5 Amazing Budgeting Tips for First-Time Parents
Being a parent is expensive and not just because you’ll have to bear education costs down the lane. Right from baby food to diapers, everything is going to take a toll on your finances!
Don’t let this revelation worry you; if you start early, you won’t have to face a financial crunch. Whether it be tracking your expenses, eating out less frequently, or investing in a health insurance plan, whatever little you do is sure to benefit you and your child.
Most importantly, cutting down on baby-related expenses will help lighten your financial burden. Sure you want to give the best to your little one, but cutting costs doesn’t mean you always have to compromise on quality.
Read on for some great tips on saving money as you get ready to welcome your first baby.
Delivery Costs Can Be Reduced
If you’re below 35 years of age, your pregnancy is low-risk, and you’re carrying a single child with no known complications, consider delivering your baby at a birthing center. If you qualify for the same, you can deliver your baby for half the cost than what you would normally be charged by a hospital.
Keep in mind that your child will be delivered by nurses and midwives, and that a doctor will be on call only in case of an emergency. As such, help may take longer to arrive in an emergency. If this bothers you, don’t risk going to a birthing center.
Furthermore, little to no medication is used at birthing centers so if you have a low-pain tolerance, a hospital is your best bet.
Make Your Own Baby Food
If you are in favor of breastfeeding and are able to do it comfortably, you won’t have to spend loads of money on formula. And breastfeeding is a good way to bond with your kid too!
Later, as you baby grows and starts eating solids, you’ll have to feed him a variety of nutritious foods. Buying baby food can be very expensive so a good idea is to make your own baby food. It isn’t tough at all and the only big thing you’ll need to invest in is a food processor.
Boiled and mashed peas, carrots, and other vegetables will provide all the nutrition your baby needs. What’s more, you can prepare these foods in bulk and freeze them for later use! Just microwave the food for a few seconds before feeding your little one.
Making baby food at home not only saves you a lot of money, you can also be sure that your baby is eating only healthy stuff that’s free of additives, food colorings, and artificial flavors!
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Save on Diapers
Your baby will need a lot more diapers than you can possibly imagine! Obviously, this means you’ll have to spend quite a fortune on them. To save as much as you can, buy lesser known diapers or no-name brands and use them during the day. Use pricier brands during the night when high absorbency is your priority.
Be wary of diaper rash; some brands can aggravate the condition. If you’re not keen on using lesser known brands, buy cloth diapers. Cloth diapers will require an initial investment but will help you save a lot of money in the long run.
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And Other Baby Products
Other baby products including creams, powders, and wipes will cost you a lot too. If you shop wisely though, you’ll be able to make some great savings.
Be sure to research well for the best prices; some stores sell items for a lesser price than the others. You don’t have to visit stores physically to compare prices as you can do it easily online. Make a list of the best prices and where you can get them at and shop accordingly instead of buying all that you need from one place.
Visit store websites for coupons and discounts. Don’t forget to use coupons that come in the mail and those available outside stores. Also keep a tab on samples and freebies that you can avail online or at stores. Apart from getting these items for free, you’ll also be able to test if the product is right for your baby.
Many stores have rewards programs that you could sign up for. Furthermore, certain brands also have points systems and you can redeem points earned for baby supplies, toys, or books.
Don’t Buy Brand New Stuff
Brand new strollers or nursery room furniture will be costly. If you want to save in this department, consider buying second-hand. If you research well, you’ll find plenty of good quality second-hand items at low prices for sale online.
You can also consider buying clothes from second-hand stores. Alternatively, ask friends or close relatives that have older children for hand-me-downs. Inspect second-hand or borrowed clothing well and if you find that the items have a lot of use left, you can certainly use them.
When it comes to toys, see if your friends and relatives want to get rid of their kids’ old stuff. You can also hold a toy trade every month or so with other families that have kids the same age as yours.
Also keep in mind that books and DVDs can be rented from libraries for a lot less than the amount you will have to spend on buying them from stores.
If you have to find something new, at least check out toys and games reviews first to see if you can find what you’re after from a cheaper alternative brand. Young children don’t tend to know the difference between big brands anyhow!
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Don’t let budgeting woes come in the way of having fun with your little bundle of joy. With the tips given here, you’ll be able to do the best you can for your baby without going broke.