Budgeting tips: Preparing for a new baby
Date: May 8, 2016
Babies are expensive. The nappies, the visits to the doctor, the special baby food and formula - it all adds up. We want you to be as prepared as possible when your little bundle of joy arrives.
When preparing for a new baby, it's important that you budget. A budget sets an outline for your finances and ensures you’re not spending money on unnecessary things. With nine months to get everything set for your baby’s arrival, you can get some great savings in place.
Here are some tips to bear in mind when preparing for a new baby:
1. Don’t go baby crazy and buy everything all at once! It’ll cost you a small fortune, and you will most likely buy things that aren’t essential. Only buy what your baby will need in the first few months. For instance, nappies are a good buy as you’re always going to use them. For the first few months, your little one can sleep in a cradle or bassinet. This saves you having to spend money on a cot. Once you have saved a little more, and your baby is older, then look into buying one.
2. It’s always best to buy in bulk! It's cheaper, and so your money goes further. Be sure to buy nappies in bulk. You are definitely going to need a lot of them! Buying nappies online can often be a cheaper alternative.
3. Breast milk over formula! Breast milk is extremely cost effective, for the simple reason that breast milk is free. In most cases, it's healthier for your baby too.
4. Making your own baby food is best for budgeting. It's cheaper to buy fresh fruit and veggies and blend them in a food processor or with a handheld blender. The best part is you can freeze into individual portions, using small glass jars or even ice trays, which makes food preparation easier for you! Buying baby food at the store will always be more expensive.
5. One of the best tips we can offer you is to borrow! Borrowed is best. Chat to friends and family who have had kids and see what they can lend you. Most people are more than happy to pass on old clothes and toys their baby has outgrown.
6. When you do have to spend money, be sure you’re spending it on the most important items, like car seats. We know those tiny baby sneakers are adorable, but if you’re on a budget, don’t be tempted! Your baby will outgrow them in a flash, and it’ll be a waste of money. The same applies to branded items. Your baby is too young to know they’re wearing the hippest, coolest brands. If you’re having a baby shower, wait until afterwards to purchase key items, as you may receive a lot of the essential items as gifts. If you’re putting together a gift registry, take a friend or family member who is already a parent along with you – they will be able to give you handy advice on what is essential and what isn’t.
7. Don’t be afraid to shop second hand. Car seats, cribs, cots and prams are much cheaper. If they’re in good condition, there’s nothing wrong with second-hand goods. Your baby won’t hold it against you if he/she isn't cruising around in the newest pram or sleeping in a brand new crib. There are a lot of online sites and Facebook groups that offer second hand, so browse the internet before the stores.
8. When buying baby clothes and toys, stick to neutral colours. This way you can reuse them for your next child, boy or girl. You won't be stuck with an entire pink wardrobe that you can’t reuse for your second child, a baby boy!
Babies are expensive. The nappies, visits to the doctor, the special baby food and formula all adds up.