5 Financial Tips for New Moms

Wednesday, February 8, 2012, 2:00 AM | Leave Comment

Becoming a new parent and taking on a new role as a mother is quite exciting yet also overwhelming in some ways, especially if you know nothing about the subject matter. Though the experience should be regarded as a happy and positive one, there are still some aspects of being a new mom and taking care of a baby that is crucial to consider. One unavoidable aspect is finances.

New Mom Baby

Quickly after giving birth, expenses will be flooding your savings, from hospital bills, baby diapers, formula, clothes, and so on. The question is, are your finances ready for this particular change and responsibility? If not, here are 5 ways you can stabilize your finances and keep it from collapsing when a baby enters into your life.

  1. Buy used items whenever possible

    Buying used items is an ideal way to achieve hundreds of dollars’ worth of savings. However, this rule has exceptions of its own, including car seats and cribs and other important things your baby will be using. If it’s toys and clothes, you should shop for used or pre-owned ones. Since your baby will be growing up rapidly, clothes will have to be replaced frequently to ensure comfort for your baby. Resist the temptation of buying those cute branded baby accessories and apparel as this is way too costly compared to the choices you can find at the local thrift shops.

  2. Breast feed

    Unless you are working two jobs, never resort to formula milk. Formula milk is a lot more costly and tends to run out quickly. You can save a lot by breast feeding frequently plus it gives your baby a more nutritious sustenance as breast milk has been proven to contain a lot of vitamins and minerals that your baby needs to grow healthily.

  3. Refrain from shopping for books and movies

    Most movies and books, even though they’re on sale, only get watched for a week or two and then immediately forgotten. Unless you really love the movie or book, don’t buy it. If you wish to read a book to your baby, you can schedule a certain part of the week to visit the bookstore and read the book there.

  4. Avoid battery operated or electronic toys

    Though you may think that these toys will bring fun and enjoyment to your 1 or 2-year old kid, they’d probably find more enjoyment from the box that the toy came in. You don’t have to spend too much for a good toy, and in some cases, your child will love a stuffed toy or an action figurine than an expensive battery-operated toy that will just be thrown and roughly handled and eventually broken after quite some time.

  5. Instill the practice of drinking water in your children as early as possible

    Water is a lot healthier and a lot more inexpensive than soda or fruit juice. You’ll save a lot in the future if you raise your children to love water than any other beverage on the market.

Sam is a financial blogger and also is a contributing writer for payday loans from wonga.com.

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