Expecting a Baby? Here are Some Money-Saving Tips

Saving Money with BabyAre you expecting a baby in 2013? If so, you might be wondering how you’re going to afford your little bundle of joy. Times are hard at the moment, but there are ways to get your finances in order and prepare for your new born.

Take Stock of Your Debt

If you slipped into the red during 2012, it’s important to take stock of your debt. This might sound like a grisly New Year task but it will help you understand your financial situation and move forward. To begin with, write down everything you owe and work out if there’s any way you can clear your outgoings before the baby arrives. Transferring outstanding balances onto a credit card with a lower interest rate could help or you might want to set up monthly payment plans.

Set Up a Savings Scheme

Before you know it, there will be another little person running around everywhere. They’ll need love, care and financial support for a number of years so it’s a good idea to set up a savings scheme. This can continue way past the birth and will provide you with a financial safety net as they grow up. If you need help and advice to get started, contact a financial advisor, speak to others on parenting forums, talk to your bank or make the most of the savings apps available.

Start Buying Things Now

Finding out you’re pregnant can be both exciting and daunting – particularly when you read the list of things your baby will need. The requirements are quite extensive, so it’s a good idea to stock up on nappies, wet wipes, soaps, creams, talcum powder and other things that will keep. Of course, you’ll probably get a wealth of goodies if you throw a baby shower, but it’s worth stocking up on the basics anyway. If your relatives want to buy something special, ask for an essential item like a high chair, car seat or pram.

Don’t Be Afraid of Second Hand Goods

When you’re expecting, it can be tempting to apply for a credit card and rack up huge bills on anything baby-related. The reality is your cherub will grow out of cute dungarees, little cardigans, miniature hats and tiny socks within a few months, so it’s not worth spending a fortune. Instead, reuse clothes your other children have worn in the past or buy items off you friends and relatives. You might even find some second hand clothes online or in charity shops that will do the job just fine. Give everything a good wash before you use it and it should keep your bouncing bundle warm and cozy.

Think Outside The Box When Trying To Save

Another great way to save money is to think outside the box. For example, now that you have a baby, chances are running to the store will become more of a chore. This could mean you begin relying on online retailers, like Amazon, more. Have you looked into their Prime service and if Amazon Prime is worth it?

Not only do you get free shipping, but you also get free movies and music too, which will save you even more money.

Having a baby will certainly change a lot in your lives, but it shouldn’t leave your bank balance dry.

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Comments

  1. says

    We don’t have a baby yet, but as we know we want to start a family soon, I have been saving up for it in a targeted savings account for the last 1.5 yrs. My husband never took to cribs or anything confining when he was a kid, so we are not going to buy them until we know what the baby likes, but as part of finishing up our FSA, I did buy prenatal vitamins, some lactation supplies, baby thermometer etc.
    Suba recently posted..Luck and logic : How to make your own luck?My Profile

  2. says

    Second hand can be just as nice as new! Babies are in their clothes for 2-3 months before it no longer fits and people donate amazingly good stuff! I also buy toys etc via online classifieds…another massive money saver is BREASTFEED! I know it’s harder to accomplish in the states since your maternity leaves are laughable but not impossible.
    Catherine recently posted..I WILL Partake in Lifestyle InflationMy Profile

  3. says

    When my wife and I found out we were having our daughter we literally started buying a little bit of everything right away. We would make methodical purchases of diapers and anything else we found a coupon for or on sale. I recommend doing this if not from a preparedness standpoint definitely from an economical standpoint. Nothing ever drops in price it only goes up. Throughout our daughter’s first year I literally saw the price of formula jump 10%

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