Raising a family is not just a lifetime responsibility, but starting is very costly! When a baby is included in the picture, your time and energy are not only spent twice or thrice more, but also demand financial needs. The price of goods and commodities continue to increase as time flies by, so this can be a little daunting to your part as new parents. But fret not, as there are many ways on how you can control your money and save more once you have a baby. Here are some quick tips that you should follow and apply if you want to be cost efficient in taking care of your baby and family.
1. Be Familiar with Your Budget
Creating a budget plan is always necessary in building a family. In fact, in all areas of life, this is an important goal. When you plan a budget, it is basically about knowing the needs and separating them from the wants. You must know what your baby needs and that’s how you are going to spend most of the budget.
2. Have Emergency Fund
Health insurance and accident insurance are a must when you start to raise and take care of a child. Babies tend to be sickly at this stage of human life. Although you do not wish anything to happen to your baby, emergency fund can become a life saver. It is always unexpected if your little boy or girl experiences cold, flu, skin rashes, allergies, and others. But you are always financially ready if you have insurance set for your baby.
3. Pay and Avoid Debts
Credit cards can cost you more than what you spend due to the interest and other fees. For sure you know that already by know, but there is an escape for this. If you are still pregnant with your first child, it is best that you try paying all your debts. And once the baby is born, you should lessen or stop borrowing money. It can really pile up if you have debts, and it won’t be easy to spend money for some important things in that case.
4. Buy Items in Bulks
The usual things to buy for babies are diapers, milk, wipes, baby foods and hygiene products. Since these are used most of the time, it helps save some money if you buy large or in bulks. Bigger items are much cheaper than buying in small items.
5. Find Deals
Coupons and vouchers are your best friend when shopping baby items. You can find these on magazines, newspapers and online. Discounts can help you financially, so try to expand your search when buying baby items. Do not just settle with the best products, but also the cheapest.
6. Limit Your Shopping and Grocery
Clothes, accessories and other apparels are essential to each one of us, including your baby. While you may like to buy new clothes once or more in a month, if you have a baby, you have to lessen that now. Instead, buy clothes for your baby since he or she outgrows them easily. But this does not mean that you have to buy as many as you can. Since it only takes a short time for your baby to wear clothes, you may also restrict your baby shopping. This same applies when you buy grocery items for your home, personal and other family needs.
7. Keep Old Clothes for Your Next Child
Unless you just want one child, the outgrown clothes of your baby must be set aside and stored. Do not throw them or give them to another one’s child. You may have your second baby in a few months. This helps you save some cash as well.
8. Shop Secondhand Toys and Books
There are certain items for children and babies that can be bought secondhand. They are much cheaper but still very useful. Among those items that are recycled are books and toys. They are safe to use despite being used before, compared to cribs, car seat, and carrier. This means that not all baby items should be shopped from a secondhand store or backyard sale. It must be only those that are not worn or sit on.
9. Download Free CDs and DVDs
Some songs, cartoon or animated films, and educational lessons in CDs and DVDs are downloadable online for free. This is much better than buying CDs and DVDs, and still has the same quality of pictures and audio. It is another money saving idea you must do.
10. Simply a Baby’s Birthday Party
Many parents like to spend a lot of money for the first birthday of their child. There is nothing wrong with that except the fact that you waste a lot of cash. You can still host a fun and beautiful birthday party once your baby turns one, but it does not have to be extravagant. A simple party that is attended by your close relatives and friends won’t be that costly.
The first year of having a baby demands high spending of money, and that’s just a start. Remember that your child grows and lives for many years, which means there are more days and years for you to shell out cash. That’s why from the start you must be able to learn how to save money.