Money Saving Tips for New Parents

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Having a baby takes money. After all, how do you introduce an infant to the world that he or she will be living in without essential supplies? Aside from all the gifts you received from the baby shower you had, how else can you prepare for parenthood? Are there things you can do to cut costs so you’ll have more time and money to spend with your child?

Lucky for you, the answer is “Yes!” When it comes to saving money as a new parent, there are some things you can do now to improve your finances. It may not be easy to change your spending habits at first but with a little bit of time and determination, you’ll be saving like a pro in no time.

Here’s how you can get started saving money for you and your family:

Make it your mission to pay yourself first no matter how difficult that may seem at times. Many families swear by the 52 week savings plan that has them put up $1 the first week, $2 the second week, $3 the third week, and so on until they reach their target goal of $1,378. Even if you can’t afford to save this much, make it a point to put up something each week into a savings account. American Express offers a high-yield personal savings account that pays 0.90% interest. Best of all, there is no minimum deposit meaning you can decide how much you can afford to save.

Create a realistic budget and stick to it. It’s so tempting to splurge but now that you have another mouth to feed and care for, you’ll want to think twice about making unnecessary purchases. After all, what happens if either you or your spouse aren’t able to work as much as you did before the baby came? Keep in mind that things change in an instant. Give yourself enough wiggle room to weather the financial storms that blow through. The week your car breaks down will inevitably be the one where your child gets sick and your roof springs a leak.

Know that no matter how tempting it is to buy everything brand new for your newborn, it’s a waste of money. You wouldn’t believe how many like new or never used items you’ll find secondhand. Shop thrift stores and garage sales for clothing, join swap sites for toys and books, and save your money for things you need to buy brand new like furniture and bottles. A number of retailers offer special discounts for parents. Take advantage of the savings by signing up for every program and mailing list you can find.

Get in the habit of using coupons. You may feel like you don’t have a moment of free time to yourself when caring for an infant. You’d be surprised how much of the day many babies sleep. Take a few minutes to clip and organize your coupons. Download coupon savings apps onto your phone and pull them up when you’re at the supermarket. You’ll be able to save tons of money on food, baby care items, and diapers if you’re diligent about looking for sales and using coupons wherever you go.

Choose childcare carefully. Does it make sense for both parents to work when daycare costs so much? Many parents conclude that it isn’t logical to pay someone else to watch their child when one salary is devoted strictly to childcare. If you can afford the expense or are really dependent on the extra income, think about other ways to save on childcare costs. Do you have a family member or friend willing to sit for your child for you? If so, they’ll charge far less than a daycare facility. 

Now that you know what kind of effort it takes to save money, you’ll be less likely to waste it on things you don’t need. It doesn’t matter if your commitment to frugality lasts a month, a year or a decade. Using the tips listed here, you’ll cut costs and be able to focus on the things that matter most like spending time with your newborn. Saving money is far easier than you thought and with the right attitude, can even be fun.