Raising a child is expensive, especially for new parents. As much as it being really exciting, it can be overwhelming too… Thanks to the sleepless nights, change of routine and of course, the financial challenges.
Financial Stress is a leading cause of divorce in America, studies say. So before you and your partner get caught up with the financial dilemma, here are 5 helpful money-saving tips for first time moms and dads:
1. Review your income and current expenses.
You and your partner should take to time to sit and review both incomes and current expenses before the baby arrives. This way you get to determine, whether you will be able to sustain all the future expenses for you baby and make necessary changes if needed. You may need to cut off some other areas of expenditures or probably switch careers.
2. Track your expenses.
If you haven’t started this habit yet, make sure to do so now. Babies are expensive – diapers, milk, baby food, etc. You need to see and track how much they consume in a week to be able to create a budget. Once the budget is set, make sure to stick to it.
3. Go for hand me downs or second hand baby clothes and gears .
Babies grow up fast so it’s not advisable to spend so much money on clothes. Instead, ask your friends or relatives who had babies before you for clothes and gear that don’t fit their kids anymore. Also, when shopping for your baby, visit your local consignment shop or check online to get better deals on second hand items.
4. Breastfeed your baby.
Nurse if you possibly can because not only will it benefit you and your baby, you’ll also get to save a lot because it’s free. Breastfeeding is always best for your babies.
5. Make your own baby food.
Once your baby starts eating solids, save money by making your own baby food. Pick up fresh vegetables and fruits, steam and blend them yourself. This will save you loads of cash and is healthier than commercially sold baby food.