Raising a child in the United States costs nearly $13,000 a year. That first year can really drain your wallet when you factor in hospital costs, doctors’ appointments, and infant needs such as diapers and formula.
The cost of having kids only rises as they get older and need more food and money for transportation, education, and sports. This fact can be pretty overwhelming to a first-time parent, however, there are ways to get ahead of these expenses.
Are you expecting a new little bundle of joy soon? Keep reading for some great money-saving tips for new parents that will keep you from stressing over bills.
Tips for New Parents: Needs VS Wants
It’s easy to get out-of-hand when you’re preparing for a newborn for the first time. With all of the adorable outfits, fun baby toys, and high-tech monitoring gadgets, it can be difficult to separate your needs and wants.
Realize that babies are fairly low-maintenance when it comes to what they actually need to survive. Diapers, wipes, formula or breast pumps, clothes, bottles, and pacifiers are the only material items you really need to buy for when your baby arrives.
That doesn’t mean you can’t buy a few items to make parenting with your lifestyle easier. However, there are ways to save on those products as well.
For instance, Tula free to grow baby carriers make it easier for on-the-go parents to take their baby anywhere, even as they grow into toddlers. This is better than buying an expensive carrier that they’ll outgrow in a few months.
Live Below Your Means
Money is much easier to spend than it is to make in this world. For those first few years, it’s wise to live well below your monthly budget to set aside savings for both expected and unexpected costs.
This means scouring the internet for coupons and the best deals on things you need to buy. It also means finding easy meals to make at home rather than ordering takeout on those days you feel lazy.
If you live like every penny counts, you’ll end up saving a lot more money than you expect.
Document Your Budget
With online banking, it isn’t common to sit down and balance the checkbook anymore. However, the best advice for new parents is to write down your family budget for the month and subtract costs as you go.
This will give you a better understanding of where you can cut costs and where you can afford to spend more. This can also be used as a parenting strategy as your child gets older.
Sitting down with your kids and explaining how to budget will help them understand why they can’t always have everything they want. It will also teach them financial responsibility for later in life, encouraging them to have a good work ethic and save money for important things.
Save That Money
Now you have some great money-saving tips for new parents. With this advice, you can spend less time stressing and more time doting over your adorable new addition to the family.
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