Financial planning and budgeting are crucial for a family. Budget first for the essentials then see what monies there may be left for non-essential, recreational activities. The road to a healthy financial foundation is a marathon. Whether you have a little or a lot, budgeting and saving a portion of your income is paramount.
According to a report carried out in 2015, one may spend approximately $233,610 to raise a child.
The report also documented the expenses involved in raising a child such as food, housing, education and childcare. As a parent, you will want only the best for your little one.
So, how do you save money for your next child? When planning to start a family or even expand it, good financial planning is necessary. For some, solutions such as bad credit loans may also help deal with past financial planning problems. With careful planning and financial management, you can make ends meet, and even flourish as a young family.
To answer this question, below is a list of seven tips you need to know:
A standard stroller
First things first- once your baby is born, you will require a baby stroller. Consider buying the best baby stroller that matches your lifestyle as a parent. But what do you do if the baby stroller you have always admired is a bit too expensive?
When looking for a baby stroller for your baby, it is crucial to go for that which is within your budget. Have a look online for a quality second-hand stroller that is still in excellent condition.
If you buy a quality pram for your first child, chances are it will still be in great condition for any additional children you may be blessed with.
A car seat
Now that you have already settled on a standard stroller for a baby, you will definitely want a newborn car seat. You will have to install a car seat for your baby correctly, according to state laws.
However, remember that there are several models of car seats in the market. Ensure you get one that best suits your car and baby.
When buying clothes for your baby, do not buy them too far in advance. Nowadays, newborns tend to experience a sudden growth spurt, hence may outgrow clothes within a short period of time.
Ensure the clothes you buy are season relative. No point buying a cute jumper for your baby to wear if it is going to fit them during the summer months.
It might not cross your mind that your next child could be a boy or a girl. Hence buying unisex clothes will help you save on buying more clothes should the gender of your baby be different.
Accept hand me down clothes gratefully. What a great way of recycling clothes, when friends pass clothes onto you their kids have outgrown. Be mindful to pass yours on when you kids no longer need the clothes they have been wearing.
Baby nappies + supplies
On average, newborn babies can use up to 75 nappies every week. This translates to about 320 diapers each month. Add this to other baby supplies such as lotion, baby soap, and nappy rash cream. Your monthly expenses are likely to be extremely high.
However, you can save on these expenses by buying diapers in bulk online. This can help you save up to 10 %.
The other option is to use cloth nappies. The initial outlay can be expensive but in the long run, they can save you a lot of money.
Of course, being a new parent, there is a likelihood that you are not sure about which baby products to invest in.
If you are not sure on the exact amount you need to pay when shopping for your baby gear, ask the experienced mums or the experts which type of gear is worth splurging or saving on.
As a mum of four, after your first baby so will soon know what is useful and what is not. Do not overbuy on baby products, especially those that seem a bit frivolous. Chances are you can pick up a lot of items second hand or in your local op shops for a fraction of the price.
As a majority of parents would agree, buying a less expensive crib model is just fine so long as such crib conforms to the set-out safety standards.
According to most parents and lactation experts, breast pumps are considered a “wait-and-see item.” Therefore, the exact amount you will require to spend on such an item would entirely depend on how your breastfeeding goes and how regular you will need one.
This is definitely one to hold off on. If you do want to use one, then ask around friends to see if any of them have one sitting around you can use.