After the excitement of discovering that your home is soon to be blessed with the cries of a new baby, many parents-to-be begin to worry about how they’re going to afford another addition to their family. Babies are expensive, after all, and they don’t get any cheaper the older they get. While meeting with a financial adviser is a good idea for getting your finances and budget in order, this article will also give you tips to help you save money once the baby is born:
How To Save Money After Having A New Baby
Don’t buy into the hype
There are plenty of good books and websites out there these days to help you get ready for the birth of a new baby. There are also plenty of books and websites that use fear mongering to get you to spend money on things you do not need. While ensuring the safety and health of your baby should be your priority, this does not mean that all of your common sense is thrown out the window.
Know what you do and don’t need
There is a huge number of things that you will need when you bring your new baby home for the first time, but there are even more things that you won’t need. Just stick to the basics like nappies, bottles and formula, wipes, clothes, a cot, car seat, and so on. Chances are you will be given a lot of things as gifts anyway. Don’t buy items you will not need straight away; wait until they go on sale and don’t buy items you cannot see yourself ever using.
Some parents get it into their heads that their new baby will only wear brand new clothes and use brand new toys, furniture, and other accessories. The reality of the situation, however, is that babies never use these things for very long, so even hand-me-downs will still look fairly new. If you sister offers to lend you her highchair or cot and if a friend offers to send over all her old clothes, say yes – it will save you hundreds of dollars.
There are, of course, plenty of other ways that you could save money by bringing a new baby home; the points listed above tend to be the most common and easiest to undertake. Remember that meeting with a financial adviser well before the baby is brought home will give you a chance to get your finances and budget for the long years ahead.…