mom or work developing training for a health & safety institute, the cost of having a child can be a lot for all parents. If you are planning to have your first child within the next few years or already have one on the way, here are 3 simple yet effective money-saving tips for new parents to remember.
If you or your family members do not already follow a strict monthly budget, now is the time to start. Allotting for baby expenses on top of your existing monthly bills and other expenses can be made much easier by already having an effective budget in place. Budgeting apps like Mint and Intuit can help simplify creating and following a budget each month, to ensure your finances are always in order. Be sure to set a little more money aside for baby expenses than you anticipate needing, at least for a few months.
- Welcome Hand Me Downs
One of the biggest ways for new parents to save money is by opting to use hand-me-downs from friends and family instead of purchasing new items for their baby. Whether it’s clothing, toys, a crib, or any other items your child might need, let’s be honest: your baby does not know the difference between brand-new and gently used items. As long as the items you accept are in good condition, they are perfectly fine for your child to use, and opting to use second-hand items can save you thousands of dollars in your child’s first year of life alone.
- Use Coupons
While this might seem like a relatively outdated option for saving money, many important baby items such as diapers, formula, and clothing can be purchased with the use of a physical or electronic coupon that can help parents save a considerable amount of money with each purchase. Be sure to sign up for the email marketing lists of all your favorite baby brands to ensure you never miss out on a coupon and check certain brands’ social media accounts frequently for coupon codes and information about exclusive sales.