Your little bundle of joy has arrived. After nine months of food cravings and morning sickness, it was all worth it to see your new baby enter the world. Yet while this is the happiest moment in your life, you’ll will soon have to deal with the growing financial burdens of raising children.
Don’t fret. There are ways for you to save money while providing a great life for your little one. Check out these 8 money-saving tips to help with your monthly budget.
1: Friends and family are there to help. Many friends and relatives who have children will have toys, car seats, high chairs, clothes and other outgrown items. They will be more than happy to give you things that are cluttering their attics and garages so that you can put the items to good use.
2: Purchase and sell things at consignment shops. Consignment shops are great places to sell off your maternity clothes while finding great items for your child. Make money on the things you no longer need while buying used items that are cheaper than new ones. At that young age, your child won’t care if her onesies don’t have designer labels. According to CBS MoneyWatch, you could save up to 50 percent on items at consignment shops.
3: Breastfeeding can save you money. Formula is expensive at almost every grocery store — that is, if you get to the store before it closes. But you can save time and money if you breastfeed your baby. If you can’t breastfeed due to medical reasons or you just prefer to bottle-feed your baby, you may be able to get free formula from hospitals and pediatricians’ offices.
4: Buy in bulk. You’ll waste money buying formula, baby food, diapers and wipes in individual packaging. Go to a warehouse store or visit online stores like Amazon.com that sell items in bulk. You can get discounts by buying in bulk and nothing will go to waste.
5: Skip the fancy clothes and just buy generic. Why buy expensive clothing that your child will wear for only a few months? Stick with regular brand name clothes that will last for the year, still look great on your child and handle all the messes that will occur during feeding times.
6: Hit the yard sales. Yard sales and garage sales, especially ones in family neighborhoods, are treasure troves for new parents. You may find such staples as clothes, bikes, toys, books, strollers, play sets, high chairs and car seats. If they’re in good, safe condition, negotiate for the best price and walk away with your arms filled with items.
7: Make your own baby food. It only requires fresh fruits, vegetables and a food processor. You can make as much as you want and place it into storage containers marked with the date on when you made it. The Internet is your source for healthy homemade recipes that cut down on the salt and sugar so often found in commercial baby food.
8: Bargain shop your heart out. It takes time to research stores, clip coupons and find the latest deals. But if you want to save money, you’ll have to put some work into it. You’ll be rewarded for your efforts, as you can find the items you need at bargain prices.
Taking care of a child isn’t easy, and it definitely can be expensive. Yet by following the above tips, you’ll still be able to give your child everything they need while not paying outrageous prices for designer baby clothes, fancy baby food, and top brand name toys. Place the extra money that you are saving into a savings account or emergency fund as you’ll be able to use it toward your child’s future schooling or to take a nice family vacation that everyone will enjoy.