10 Tips For Saving Money As A New Parent
1. Forget the Renovations
This tip should really be considered long before you actually bring your new baby home. People often upgrade to a bigger home or remodel an existing home to include a nursery. While that may be fun and emotionally fulfilling, it's also an added expense. Your baby doesn't really need a room of its own right away. Just enough space for a crib and a few other items. Staying in a smaller apartment for the first year or two can help you sock away more savings.
2. Don't Go Overboard with Purchases
Stores are overflowing for everything your baby "needs," but much of that is just high pressured sales tactics. You don't really need all of the new gadgets that hit the market on a daily basis. Truthfully, you don't need anything more than that which your parents had to raise you.
3. Take Everything the Hospital is Handing Out
When you and your baby leave the hospital, don't turn down any of their handouts. Even if it's more than you can physically handle, fill up a dad diaper bag with the freebies. Collect as many coupons and free samples as you can. You may need to ask the nurses, because the hospital staff may not think to tell you that this kind of help is available.
4. Breastfeeding Saves Money
Actually, breastfeeding saves a great deal of money and it's healthier for your baby. Typically, new parents spend at least $1,000 annually on baby formula. If you breastfeed your baby, you can take that money and put it away in a savings account for a rainy day and, as a new parent, there will be some rainy days in your future.
5. Shoes are a Waste of Money
Your baby is going to grow fast and buying new shoes every other month is just unnecessary. Babies learn to walk better and faster, when they can be barefooted, so it's better not to force them to wear shoes all of the time. If you're taking them outside or someplace where it will be cold, heavy socks and booties work just as well.
6. Buy Unisex Clothes
Look for styles and colors that can be worn by either a boy or a girl. While this may not help with your first child, you'll be glad you made this move when your next baby comes along. Hand-me-down clothes can save a great deal of money, especially considering the rising costs. Keeping a supply of clothes on hand will help you save on shopping time, as well.
7. Buy Diapers in Bulk
You're going to go through diapers quickly, so you'll want to have a large supply on hand. Buying them in bulk will help you save and will ensure you always have a supply on hand.
8. Generic Products Work Just as Well
When you go shopping for supplies, such as baby wipes and diapers, ditch the brand names. Generic products are made by the same companies, but cost half as much. This is one of the best ways to save cash that can be better spent on other items, or can be saved.
9. Borrow from Friends
If you have friends who are also parents, you might be able to save a big bundle. Ask to borrow strollers, walkers, and other big ticket items that they're not currently using. Just don't forget to return them, once your child outgrows them.
10. Hit Up the Dollar Store
If your community has a dollar store (most larger cities do), make that your first stop. You can pick up some items that you need and at only a dollar apiece. These are great places to pick up infant and toddler toys, as well as other supplies.
Raising children can be expensive, but a little planning and thought can save money. If you keep track of the money you're saving, you may be able to put that away for the future, boosting your nest egg or preparing for your child's tuition needs. The best way to save on caring for your child is to determine which things you do need and which items are a luxury.
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