It’s no secret that having children is a hefty expense, and it’s natural to feel worried about whether you have the funds to raise a family. As a couple, you are likely to have had a considerable amount of disposable income to spend however you wish, but now that there are greater responsibilities on your plate, it’s all about being frugal. While becoming a parent is one of life’s blessings, you’re sure to be faced with challenges along the way – and especially when it comes to finances. By making some smart decisions, you can limit overspending and prevent falling into debt. Take a look at some of the best money-saving tips for new parents below:
1. Work out a budget
First and foremost, it’s essential to work out a budget with your partner to determine how much money is coming in and being spent each month, so you have a clearer idea of how much disposable income you have for spending on fun activities or to save. The expenses you’ll need to tally up include household bills, food, and diapers as an absolute basis and consider where you may be able to cut back, if possible.
2. Use coupon codes
Being savvy with your cash could be as simple as using coupons for must-have items, such as
Harry & David Gift Baskets for yourself, or friends and other necessities. You’ll be able to grab a healthy percentage off full-priced items for a limited time and, in turn, make exceptional savings on daily necessities, which will give you more money to play with for a rainy day.
3. Don’t go overboard on newborn items
It’s easy to get carried away buying newborn clothing before your baby is born, but unfortunately, they don’t stay that size for long. Before you know it, your little one will become a toddler who’s walking, talking, and growing significantly in a short space of time. While it may be tempting to purchase plenty of cute babygrows for each day of the month, be realistic about what you actually need. Instead of concentrating on what will fit them at the current time, always think ahead by buying a size bigger, so they’re likely to get more wear out of the items and limit further spending.
4. Buy second-hand
Baby clothing doesn’t always stand the test of time, so it may not be worth purchasing brand-new goods. Instead, you should consider purchasing second-hand items to cut down your expenditure as well as reduce your carbon footprint. A great deal of household items ends up on landfill; therefore, re-using as and where possible is always a smart alternative.
Facebook ‘Marketplace’ allows you to purchase items from local people, while eBay is a great platform for purchasing pre-loved goods from individuals around the world. If friends are having a clear-out and offer hand-me-downs, there’s no reason not to accept them as you may find that you’ll save a great deal of cash on the likes of clothing, diapers, and furniture. This leaves you with more money to spend on other important family requirements like food and entertainment.
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