Being a new parent is an exciting and exhausting time and for many of us saving money is the last thing on our minds. Babies are more expensive than we can predict and in all the chaos and excitement of bringing a new baby home, it’s easy to let your finances go awry. If you want to keep on top of your budget and ensure you can save up for your kid’s future, here are five essential savings tips for new parents that will make sure you can focus on your baby rather than your bank balance.
Borrow as much as possible
From breast pumps to bedding, reach out to your friends and fellow parents to see what you can borrow. A breast pump, for example, can cost hundreds, but you may have friends who still have theirs lying around. It might be tempting to buy everything new, but with so many baby products only being needed for a short period you can save a lot of money by borrowing instead.
Start saving early
With a new baby in the house, the last thing you’re thinking about is saving for their future. Time flies with kids and the earlier you start saving for them the better. When the dust settles and you begin to have a bit more time on your hands, investigate junior ISAs and saving accounts for kids through services like Wealthify so you can get a head start on investing in your child’s future.
Use free and local services
Baby classes can be expensive but they are a great way for babies and their parents to get out and socialise. Before forking out hundreds on a baby music class, look into what your local services might be offering for free. Local libraries often have events and classes for babies and children and are full of toys and books for children that you can make the most out of. Many libraries even offered free virtual storytimes during and since the pandemic and these are a great opportunity to meet new parents too!
Buy in bulk
Lugging almost 300 nappies home from a wholesalers may not be fun, but you can save a lot of money in the long run by buying certain baby supplies in bulk. Other supplies you should consider buying in bulk include baby wipes, baby shampoo and sunscreen, formula, baby food, and non-perishable snacks. Join your local wholesale club so that you can always buy in bulk for all your child’s needs over the years.
Be savvy with clothing
A new baby is exciting and it’s tempting to splurge on a ton of cute outfits for them before they even arrive. But babies grow quickly. If you want to keep an eye on your budget as a new parent, be as savvy as possible about clothing. This means embracing hand-me-downs from family and friends, buying second-hand clothes (thrift shops and consignment stores are full of baby clothes), and don’t bother buying baby shoes – they don’t need them.