5 Money Tips for New Parents
Becoming a parent is a life-changing experience for any mother or father. A new life has been introduced into your family and it’s your responsibility to ensure that they are cared for throughout their lives. Money will become important when you start your family. That’s why we have prepared a few tips for you to ensure that you are able to make the best use of your money to support your new baby.
1. Create a family budget
Take a careful look at what you are spending your money on. It’s time for you to write out a family budget so you can focus on what you need your money for. This includes groceries, bills, your mortgage, nappies, children’s toys and furniture. Consider plotting your budget on an excel spreadsheet so you can see how much you will spend on each thing. That way you can see where you can save money.
2. Work Benefits
No matter what type of workplace you have, it’s important to see what type of benefits you will get in relation to maternity leave and having a newborn baby. Not only should you ask about group life insurance but you should find out whether or not your workplace offers discounts on childcare or even their own childcare service. You could also get discounts on NHS dental care, prescriptions or could even be entitled to child benefits.
3. Second-Hand Goods
Don’t be tempted to buy new name brands. This can waste money and it may not be the best brand for your child’s needs. Instead, ask your friends and family if they have any clothes or items they would be willing to pass on to you. You can also have a look in charity stores that would be willing to sell you them at a cheaper price. Make sure to also look at non-branded items to ensure you are getting the best deal for essential items. You can find second hand baby clothes from influencers online at a fraction of the price.
4. Cheap Playtime Activities
Spending time with your child is an essential part of parenthood. That’s why you may be tempted to pay for expensive days out, including swimming clubs or yoga sessions. However, there are ways in which you can spend time with your child without breaking your budget. Creating fun activities at home can help you bond. However, if you want to go out, there may be free playgroups in the park, the local library or in nearby churches that you can visit. Look on the internet to see what is going on in your area.
5. Stick to essential items
You may feel the urge to splurge out on expensive toys and fancy designer clothes for your baby. However, these can be a waste of money. If you are thinking about budgeting, it’s crucial that you stick to buying essential items for your child. This includes a pram, a baby car seat, a crib, food, nappies and breastfeeding devices. Compare the prices of each item to ensure that you are getting the best deal.
So, when you are making a big financial decision such as having a baby, use these 5 money tips to help you keep your finances in order, even with those sleepless nights!