Moneysaving Ideas for New Parents
Starting a family often brings with it both a drop in income and an increase in outgoings. Many new parents and new parents-to-be understandably worry about how they will manage financially – after all, children are not cheap!
It’s true that it may not be easy but the moneysaving tips we’ve assembled here should help new parents to stay within budget. Although you may not have as much extra money in the early days of having young children, few parents would deny that they are worth every penny.
Start Saving as Soon as PossibleYou can’t really start saving money soon enough. As soon as you know you’re planning to have a family is the best time, or at least as soon as you know you are expecting.
Start researching how much things will actually cost. Look in shops and online and, most importantly, ask around friends and family who already have children. They might also give you some tips on upcoming expenses that you hadn’t considered.
Before the baby comes is a good time to start budgeting as well and saving money in any areas you can.
Getting Kitted Out for ChildrenWhen you know you’re expecting a baby it can be tempting to rush out and buy every bit of baby kit and gear on the market. Exercise caution or you could end up spending a vast amount of money on items that you don’t need, while still missing some of the essentials.
Work out what the absolute essentials are that you will need for when the baby’s born and also make a list of what can wait. Consider whether all the baby items you buy need to be brand new. You’ll save a lot of money buying some second-hand goods and accepting hand-me-downs from other parents.
People will also want to buy presents – especially grandparents – and that’s a fact. If you are comfortable you could include some items that you need for the new baby on a gift list, or just be upfront with people when they ask if there’s anything in particular you’d like. It can seem impolite but people would always rather buy something that will get used than waste money on clutter or excess items.
NappiesMany people swear by the fact that re-useable nappies are a lot cheaper than their disposable counterparts. They are almost definitely better for the environment.
However, there is some initial outlay for re-useable nappies so this is one of the things you may want to save up for. There are a few options available within re-useable nappies. For example, you could buy completely washable nappies, including liners, or plump for washable nappies but disposable liners.
Some local authorities run initiatives to promote re-useable nappy use so do check to see if you’re eligible.
For some new parents, using disposable nappies is a convenience they wouldn’t be without initially. If you do use disposable nappies you can still save money. Opt for own brand nappies, collect any vouchers available, take advantage of offers and use loyalty card schemes to save money on nappies.
Babysitters’ ClubOnce children get a little older, you may want to think about childcare options to give you a chance to get out and about every once in a while. Babysitters are not always cheap though and it’s unlikely you’d want to skimp on childcare and risk using someone unsuitable.
If you know other people, that you trust, who have children or a baby, consider clubbing together and taking it in turns to babysit. You’ll save a lot of money and have peace of mind that your children are in good hands.