Before making plans for the new baby, you can talk with your friends or elder relatives who have already kids (one or many). Because they are experienced parents and can share with a lot of exclusive ideas not only for saving money but also how to be a good parent.
Don’t buy things, if you don’t need it
If you’re a first time parent, it’s understandable that you want all the stuff for your baby’s. But don’t buy unnecessary gadgets such as baby bath thermometer, food maker, bottle warmer and big size bathtub are actually items which cost a lot.
Resist the urge to buy clothes in newborn sizes. Babies grow very fast. It can be a useful strategy of purchasing the next size up so your baby can grow into the clothing without growing out of it too quickly.
The prices of nappies fluctuating from shop to shop, you can look out for special offers or even buy in bulk in the super shops. In addition, online flash sales can help new parents score deals on. An excellent place to find quality baby diapers/wipes/goods/toys etc at really reasonable prices is at Amazon which provides amazing discounts on used, returned, open-box and refurbished products. You can find tons of baby and toddler toys that are vastly discounted.
Though it is not good for baby’s health to wear old clothes or used clothes, sometimes some parents can use these tricks.
Don’t buy all of products for your baby at a time from supershop. Make a list of what you want to buy. Salesman may make you confused of selecting what you need to buy urgent or not. They will show a list with about 20 – 25 items but you do not need to buy all of them. For example: In the very beginning, you don’t need baby wipes, get super soft gauze pads. It is not wise to use diaper frequently when you are staying at home. Diaper can causes rashes. And also you don’t need to buy Shampoo, lotion, bathtub so early.
Not spending on unnecessary tools can be really helpful in helping you save money for your newborn.
Plan of savings account for emergency
Accidents are a part of life, and part of preparing for parenthood is preparing for the unpredictable. Depositing 5 percent of your income into an emergency fund that’s completely separate from your regular savings or checking accounts would be great for emergency purpose. Tracking your expenses is also incredibly important. You may want to perform a cash flow analysis that breaks down your income, monthly bills, recreational spending, monthly savings, and any other fixed or variable expenses. It enables you to see where the majority of your money is going, when you track what you spend. You want to start cutting costs and saving up the moment you find out that you are expecting.
You need to start saving for costs such as hospital delivery bills, and for any unpaid leave that you might need to take off work. That’s why you need to create a small baby savings fund, where you set aside money for one-off purchases, like a crib or a stroller.
Create a plan for yourself
As a new parent, it’s not just your baby’s food that you need to consider, but also your own. When you first have a baby, you’ll be tired and exhausted, this leads to rather disorganized shopping trips that result in over-spending. That’s why you need to plan your meals, shopping, and recreation like cinema or short tour.
At first, create a meal plan for the week. Stop yourself from buying stuff you don’t need and track your spending better. Make sure you have enough food for the week and prevent yourself to order online food and expensive food item take-out.
Avoid getting treatment from expensive clinics
Though you are sick after getting a new baby, the delivery after health check up and baby treatment may need more money. To give vaccine to a new born baby, you can visit government clinics or hospitals instead of private expensive clinics. It is necessary to have healthy food with supplements and need to check up on a regular basis, you should make a budget plan for the future. Any time your doctor or physician may recommend an expensive test or procedure as part of your prenatal care, ask why it’s necessary and if there are other options. Start your search for health insurance plans, keep plugging in information and deep searching for options until you observe the one most likely to suit your budget.