After the birth of your newborn, a sudden realization hits you—your money has grown a pair of wings.
Your monthly expenditure is skyrocketing with hospital charges, diapers, photoshoots, and pediatric visits. This will leave you indebted if you don’t figure out your finances soon.
Having a child is overwhelming, and as new parents, there are so many things to do and so little time that drawing a budget is the last thought on your mind.
Here are some tips to help you save some money.
A New Family Budget
A clear understanding of your finances will help you decide where you can cut costs to save money.
After the baby comes home, your list of essentials will increase considerably, taking a toll on your monthly savings.
As the baby grows, your spending will increase, so try to save as much as possible. Also, try to pay off your debts as much as possible.
With the baby, the expenses will increase, and your unpaid debts will take a backseat. Paying your debts will also ensure you have a good credit history in case of any emergency.
Save Money On Hospital Bills
Hospital charges are one of the most significant expenses during the initial parenting stages. Although unavoidable, you can cut costs by refusing add-ons that you don’t need.
A private delivery room can add up to $500/day on your hospital tab, and a television set can cost you $8/day. You can easily do without them, so why spend extra?
Hospitals provide baby goodies like diapers, onesies, wipes, pacifiers, nasal aspirators, thermometers, baby wraps, and more, so stock up on these and save around $40.
Only The Essentials When Shopping
All the cute little items available on the shopping sites are tempting, but don’t get carried away. Before the baby arrives, opt for only the essentials until you get the hang of your baby’s growth rate. This way, your house is not cluttered, and you don’t have many ill-fitted items.
Babies grow quickly, so make sure to buy only the bare minimum. As babies’ clothes get stained easily, don’t buy expensive clothes from elite brands. Visit your nearest store and buy plain, inexpensive clothes.
Pick gender-neutral items, especially if you plan on having another baby in the future. This will save you a lot of money.
As the list of baby essentials is vast and never-ending, try buying products that will grow with your baby. These include strollers that shift from newborn to toddler, which helps save money and space.
Also, look for convertible furniture and accessories like changing tables that double as storage units and high chairs that can convert to booster seats and regular chairs.
Do your research to ensure you don’t get tricked by clever marketing. You don’t have to spend higher prices on baby products. A higher price tag does not guarantee better quality.
Collect Free Baby Stuff
Visitors often lavish maternity wards with baby gifts and free samples. These may include lotions, body washes, diaper ointments, diapers, and other items. However, as the staff is very busy, they often forget to distribute baby gifts. Make sure to ask for baby samples before your discharge.
Breastfeeding is undeniably the healthier and more economical option. However, even breastfeeding comes with associated costs like breast pumps and accessories, which help mothers pre-store the milk for the baby.
Opt for cheaper breastfeeding gear, or better yet, get a hand-me-down to cut costs. Even with these costs, breastfeeding is still comparatively economical.
Formulas make up the direct cost for formula-fed babies and are very expensive. Additionally, formula-fed babies are prone to ear infections and digestive troubles, increasing the number of visits to the doctor.
Diapers And Wipes
Escaping diapering costs is impossible, but you can always opt for the more economical and environment-friendly option of cloth diapers.
You can sign up for subscriptions and bulk buy diapers to cut costs when purchasing disposable diapers and wipes.
Embrace Pre-Loved Items
Babies grow quickly; they might wear a onesie only a couple of times before it becomes too big. Ask your family and friends if they want to give away any of their baby items. Parents are often eager to clear their attic and look for new parents to hand over these precious baby items to.
Strollers, baby carriers, cribs, and car seats are also great hand-me-down items. Getting one or more of these high-dollar items can be very good for your pocket. Search for a discounted retail store to pick some of the best hardly used baby products.
Plan Budget-friendly Date Nights
Parenting can take a toll on you. With busy days and sleepless nights, you are sure to feel the stress.
That does not mean you and your partner have to give up on romance and date nights. Even when it feels like you have no time to indulge, treat yourselves to a budget-friendly date to keep the spark alive.
Additional tip—there are many benefits and supports available for new parents. Unfortunately, many are unaware of such government facilities. Search for the ones you are eligible for and try to reap the benefits.
Take advantage of these tips and the hand-me-downs you receive from family and friends. And make sure you pass them forward, both the tips and your baby’s old and new items.