Budgeting with a Baby: Ways to Save Money When You Have a Family
Thursday, May 24, 2018, 6:00 AM | Leave Comment
‘Congratulations! It is a baby boy!’ or a girl.
These are the exciting words that every new parent yearns to hear after long hours of labor.
Making it through the hospital processes and delivering a healthy bouncing baby is a moment of pride for any parent.
Having a baby is an overwhelming, exciting, challenging journey and the responsibility of providing for your child can sometimes overwhelm these moments.
Taking the time to begin budgeting, purchasing baby products and investing in products that your child will need before you have your baby will help make the process easier.
Efficient and Smart Budget Tips to Help You Save Up for Your Child
Here are some of the ways you can save and give your check account some wiggle room during your baby’s first year.
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Shop Secondhand for Clothes
Most first-time parents do not understand that newborns eventually grow out of their clothes with time. You can save up on cash by buying gently used secondhand garments. You can get them at yard sales, consignment shops, from friends or family members.
If you are planning on having other children, you can also keep the clothes for your second child.
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Hold Off On Buying Products You Do Not Need
If you are not particular about the products that will work best for baby (especially when it comes to bottles, pacifiers, and even diapers), purchase them on a minimum basis to start with, and then stock up once you have a grip of your infant’s preferences.
You should also buy generic and less expensive brands. The labels and fashion trends do not matter during the first years. Your child will only be in that onesie for a few months. Therefore, resist the urge to splurge.
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Consider Cloth Diapers Rather Than Disposable Brands
Cloth diapers offer you fewer costs, less waste and are eco-friendly. The disadvantage is that you will need to do the laundry yourself to save.
More so, it might seem like a no-brainer, but you will be surprised how often you will find yourself purchasing things that are poorly made or disposable.
Therefore look forward to investing in sturdy stuff that can be handed down from generation to generation.
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Look Out for Cheap Community Classes
Most private baby classes offer you hefty price tags. Therefore, opt for the less costly community centers that provide parents who need to budget great courses for much less.
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Breastfeed
Baby formula is expensive, especially if you have a child that has a sensitive tummy. If you can breastfeed, try doing it for up to at least the first year before switching to regular milk, so you do not have to spend money on baby formula.
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Do Not Upgrade Your Home Space
Research states that housing comprises about 30% of the overall costs of raising a child. It does make sense because most first-time parents excitedly upgrade from their one- or two-bedroom apartment to more significant rentals or homes before their bundle of joy arrives.
Kids are tiny, and they take up next to no space, so an extra room is not required. Just think about how much money you will save if you spend your baby’s first year or two in a smaller home or apartment.
Do your research to make sure that the baby gear that you buy works for your home environment. A high quality item such as a convertible car seat or a baby travel system that fits your needs will save you money in the long run.
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The Little Things Add-Up
If you are breastfeeding, rather than purchasing disposable breast pads, get two packs of reusable clothes. Pour your breast milk into small zip-top bags instead of buying breast milk bags. You can also skip baby shoes until your child can walk and just use soft socks or slippers.
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Ask Your Mom or Siblings to Help You Baby-Sit
Family and friends can quickly turn into your most valuable child care resource. You can even form a club with your mom friends and help each other in the babysitting duties. They will not only help save you financially, but they are a better chance to cater to your child’s needs more than a babysitter service provider.
Make your life simpler and start a bank account for your child’s college fund with the savings from following these simple steps. They are any parent’s stepping stone to a brighter future.
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