Money Saving Tips for New Parents

Babies can inspire even the tightest fists to spring open, but it is important to know what is worth spending your hard earned money on and what can be skipped, borrowed or taken care of with a much cheaper alternative. As a new parent you’re not expected to know all of these details as instinctively as you’ll soon be able to differentiate between the many different meanings of your baby’s cries, but it pays to do some research.

The following is a list of tips to get you pointed in the right direction.

Budget for the Necessities… and Let Friends Gift the Frills
Your baby will need a safe comfortable place to sleep, bottles from which to be fed, clothes and of course a car seat and stroller. Everything else is more or less icing on the cake and you should always remember that the topping should not cost more than then whole cake. It is best to spend your money on a good crib and a stroller/car set combination that meets modern day safety standards than to go crazy on cute mobiles and nursery décor and then have to sacrifice on the big ticket items. Friends and family are notorious for getting all excited about welcoming babies and they run off individually and spend on things that are ‘nice-to-have’ so you can afford the ‘must-haves’.

Stay Away From Specialty Stores
Stores like Babies ‘R’ Us and other brand name chains are designed to squeeze every last penny out of your pocket by cleverly marketing lots of adorable gadgets and gizmos that you could find for less if you need them at all. Don’t get caught in their trap. If you don’t think you have the strength to resist a beautifully packaged diaper tower that you could buy at the grocery store for a quarter of the price, then don’t go in.

Debate the Diaper Issue Objectively
Reusable diapers are better for the environment and they are hands down the cheaper option. The only issue really is if you are up for the challenge of washing the quantum amount of nappies your baby is bound to go through in a day. If you are good at getting organized though it’s possible to set up a workable system of change, soak and wash that keeps a stack of clean diapers always on hand. Your parents most likely did it. Think of the savings if you don’t have to buy a disposable diaper.

Breastfeed
Obviously this is a personal choice but breastfeeding is the doctor recommended course of action. It also eliminates the need for expensive feeding systems with special bottles and sterilization equipment, not to mention costly baby milk formulas.

Do Accept Hand-Me-Down Clothes
Sure you want your baby to have some things that were bought especially for them, but resist the temptation to have everything new and personalized with prints of his name on his shirts and bath towels and booties. Hand-me-down clothes can save you a lot of money on an item that your baby will out grow in a month or two anyway.

If you’re not careful you can spend a fortune before your baby has even spoken his first word. While having a new addition to the family is a reason to celebrate, there’s really no need to plunk down bundles of cash on things your little one will either outgrow or tire of long before it has had its fifteen minutes of fame. It may be wiser to tuck that money into a college fund instead… the time will come when you’ll be glad you did.