Five Money Saving Tips for New Moms
by CashTime Loan Centers
Congratulations, you’re a parent! Along with all the joys, triumphs, and discoveries of being a new mom comes the practicalities of having a new member of the household and all that entails, including expenses. With the average cost of raising a child in the thousands of dollars per year, you’re probably wondering how you can make the most of your budget. Although there are definitely going to be additional costs involved with your new little bundle, we’ve got some tips that will help you save money as a new mom.
1. Start saving now! Our first tip is not so much about how or where to save money, but rather when, and the time is now. Putting money aside for emergencies before they occur means you’re prepared when they inevitably happen, and that turns a financial emergency into a mere inconvenience. Face it, you’re not going to be spending as much money out on the town now that you’ve got a little one, so take that fun money budget and start saving it for baby.
2. When you do buy, buy gently used items. Since babies grow so fast, especially in the first year, lots of their clothes, toys, and equipment barely get used. Look for consignment stores specializing in baby clothes, and we guarantee you’ll find bargain upon bargain in everything from little shoes to highchairs, play pens, strollers, walkers, and more. Use a neighborhood app to locate people offering up their baby stash on the cheap.
3. Accept hand me downs. Do you have friends, neighbors, or relatives with little ones? These people are a great resource for all things baby! Moms love helping other moms save money (you will, too!) and if they can pass along their gently used items for another little one to wear, play with, or ride in and enjoy, it’s a good deal all the way around. Don’t know anyone with hand me downs you can use? Check out thrift stores, yard sales, or join a local moms club and you’ll find lots of resources for hand me downs and more. Plus, you’ll make friends who are also new moms.
4. Buy off season. Buy baby clothes a size or two larger for next year (babies grow fast!) at the end of the season for drastically reduced prices. When buying clothes for baby to wear right away, don’t buy too much or your little one may never get to wear those cute items. It’s tempting to buy a bunch of cute outfits, especially if they’re on sale, but one or two dresses is a wiser use of your money than eight or nine that you’ll end up giving away when your little outgrows them.
5. If you have room, buy in bulk. While in season clothing might not be the thing to buy a lot of, there are plenty of items your baby will use lots of, and that’s what you should buy in bulk. Think diapers, wipes and formula to start with. You also might want to stock up on household supplies like paper towels, picnic ware (so much more fun to throw those plates away instead of washing them!), laundry detergent and cleaning supplies.
Other ways you can save include buying big ticket items that can hang for the long haul, like a generational bed that converts from a crib to a toddler bed to a bunk or twin bed as the years pass. Another way to save is buying unisex clothing so that the next little one who comes along can enjoy their older sibling’s hand me downs. You can also learn how to make your own household products from scratch, like laundry detergent, hand soap, and fabric softener to save money and know exactly what’s in the products you use around your baby.