Having a baby is one of those moments that you remember for the rest of your life. However, as great a feeling as bringing a new life into this world can be, you must also face the reality of the big expenses that go along with parenthood. If you do not plan properly, these expenses could cause you to get on a downward spiral to financial ruin. Therefore, it is important for new parents to establish a way of spending and saving money that will allow them to pay for all of the things their child needs, while also maintaining a decent lifestyle. Some parents may have more difficulty doing this than others, depending on their income level. New parents should learn to prioritize the items necessary for their baby’s welfare. For instance, they may set aside a budget for a woven infant moses bassinet and supplies like diapers, wipes, and baby formula.
Here is how to save cash when you have a newborn.
Purchase items in bulk
Buying in bulk is a good way for any person to save a large amount of money. However, it is especially important for new parents to buy many of their baby products in this manner. For example, diapers and wipes can be stockpiled easily because they do not have any expiration date. Diapers in particular can be very expensive if you only buy the small packages that are sold in retail stores.
Clip coupons
When every penny counts, do not be too proud to clip coupons. Many of the large retail stores routinely have many great deals on baby products that require a coupon to take advantage of. The deals you can get are truly outstanding, especially if you know where to look.
Buy used baby furniture
Let’s face it, your baby is not going to care if he of she is playing in a used playpen or sleeping in a used crib. It does not make good financial sense to go out and buy these items brand new when your baby is only going to be using them for a limited amount of time. A high chair and a stroller are two other items that you can buy secondhand. There are numerous places online where you can look for these used items and pay a fraction of what you would pay for them brand new.
Breastfeed
This is a big one. Formula can be very expensive, totaling much more than $1,000 a year. If you breastfeed your child, you can completely eliminate the need to buy baby formula. A JP Morgan wealth management associate can give you more ideas about how new parents can save money
