Oh, the joys of new parenthood! From those precious early moments to first words and steps, nothing compares to watching your baby learn and grow. However, that’s not to say it’s all fun and games. Parenting an infant can be stressful, to say the least. Add to that stress financial difficulties, and you’ll find yourself unable to enjoy the things that truly matter.
Thankfully, though, there are plenty of ways new parents can relieve financial burdens. Keep reading to discover how you can save money, reduce stress and cherish every minute of new parenthood.
Separating the “Wants” from the “Needs”
Many new parents make the mistake of confusing the essential with the inconsequential. This misstep can not only lighten your bank account, but it can also set the standard when it comes to buying for your child.
And while buying into all the current baby trends may be tempting, separating the “wants” from the “needs” can save you lots of money, as well as time, energy and space. To avoid the consequences of overspending on insignificant items, you can probably leave the following expenditures off that all-important “to buy” list:
Buying lots of high-dollar, designer duds for your growing baby will only break the bank and take up unnecessary space.
Instead of padding baby’s closet with pricey clothing, buy a few keepsake pieces for professional photos and special occasions, and get the rest on the cheap. For added savings, opt for gently-used clothing from consignment shops and thrift stores, and check off-season sales for items your baby will grow into.
A fully-stocked nursery can be convenient, but there’s no need to go all out. To save space and cash, avoid bulky, unnecessary pieces of furniture. For example, instead of spending money on a changing table, consider a changing pad, which can transform any area into a safe, diaper-changing space.
These contraptions are a waste of money and space. Instead of buying a diaper pail, simply throw used diapers in the trash.
If you’re concerned about cold wipes giving baby a chill, you can warm them between your hands before use. Problem solved!
Loads of toys
One thing infants definitely do not need is a huge toy collection. Avoid this trap by buying a few select pieces, then keep your baby entertained through contact and communication.
Money Saving Tips
Yes, babies are expensive; but that doesn’t mean you won’t have countless opportunities to save cash. Consider the following points when planning out your family budget:
Do you have friends or loved ones with kids? If so, you could likely save money on hand-me-down clothing, toys, shoes and more. Babies and children grow out of things really quickly, which means that most hand-me-downs are barely used!
Get help with your debt
If you do experience overdraft debt, seek professional help immediately. While most parents experience some degree of debt, getting help to pay off overdraft debt as quickly as possible can save you time, money and worries down the road.
Save money on formula
To avoid the expense of formula altogether, breastfeeding is definitely an option. If breastfeeding isn’t for you, purchase powdered formula (it’s cheaper than liquid) in bulk at discount stores.
Use cloth diapers
Eco-friendly cloth diapers can really help you rack up the savings. If reusable diapers aren’t for you, use coupons, shop around for bargains and buy in bulk.
Save on childcare
Having reliable, trustworthy childcare is a dream come true. However, good childcare usually isn’t cheap.
To save money on full-time care, consider home daycare centres, or, if at all possible, consider staggering your and your partner’s schedules so that one of you can be home with baby. For your occasional babysitting needs, try swapping childcare duties with friends, coworkers or neighbours.
With the tips provided here, you, too, can save money, avoid debt and treasure every second with your sweet bundle of joy. Congratulations and good luck!