Having a baby for the first time is obviously a beautiful experience that will completely transform your life. However, as exciting a time as this is for you it’s also an expensive time. So to help you navigate the financial toll of becoming a parent I’ve put together a few tips.
- Take Care of the Basics First – Before you rush out to buy the cutest little Gucci baby grow, consider the basic needs of your child: food, bed, child care, car seat and regular checkups. Once you’ve ticked these items off your list and budgeted accordingly you can start having fun buying the toys and designing the nursery.
- Wait to Buy Extras – Don’t be afraid to hold off on buying extras until after your baby is born. Panicking that there’ll be no time to do this once you have the baby will just see you overbuying unnecessary items. Once baby is with you, you will be able to better assess its needs as well as your own and buy accordingly.
- Be Smart About your Baby Shower – It’s a good idea to have an organized approach to your baby shower. Try asking those throwing the shower to designate certain age groups to each friend. This way you won’t end up with hundreds of newborn diapers and bibs and nothing for when the baby is a little older.
- Consider Getting Used Clothes – Embrace consignment stores and events – often items you find here will be good quality and have had very little wear. Also don’t be afraid to ask friends who are moms if they have any old items you can have – they’ll most likely be happy to help since they’re already familiar with the expense involved with a new baby.
- Buy in Bulk – Joining a warehouse club will be well worth the membership price when you start buying diapers in their hundreds! This is one instance where overbuying won’t count against you because you will always get to the bottom of that packet of diapers. Doing price comparison research will also help you save on the baby basics – lots of the big companies also offer loyalty programs for things like formula.
- Plan Early for Childcare – This is an important issue. I know you don’t want to be thinking about returning to work when your maternity leave hasn’t even started yet, however the sooner you broach the issue of childcare the more time you’ll have to find the best and most cost efficient option for you and your baby.
- Take Stock of Non-baby Expenses – Now is a time of great change in your life and you’ll undoubtedly find there are certain things you will no longer have time for and could therefore save money on. This is the perfect opportunity to reassess your finances and cut down on costs that are no longer applicable to your life.
I hope these few tips will help you feel more financially prepared for the new arrival in your life! For more saving guidance check out these websites: www.jbfsale.com, www.retailmenot.com and www.shopsmartmag.org
Let me know if you found any of these tips useful in the comments section below!
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