Having a new baby is an exciting new chapter which comes with a lot of financial responsibility. Between doctors visits, equipment, diapers, and clothing, the expenses can quickly start to add up.
However, you don’t have to be a millionaire to make it work. You can cut back on costs significantly simply by knowing a few tips to help you along the way. Here are some of the best tricks for saving money with a new baby.
Buy Second Hand / Hand Me Downs
Even though you may want to go out and buy the latest stroller which comes highly recommended by all of your friends, it’s important to budget carefully. Try to take a look at what kind of price range is realistic for you and don’t be afraid to buy things second hand.
Although not everything is recommended to be purchased used, for safety reasons, there are many things that the baby only uses for a few short months and quickly outgrows. Rather than spending hundreds on things like this, you can buy used or get a hand me down from a friend.
Don’t be afraid to reach out in your network and ask if anyone is giving away any old baby stuff. You’ll often be surprised by the response that you get. Many times people are dying to get rid of all their old baby clothes that are taking up space in the closet.
Create a Baby Registry
There’s a reason that people have baby showers, and it’s not just for baby themed games and cupcakes. It’s because you get free stuff! Having a baby shower is a great way to cut your costs in half by creating a baby registry which people can contribute to.
Make sure that you choose things which will be of use rather than just taking up space. Often new parents don’t realize that half of the things they purchase never even get used.
When you add a new member to your family, it’s up to you to create a budget to be able to control where your finances are going. Spending frivolously is no longer an option when you’ve got a new one to look after.
Making a simple spreadsheet which carefully outlines all of your bills and expenses will help you keep things in order.
Although it’s not always possible for everyone, it’s advantageous to breastfeed. The price of formula costs several hundred a month, while breastfeeding is free.
When you look at the cost comparison, it’s clear which one may be more sensible for your budget.
In addition to being the more affordable option, it’s also proven to have incredible health benefits for your baby long term.