When you find out you are expecting a baby you will experience a whole range of emotions ranging from excitement to nerves. The responsibility that comes with becoming a parent can feel overwhelming and there is much to consider about how life will change when the baby arrives.
For many people, especially with rising living costs, the financial implications of expanding a family are a concern. However, there are many ways you can budget and make savings and these six budgeting tips are a great place to start.
Reduce, reuse, recycle
As society becomes more aware of the waste we produce, taking a more sustainable outlook is a popular lifestyle choice as well as a great way to save money. If you have older children, you may be able to reuse equipment with the new baby which can provide huge savings.
Hand-me-downs are another excellent way of being more economical and eco-friendlier with online groups on sites such as Facebook being a great place to pick up baby clothes – some which have never been worn as babies grow so fast!
Also, consider whether you really need an item. Baby manufacturers can make it sound as if you need all the latest gadgets when a baby’s needs are remarkably simple.
Make use of deals
It is always worth checking for offers and savings when shopping for a new baby, especially on larger items that can be costly. Look for top online deals at Upgraded Reviews to find savings and consider other ways you can keep your overall living costs down.
Buy fruit and vegetables that are in season rather than more expensive out of season produce and, if you have space to store the surplus, buy household items such as detergent in bulk to save money.
Learn to budget
It sounds simple but make a budget and stick to it to ensure you don’t overspend. Make a list of your current outgoings and incoming funds so you can see where your money is going.
Templates freely available online can be helpful if you are just starting out on your budgeting journey. If saving has traditionally been a challenge for you, consider making saving fun by using the cash envelope system.
Use cash, not card
When you use credit and debit cards it can be easy to lose track of how much you are spending. Online shopping is as simple as a click, payments in stores are a quick swipe of your phone payment app or your card.
By switching to using cash you will quickly become more aware of what you are spending money on, and it can make you cut back on unnecessary purchases, meaning you will have more money to spend on your new arrival.
Having multiple accounts can be a great way to help you keep your spending in check. Why not open an account especially for baby-related expenses?
Look for a savings account with a decent interest rate and be sure to check that you can access your money at any point if you are going to be dipping into funds.
One of the biggest expenses for parents is day care. If you will be using childcare facilities, start looking as soon as possible as many have wait lists. The cost can vary significantly between settings so visit as many as possible and ask them to clarify exactly what is covered by their fees.
Children can be expensive but there are many ways you can make savings with careful choices and looking for alternatives. And most importantly, the joy you will get from your new arrival will be priceless!