Raising a family is not cheap. Especially for new parents. From the countless diapers to must-have essentials like car seats and then toys to stimulate their development – the list seems almost endless.
The U.S. Department of Agriculture predicts that households with children spend roughly $12, 800 to $14,970 per child per year. If new parents are not careful with their spending, it can be a quick and slippery slope into debt.
So whether your bundle of joy is about to arrive or is already in the world, here are some simple and quick ways for new parents to save money and avoid financial trouble.
1. Cut Back On Non-Essentials
Raising a child or children is all about sacrifice. We have to say goodbye to late nights on the town with our friends, and we have to give up some luxuries to make financial ends meet.
One of the quickest ways to cut down on expenses is to give up non-essential recreational items. That means saying goodbye to services like Netflix and saving that $15 a month. It might seem meagre, but all these small bills eventually add up.
2. Keep An Eye Out For Convertible Gear
One of the best ways to save money as a new parent is to keep an eye out for gear that converts. Instead of buying a separate pram or crib, look for ones that convert into a travel bed or a bassinet. Items like this will not only save you cash but will also take up less space and avoid your house becoming overrun with baby gear.
3. Become A Baby Food Chef
Babies need to eat. Unfortunately, their food is not cheap, and the expense of it can quickly put a strain on new parents. To avoid this financial crisis, learn how to cook your own baby food There are tons of DIY recipes for infants on Pinterest that are affordable and have the same nutritional value as store bought baby food. Jump online, start researching recipes and hit up for whole local foods for fresh ingredients to keep your child’s tummy full with yummy home-made meals.
4. Learn How To DIY Everything
It is time to binge watch YouTube and flex your DIY skills. If you really want to save money as a new parent, you are going to have to become a jack of all trades.
Becoming a frugal parent means following blogs like the DIY Mommy and learning how to sew, bake, create home decor items and cook delicious, nutritious food for your little ones.
It is not only a money-saving hack but also a great bonding experience that the whole family can join as they grow older.
5. Invest In That Breast Pump
It’s no secret that breast pumps are expensive, but they are worth every cent. Especially if you have more than one baby or are planning to expand your brood. According to Kelly Smith, one of the top sales associate at vancouver baby stores , the formula for infants can cost up to $600 by six months, and it’s been proven that it has less nutritional value or newborns. So while that breast pump is a lot of money to fork out in the beginning, it will help you save big in the long run.
6. Start Couponing
When couponing is done right, it can help new parents save a lot of money. While that 10% savings might not seem a lot at first, all the small amounts will eventually add up.Get online and start hunting for coupons, keep an eye out in your local newspaper and don’t forget to check social media. There a bunch of couponing groups on Facebook and even Pinterest boards.Becoming a parent for the first time is an amazing experience. It will change your life in countless ways and alter the way you view the world. Follow these simple money saving tips and don’t let financial worries overclouded this magical time with your partner and your newborn.