Congratulations new parents! The joy of becoming a parent is amazing and a new chapter in your life. Becoming new parents is scary, it’s wonderful, and it is the best thing ever. It can also lead to financial challenges for new parents too. These money saving tips for new parents will help you keep your finances under control without stressing you out.
As a financial blogger and a mother of 3, I can say that as a new parent, I didn’t anticipate overspending money and not being financially prepared when my baby was born. We were ecstatic, we were emotional, and we surely spent tons of money on our baby.
Money Saving Tips for New Parents
As new parents, we want our child to have everything. As kids, we probably dreamed of the day when we became parents. The reality is that sometimes we go overboard when it comes to what we think our baby will need.
It can get to the point that we don’t realize how it affects our finances. For these reasons, I have 4 money saving tips for new parents. This is to help you enjoy your new parent bliss and not have to worry about your finances.
Create a budget
Yes, you need a baby budget. If you are going to spend money, you need a budget. This will help you have control of where your money is going. If you need help creating a budget, I have some great posts about budgeting here.
Needs before wants
As new parents, we want everything for our baby. We want the cutest things, the trendy things; we want our baby to have it all! Sadly, this leads to overspending and hitting your finances hard. Believe it or not, babies don’t require a lot of material things. Remember that when we do spend a lot of money on our baby, we are doing it more for us, not the baby. I’m sure the baby won’t care about the latest infant outfit she/he is wearing.
Use and reuse
When it comes to baby clothing, buy it used. Accept hand-me downs from people. I’m not sure if you know, but babies magically grow overnight! 😉 The newborn outfit you bought 3 weeks ago might not fit anymore.
Used baby clothing is a great investment, and if you compare it to adult used clothing, infant clothing are worn less and sometimes, not at all. I had a few outfits that my last son didn’t even wear because he was 10lbs when he was born. I had to kiss all the newborn clothes goodbye.
When it comes to baby furniture, I will say that this is something that you decide as a parent. If you are strongly against purchasing used cribs and car seats, that is perfectly fine. If you do plan on purchasing a used crib or car seat, always check the recall lists to see if these items were recalled.
If you are planning on purchasing brand new baby furniture, here are my tips. Buy good quality that will last. Kids don’t stay babies for long, you need to find furniture that will benefit your baby and can still be used in the future. For example: purchasing a crib that changes into a full size bed will save you money in the long run.
When it comes to baby furniture, finding other uses for it will save you money in the long run. The same goes with strollers and car seats. Purchase a car seat that will “grow” with your child; from infant car seat, to booster seat.
These kinds of merchandise are worth the money because they will save you money in the future. Remember that babies don’t require a lot of furniture to grow.
Keep it minimal
Baby gifts will come, sometimes it can be a bit overwhelming. It is OK to return and exchange items you receive. This is not about hurting anyone’s feelings, but about keeping things to a minimal. Believe me when I tell you, the baby’s items in the house will grow.
To help you save money, and keep your finances in check, return or exchange items you think will benefit you and your family. If you know that having 3 strollers is too many (Yes, I received 3 strollers), exchange or return it for something your family will need and use.
Exchange it for diapers or formula. You don’t need 10 bottles or a baby bullet. Believe me, the majority of the baby merchandise available are not worth wasting your money on.
Save the money for your baby formula and/or diaper budget. This is something your baby will need. Keeping your baby items to a minimal will save you money. Your baby will be OK.
These helpful money saving tips for new parents will set you on the right track as you build your family. Being a parent is not about how much things your baby has, being new parents should be a wonderful experience without worrying about your finances.
What money saving tips do you have for new parents? What did you do that helped you save money when you were a new parent?