8 Money Saving Ideas for New Parents
Many new parents find themselves in a pinch once the new family members arrive. It could be due to unforeseen circumstances or simply poor planning. This can lead to a need to downsize, cutting back on certain guilty pleasures, or turning to extended families for hand-me-downs. Even if you need to save money or cut back on certain things, you can still create a plan that will quickly become second nature. It also does not mean that you have to give up everything that makes you happy. A good balance will help you feel more confident about your finances while still enjoying a guilty pleasure or two. However, if you are feeling overwhelmed—we’ve got you covered. Follow our money-saving ideas for new parents and breathe a sigh of relief.
1. Create a Budget and Stick to It
New parents quickly realize how expensive it is to take care of an infant. Think diapers, formula, and visits to the pediatrician. These few things are only the tip of the iceberg, and if you do not adequately budget for them, you might be in trouble. However, it is never too late to start turning to money-saving ideas that will make a huge difference. It is vital to have a budget and stick to it at this time in your life. You can rely on even apps to help you with budgeting. But even if you are not tech-savvy, you can employ the good old pen-and-paper method. Do whatever will help you stay on track and works best for you and your family.
2. Consider Downsizing as One of the Money-Saving Ideas for New Parents
You may love your large five-bedroom home, but if it is costing you more than you can afford at this point, it is not worth it. Your square footage may be straining your budget, and you want to use that much-needed money for your newborn. A general rule for a safe budget is to keep house payments under 30% of your income. The percentage should be even lower for those who have a lot of debt on their hands.
3. Save by Renting a Storage Unit
Once the baby comes, you may be struggling with space and might find yourself with more furniture than you can handle. You may also decide to downsize to save money. Renting a storage unit is a great money-saving idea and can help you cut expenses, as it is cheaper than paying extra for a bigger rental with its utility bills.
4. Embrace the Unusual Discounts
If you are truly in a pinch, you might consider coming up with unique ways to save on your baby budget. For instance:
- Ask your hospital for extra supplies
- Check if your insurance agency will reimburse your breast pump costs. You might not even be aware of this, but most health insurance companies will have this on their list of expenses to cover
- Check out your store’s websites before shopping. There might be coupons that you can stack on top of sales
- Look into subscription options in your favorite shops for additional discounts
5. Resist the Urge to Buy Every Mommy and Baby-Specific Product
Unreasonably-overpriced products are abundant out there for new moms and babies. Yes, they are all super-cute, and you want to have all of them. But you will soon discover that less expensive products are just as functional. Think of the following:
- You will probably not use half of what you bought before the baby was born. Also—babies grow really fast. So even though you want to have all the onesies and bibs in the world, they will become useless before you know it
- The same goes for maternity products and clothes. New mommies need the best and most comfortable clothes; however, try to shop around a bit. So many brands will try to lure you in with "the best of the best" in the industry, but this is just a consumerist trap
- Do not fall for all the "special" baby products on the market. They range from detergents, shampoos, body washes, and soaps; you name it. Go for brands that are clean, gentle, and all-natural, and the whole family can use the same products without any issues
6. Money-Saving Ideas that Fall Through the Cracks—Cancel Unnecessary Subscriptions
You would be shocked by how much money you are wasting on yearly and monthly subscriptions for things you do not use. Even if you use some of them, you do not truly need them. If you cannot live without a streaming platform—sure, keep one of them. But you do not need five. The same goes for magazine subscriptions. You will be saving your budget and the planet by canceling those. Ten dollars here and there can turn into hundreds every month that you could be using on diapers.
7. Welcome Used Clothes and Toys from Friends and Family
It is so tempting for new parents to spend a lot of money on baby clothes. However, getting gently used ones can help you save thousands of dollars. Hand-me-downs are a great gift for budget-conscious parents. After all, babies grow so quickly in the first months, and they only wear new onesies a handful of times. Many companies are now turning second-hand baby clothes into a trendy and eco-conscious solution.
8. Find a Convertible Stroller
One of the best money-saving ideas is to pick your stroller carefully. Strollers are one of the most expensive baby items for new parents, but there are ways to get the most out of them. Some convertible strollers can be used for babies to sleep in when lying flat. Some are even constructed so you can add on more seats to turn into a double or triple stroller as your family expands. You can also choose a model that comes with a combination of a stroller-car seat. This way, you will get a two-in-one set that will save you a lot.
There are numerous money-saving ideas for new parents to explore. You need to be creative sometimes, but most of the time, you just need to be smart with your money and not be trapped into buying baby stuff you don't really need.