7 Tips on How Saving Money While Raising A New Baby

Play Article

O

As some parents know, having a baby can be pricey. And if you’re not careful about how and where you spend your money, the costs can quickly spiral out of control. Unsurprisingly, these items often come with a hefty price tag attached — retail for new baby clothes tends to fall somewhere between $20 and $50 per item. That’s why it’s vital that parents learn to save money while raising their babies.

When you add up the cost of diapers and supplies, clothes, food, cribs, and equipment for a newborn’s room, you are looking at a sum that will make the average person sweat. But it doesn’t have to break the bank. 

Start a savings account for your child as soon as possible. Even if you can only spare $20 per month, it’s worth it to start building up a nest egg for your little one. You can use this money to cover future costs associated with education, healthcare, and other major expenses.

Look for ways to cut costs on baby-related items. For example, you may be able to find cheaper diaper options by doing some research online. Additionally, you can often save money on clothes by shopping at consignment stores or secondhand shops.

Consider making some changes in your lifestyle to save money. For instance, you may want to think about breastfeeding instead of using formula, which can save you hundreds of dollars over the course of a year. Additionally, you may want to consider cloth diapering, which can also help you save a significant amount of money.

The content contained herein is for informational purposes only and should not be construed as personalized investment advice or a solicitation to buy or sell any security. There is no guarantee that the views and opinions expressed in this blog will come to pass, and past performance is no indication of future results. Investing involves risk, including the possible loss of principal. Any references to specific securities, asset classes, and indexes are for illustrative purposes only and should not be interpreted as recommendations.

Consider these tips on saving money while raising a new baby

Shop Around

Do not let a store or retail outlet have all the power in the educational process when it comes to the price of baby products. You are likely to find that baby stores charge more than actually necessary for their products, but it is up to you to take your power back and decide what’s best for your new family member. To shop around:

• Get on the Internet
• Contact friends and family to inquire as to where they bought baby products.
• Check out mom and baby groups to see where everyone is buying their goods and find out everything you can about online stores.

With the Internet, you can be sure that you are getting the most bang for your buck. While you do need to be wary of low prices on “new with tags” items and have a good understanding of the warranties that come with your baby items, many websites will offer free shipping and handling, as well as other discounts.

Consider used items before buying new ones

There is absolutely no reason to rush out and buy brand new everything for your baby the moment you find out you are expectant. Especially since newborns go through so much clothing, diapers, and accessories in those early months (and first year). Items such as a few soft blankets, a crib, a swing, and a car seat are all items that you can find on Craig’s list or other similar sites for a fraction of what it would cost to buy them from a retail store. A lot of parents would rather purchase used items from a friend or relative than pay full price for something that they can’t use for years to come.

By buying these things second-hand, you can save a large amount of money. The above-mentioned items will last you years, and the savings they will give you are enormous when compared to buying new ones. With a lot of used products, it is easy to save even more money by just looking at what stores are selling them for. It is not uncommon for used items to be at least 50 percent off of the retail price.

Look for coupons or selling out sales on baby items.

Coupons are very easy to come by, and almost everyone gets them in the mail at some point. Motherhood has its special coupons, however, and you are sure to find one or more for baby products. For instance, coupons for receiving free baby bottles and baby items can be found on the packaging of new items or in the mail. You can usually get 2 coupons for the price of one when ordering online. If you do not have any friends or family nearby, then this will be another great way to save money on new items that you need to buy. Various coupon plans include:

• Free product or two for buying one
• Buy one, get one free
• Purchase $25 worth and get $25 off of a future purchase
• Save $10 on your order with code

Do not buy items that you do not need.

This is very important to remember, especially when having a newborn in your home. It is easy to buy items for the baby that you never plan on using, such as a fancy high chair. These items take up room in your house and can quickly add up in price per item. Babies do not need these items unless they have someone at home who can use them. They are not considered a necessity for most families and are only used for a few months before the child becomes too old for them. Most of these items are:

• Baby walkers and bouncers
• High chairs
• Cribs/sleepers
• Car seats/strollers
• Bottles

The best thing to do is to write down a list of items that you need, cross out the ones that you have already purchased and add what you still need to buy.

Buy Gender-Neutral Clothes.

Let’s face it, you will have a hard time picking out clothes for your baby. They are coming into the world and have no idea what they like or dislike. However, if you go shopping with a friend instead of shopping alone you will be able to get more bang for your buck. While many people think that gender-neutral is the same as boy or girl neutral, this is not true. 

Neutral clothing means that it can be worn by either gender, so do not limit yourself to just girl clothes and boy clothes. By doing so, you can use these items in your next child’s wardrobe, saving you money in the long run. Remember, most baby clothes are worn for only a few months at a time, so it is important to ask yourself if you would like the clothing enough to get more wear out of it There are a few great places to find cheap baby clothes. 

One place is your local consignment shop. You can often find gently used clothes for a fraction of the retail price. Another great place to look is online. There are a number of websites that sell new and used baby clothes at deeply discounted prices. Finally, don’t forget to check out yard sales and thrift stores. With a little patience, you can find some amazing deals on baby clothes!

So where should you start your search for cheap baby clothes? Here are a few great places to check out:

• -Local consignment shops
• -Yard sales and thrift stores such as GoodWill 
• -Buy Nothing Project 

Do not buy unnecessary items just because they are on sale or cheaper than others.

Babies do not need toys and gadgets that are advertised as “educational” or that promise to keep them occupied during their first year of life. If you are not sure of how their toddler’s brains work, why not wait until they are a bit older before you buy them anything? An example is buying the expensive baby monitor simply because it is cheaper than the less expensive version. While that may seem logical, it usually does not translate into a saving. You can just as easily buy that cheaper one when your child is a teen and buy another because he/she outgrew the one you had then. You do not want to spend money on something that you are just going to give to another child in a few years.

Save money on Diapers 

One way to save money is to reusable cloth diapers your baby instead of using disposables. Cloth diapers can be reused, which saves you money in the long run. Ultimately this is what parents used to use before modern diapers were invented. Another way to save money is to breastfeed your baby instead of using formula. Breastfeeding is free and it has many health benefits for both you and your baby. Finally, try to take advantage of free or discounted activities for kids in your area. There are often library programs or community events that are low-cost or free, and they can be great ways to entertain your child without breaking the bank.

Do not buy brand names unless necessary

Most of the baby items you will need in the beginning will never be used again once your infant passes 12 months of age, so why not save some money on them? Generic products are almost always just as good as name brands, so remember this before making that purchase at the baby store.

Conclusion

The above list is just a small part of what you can do to save money by shopping around for baby items. With a little research and some wise decisions, you should be able to save as much as $1000’s over the next few years. In time, this will come in handy when adding a new baby to your family and you will be glad that you did not get carried away when buying brand new products from the beginning.

Just remember, your baby will not know the difference between a name brand and a generic product, so save your money and buy what you need without breaking the bank. Thanks for reading!

By following the steps above, you can easily save money as a new parent without making too many sacrifices. Just remember to be patient, do your research and think about each purchase before you make it. With a little effort, you can easily save thousands of dollars over the next few years! Thanks for reading!