10 ways to save money as a new parent

Finding out you are having a baby does not just mean an extra addition to your family. It doesn’t matter whether you are a young parent or not: a child means a complete change of your everyday life, priorities and finances. However, having a new baby does not have to mean spending every penny you have. With a little bit of budgeting and planning there are many ways to save money.

 

  1. Pace your purchases

It is tempting to run out and buy all the baby equipment as soon as you’ve received the big news. Often you will end up not needing half of it. Ask around for what are essentials – and what you can just as well live without.

 

  1. Ask your friends and family

Ask them what they recommend getting but don’t be shy to ask to borrow from them as well. They might not need it anymore or you can use it until they need it again. You might even be helping them get a bit more space.

 

  1. Buy second hand

You can get a lot of good, hardly- or never-used second hand baby equipment online. Look around before you buy brand-new.

 

  1. Do your research

It’s a good idea to look around for differences in price. Sales are often on and there is a chance of saving a lot of money. Do your research and avoid paying full-price whenever you can.

 

  1. Avoid temptations

It’s tempting to go out and buy cute baby outfits but just remember that your new-born will grow out of them in no time. Keep it to a minimum with the number of vests, sleep suits, etc. in new-born size.

 

  1. Take advantages of freebies

There are many different baby clubs in supermarkets and high street stores as well as baby food and nappy companies. You often get free samples and vouchers where you can save money.

 

  1. There will be presents

People tend to be very generous when you have a baby. Keep the initial clothing purchases to a minimum until you know what your baby is getting from friends and family.

 

  1. Tidy

Make sure to keep on top of the things you no longer need. If it’s still in good condition try to re-sell it. Always avoid taking the tags off clothes until your baby wears it – it will be easier to sell in case you never end up using it.

 

  1. Don’t stockpile

Avoid buying nappies and wipes in bulk. You might find you prefer a different brand or your baby outgrows the nappy size and then you won’t have saved any money.

 

  1. When to spend money

Be realistic when making big purchases. Maybe you use public transport a lot or you have a car – both will have an impact on which travel system will work best for you. There are lots of reviews online to find out about unexpected advantages and disadvantages of different products. Sometimes it is worth spending a bit more but make sure it will work for you.

 

Check out a couple of good tools for budgeting and saving money:

Baby Cost Calculator

Budget Planner

Sorting our your money when you’re pregnant

Baby Money timeline

 

Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s