Money Saving Tips for New Parents
By following just one of these money saving tips, many parents could see themselves better off by hundred of dollars each year – money that could come in extremely useful, especially during the first 12 months of a new baby’s life.
The emotional and physical strain of starting a family is stressful enough for most people. Added to that the financial strain and the whole experience can become quite daunting. With a little careful budgeting and some sensible planning, the arrival of a new baby can be a miraculous event with no financial worries.
- Save for college by asking grandparents, godparents and friends to contribute to your new baby’s Child college Fund instead of token gifts is a great way to ease the strain during the first couple of years. That way, you child will be well on his/her way to a healthy financial head-start in the future.”
- Finances in the home consider changing your mortgage to reduce your monthly outlay. Banks offer a range of fixed rate mortgages at competitive prices. Knowing the precise rate you will pay makes budgeting easy and you don’t have to worry if interest rates rise as your monthly payments will stay the same.
- Re-evaluate your choice of vehicle a two-seater sports car or a trendy coupe is not always the most practical option when you become a new parent. Think about a more economical run-around with low fuel emissions and modest maintenance costs. A more family-friendly car would also lower the cost of auto insurance.
- Stretch Your income with an organized budget. It is a good idea to save any extra money that you would have spent on socializing or going to the gym throughout the pregnancy. This will be extremely useful once the baby arrives.
- Coupons galore – many companies have specific baby clubs, like Win Dixie and Public Grocery Stores, where you collect points from your purchases and redeem them in store. These companies have different incentives throughout the year with lots of free offers and money-off coupons.
- Set up a babysitting circle with the escalating cost of childcare is bound to be a worry for all new parents, so a babysitting circle might be worth considering. Parents could save around $40 an evening by getting together with a few friends and exchanging babysitting favors.
- Real diapers – These days real diaper (often known as re-usable, cotton or washable diapers) are easy to use and wash, better for your baby and can save you lots of money. It is estimated that disposable diapers will cost parents more than $1,500 over two and a half years. Cloth diapers, on the other hand, come in at under $300 over the same period.
- Claim your benefits – Be sure to claim child care expenses on your taxes and calling an earned income credit if you are income eligible.
- Make your own baby food – the cost of baby basics can quickly add up, so why not do something about it and make your own instead. Making your own baby food is a quick, easy and much healthier alternative to convenience jars. Apples, pears, peaches, plums, mangoes and strawberries all puree well.
- Second-hand savings – babies make for very expensive little bundles of joy – even the basics can cost a small fortune. The good news is that a little savvy shopping can save you a lot of money. Check out the internet for cut-price equipment. You could also try putting up a request with details of things you would like to buy on you company’s notice board or at a day care center.