Do you know what is your most expensive wish? Having a baby is the one. Since the day you get pregnant to the day of your retirement, you have to keep spending on your children. You have to pay even for a pregnancy test. You can’t make a proper note of expenses, because it will become too vast after marriage and specially after having a baby. Here are the tips, which you can follow to save money as a new parent.
Plan to save money
The first step after conception is to make a budget. Planning and making a budget is a smart step we should go with. Not only about family, but before every big step in life, we should make a proper plan and budget. To make an effective financial plan you should keep following points in mind:
- First you need to track your expenses, so that you can take better decisions.
- Make a rule to save future i.e. 50/30/20 rule. Here 50% for basic needs, 30% for entertainment and 20% saving. You can manage this percentage according to your income and expenses.
- Reserve savings first. Don.t think that you will keep the leftover money in a piggy bank. After getting your salary or your monthly income, first put your savings aside.
- Make a different account for savings only.
- Investment is the best alternative to get a better outcome, so think about it.
Needs before wants
So here the parenting arrives. If you want your child to have almost everything, then you have to keep a habit of smart spending. You have to put needs at the top of your expenses and wants at the bottom. When your children are young, then you can do the same with them. But as they grows, they will start demanding. And that is the time to teach them, what is more important needs or wants.
Find best alternatives
The best advantage of digital market or online shopping is that you can keep an eye on all the products, prices and offers. By sitting at home you can find the best desired product for your child. This is how you can utilize your free time and keep the change as well.
Save money on diapers
Diaper is one of the most demanded product. We start spending in diapers till the baby get potty trained, and it takes 3 years. According to researches and surveys, parents spend 500$-900$ per year. There are so many helpful points that new parents should keep in mind i.e. buy diapers in bulk, use different brands, check the price per diaper not per package, use coupons, if your baby is comfortable in the same size then don’t change the size because as the size increase you have to pay more. But apart from all that there is a best way which is explained below.
Early potty training
You should follow early potty training, rather then spending money on diapers till 3 years. Babies are smarter then we think. If you will start train them early, then they will catch that early. But first thing first, let your baby learn how to sit. Once the baby is capable of sitting without support, you can start taking him or her to washroom every time he pees or poops. For that you can buy small pots for babies. Make him sit on the pot, keep sitting beside him and try to teach him how to push.
Why not less expensive brands?
I know we all want our children to wear highly expensive attire and footwear. But we also know, how fast children grows specially babies. Here we need to find a comfortable and inexpensive brand for our children. Observe the market around you and find that out.
Home made baby food can save money
Yes, it is true. Specially a baby food. A home made baby food is far better in quality and inexpensive then prepacked and preserved food available in the market. When babies start having solid food, there are more chances of stomach ache or infections, so you need to observe your baby first and make make food with less and suitable ingredients , which may not be available in the market. Because if something happens because of food, then again you have to pay for medication.
Off season shopping
There are so many products in which trend does not play much, like inner wears for winter, floral summer outfits, muffler and gloves for winter and many more. So if you buy summer products in winter and vice versa then you can save a fat wand of cash.
Use of used stuff
Stuff related to babies and children are quite expensive. If you are planning for more then one babies, then you should keep reusable stuff safely so that you can use the same stuff with your next baby like stroller, clothes, footwear, toys etc.
Reasonable birthday parties
I would highly recommend, not to spend much in birthday parties. You can organize a small and simple family get together. There are two reasons behind this, first one is to save money and other one is, we should not teach our children to follow unnecessary trends. After few years, they will be habitual of giving crowded birthday parties every year. So it is better to stop at early age. And in that small birthday party, you can perform some development activities or competition, so that children can learn even in a party.
Being a parent we always want to buy new things for our children. But as a smart parent, we should observe what we are buying. We should not buy the stuff which we already have. Specially clothes, footwear and toys. Because these two will be of no use after some time and an old toy can’t be an object of excitement for long.
The only thing is that, you need to be attentive about everything. Accordingly you can apply the above tips and at the end of the year you will notice that you have saved 100s of dollars