When you find out you're expecting a baby it is the most exciting time of your life, but after the bubble of finding out pops, you then realise that you've got a new person to pay for and you need to budget wisely.
Nobody really wants to think about finance when there’s a bundle of joy to get excited about, but being money savvy can ensure that you save essential pennies for the things that really matter. Following just a few simple steps will give you a helping hand in budgeting for your bundle of joy, and ensuring you don’t have any money worries in the most important months of pregnancy.
Childcare is the most expensive element in raising a child and its often the most essential too, but with the average parent spending an average of £30,000 over 3 years according to this Baby calculator , childcare is cost that not everyone can afford. You could try to ask family members if they are able to help out with childcare as this could reduce the cost of nursery fees or child minders. Luckily, as of autumn 2015 a new tax free childcare voucher scheme is coming into place saving you up to £1,200 a year. Do your research on these avenues and see what you’re able to save and the opportunities that are out there.
It’s lovely to have brand new clothing items and you should definitely buy a few things brand new but buying some itemssecond hand will save you a lot of money, especially in the early stages as babies grow out of clothing so quickly. This is also the same for items such as pushchairs, toys, furniture. If you’re a dab hand at DIY you could also try making it yourself!
Alternatively if you’ve had a child before and plan on having another keep your items and reuse them for your next baby asthis will reduce the cost next time around. You can also ask friends and family if they have anything that they no longer use that could be passed onto you.
Items to Buy
There are a few things that you should buy straight from a reputable retailer such as your baby’s car seat; you should never buy a second hand car seat as you have no idea if it has been in a car accident before or if it has certificated protection for your baby. There are many online Child Car Seat Guides available that can help you to find one that fits your budget as well as the safety precautions.
Also items such as sheets, duvets and other bedding accessories should be brought new so you know they are fresh and clean ready for baby’s arrival.
General Money Saving Tips
Do your grocery shopping online as this will stop you from impulse buying and therefore reduce how much you’re spending, allowing you to either save the money or spend the money you’ve saved on something useful for your little one.
You may end up spending a lot of money on parent and baby classes or just general socialising events, so why not bring that into your own home and create your own group filled with neighbours and friends.
Have a look into making your own baby food also with the help of a good blender and experiment with different vegetables and fruit to find out what your baby likes, you can then make batches and save money buying pots every week!
Track what you’re spending and each month reflect on what you have brought and see whether in the oncoming months you’re able to take it down anymore.
Having a look online and comparing brands and retailers will save you a lot of money rather than just walking into a shop and picking up the first thing you see, which we all do!
Research is the aim as you’ll see the incredible savings that can be made.
This is a guest post.