Welcoming a baby is truly bliss. But, along with the ultimate happiness and the overall excitement this new life brings, there come many expenses. That is why smart budgeting is essential, and if you start taking care of your finances on time, you will be able to relax and enjoy life with your growing family. Here are some money-saving tips for new or expecting parents.
Start Saving ASAP
As soon as you find out that you are going to become a parent, you should start saving for a new mouth to feed. There is no need to panic, but be more practical and learn some tricks to cut your expenses. Saving just a small portion of your monthly income can make a significant difference.
Fix What Needs to be Fixed Before the Baby Arrives
We do not suggest home renovation if your home is in decent condition, but we think you should make any improvements necessary to make the baby safe and comfortable before the baby gets home from the hospital. You will have less time (and probably less money) to take care of them afterward. You want to seal up drafty windows and doors, fix any leaks and perhaps even have your ducts cleaned to remove trapped allergens.
If you are considering moving to a new home, it is better to do it before the delivery. Relocation is a big project, and it will take a lot of your time and energy that is better spent on your newborn. You might be reluctant to move now during the pandemic, but if you hire professionals to help you, they will do this the safest way possible. Nobody knows when the pandemic will be over, so we need to get on with our lives and previous plans while being careful not to risk our health or the health of those we love the most.
Babyproofing your home is also a big deal, and you need to do it very carefully. Since this is not something you should be a penny pincher about, consult professionals, and take their advice on babyproofing.
Save on Your Medical Bills
Your expenses will grow together with your family, and just as your baby does. First, you will have to budget for the hospital bills. Those could be quite high depending on the options you choose. You can save a lot if you decide not to take a private delivery room and say no to some of the perks that a hospital might offer. Remember, what’s important is that you and your baby get the best possible medical care; everything else is a waste of money.
You can also save on your medical bills by consulting your insurance company. Depending on the policy you have, you might even get the disbursement of your hospital expenses. Or, at least you can ask them to cover the costs of your breast pump – the pump can be rather useful once you get out of the hospital, and the good ones usually cost hundreds of dollars.
Don’t Buy Too Much Stuff Before Your Baby Is Born
Before your baby arrives home from the hospital, you should purchase just the essential items and pieces of furniture. Here is a shortlist of the essentials:
- crib or another safe and comfortable place for your baby to sleep
- baby bathtub and bathing products for newborns (you might get some in a package when leaving the hospital, so you can skip them for now)
- a changing table or a dresser for baby clothes with a changing table on top – this is one of the items you can even borrow from a friend or a relative who has recently stopped using it;
- a few outfits in the size of a newborn and one size bigger – we will get to that in a minute;
- a pair of bottles and pacifiers;
- a pack of diapers and a few packages of baby wipes.
The sellers in the stores selling baby stuff will try to convince you that you need much more, but this will suffice for the time being.
Borrow What You Can Or Buy Second-Hand
Some of the baby stuff can be ridiculously expensive, and there is no need for you to waste money on those. If you cannot afford to buy everything you would like your little one to have, you shouldn’t be embarrassed to ask your family and friends to lend you those items. For instance, you can use strollers for years, and some of your friends probably have theirs that can serve a good purpose. Or you can buy one in a second-hand store. Sometimes it is better to purchase pre-owned quality stuff than to invest in something brand new with inferior characteristics.
Your child’s safety should be your priority as of day one. Invest in a good car seat or buy one that has been used but still has not expired. They are typically safe to use for six years from their production date, so pay attention to the label if you are not buying a new one.
Save Money on Baby Clothes
This is an extremely important budgeting tip for big families. When it comes to clothes, babies outgrow them faster than we think, especially in the first months of their lives. They often double their weight by the age of five months, so you can only imagine how many clothing items they can outgrow by then. That is why investing in too many pieces of clothes is not a smart thing for your budget. Get them in second-hand stores or ask your relatives for hand-me-downs – some of them would be more than willing to get rid of the stuff their children have outgrown.
Don’t Buy Too Many Toys
There will be enough time for you to get your baby some toys. He/she won’t even notice them in the first several weeks, plus you’ll be getting a lot of them as a present. You might even get some hand-me-downs too. So, there is no need to include too many toys in your annual family budget plan for the time being.
These would be just some of the money-saving tips for new or expecting parents. As you already know, having a baby is a great responsibility, but it does not mean that you can’t do it on a budget.
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