Friday, December 16, 2016, AM | Leave Comment
It’s no secret that raising a child is expensive. According to the U.S. Department of Agriculture, the average cost of raising a child up until the age of 18 is approximately $245, 340.
This can be broken down into roughly $12, 800 – $14,970 per child per year. And for new parents, this number can go even higher when we start to look at everything a baby needs in its first year.
From toys to prams and the countless number of dirty diapers – these are just a few of the things new parents have to purchase.
However, if you are not careful with your spending, you could end up in a financial down spiral. We’ve put together a few simple tips that will help you save money and make sure your new bundle of joy doesn’t put too much financial strain on your budget.
Say Goodbye To Netflix
When children come into our lives, we often to have to make sacrifices to keep them happy and healthy.
With all the one-off costs like cribs and everyday items, new parents need to cut out recreational costs to make ends meet.
One of the easiest ways to do this is to say goodbye to non-essential expenses like your Netflix account. Save that $15 and get your binge fix for free with sites like Tube TV.
DIY Your Way Through Parenthood
As nice as it is to pay someone to do something for you, once you have a child that’s not always possible if you want to save money.
One of the quickest and best ways to keep your hard earned money into your bank account is just to do it yourself.
Visit blogs like The DIY Mommy and get crafty! From home decor to easy sewing tutorials there are tonnes of ways to save money by simply DIYing your way through parenthood.
Buy That Breast Pump
Yes, breast pump’s are not cheap – but they are worth the investment. While the purchase of a breast pump is an expensive item for new parents, it makes up for it in the long run.
Formula for babies can cost up to $600 after six months and is not as nutritional for newborns. If the steep price for a breast pump is still out of your price range, consider renting one for $60 a month.
Make Your Own Baby Food
Instead of spending all that money on already made baby food, get into the kitchen and make it yourself.
You can find great DIY recipes for six to eight months old babies on the internet that won’t break the bank and will keep your day to day costs at a minimum.
Make a stop at your local whole foods, pick up some fresh fruit and vegetables, steam them and blend them up into a healthy nutritious meal for your little one.
Buy Convertible Gear
Jennifer Smith, the sales manager of a local Vancouver baby store, says one of the best ways for new parents to save is to invest in convertible gear.
Instead of spending hundreds of dollars on a just a crib, look for items that transform into another. For example, a crib that can be turned into a travel bed or a pram that turns into a bassinet.
Keeping an eye out for items that are multi-purpose will save you money and significantly reduce what you need to spend on your baby.
Get In On The Coupon Craze
Couponing in recent years has received a lot of slack thanks to shows like TLC’s Extreme Couponing. However, this does not mean you should not try this trend.
When done right, you can use your print or online coupons as a powerful tool to save money. While initial savings like 5% might seem like nothing in the beginning, over time it all adds up.
Being a new parent is an exciting time. Don’t let this magical part of your baby’s childhood slip away by being stressed with financial burdens.
Use these six quick tips to save money and keep your family happy and in sound financial health!Facebook.com/doable.finance