If you’re someone who has just had a baby, chances are high that there are more reasons that are keeping you awake at night than just a crying baby. For majority of the new parents, birth of their new bundle of joy is ecstatic at their emotional level and from a financial perspective, it is daunting enough. As per the US Department of Agriculture, it costs a middle-class family more than $250,000 to a raise a child born in the year 2014 till the age of 18. This estimate doesn’t include the huge cost of sending your kids to schools and colleges.
Becoming a new parent forces people to address fiscal issues which they might not have focused on earlier. So, here are few tips for the new parents to help them save money after welcoming their little bundle of joy.
- Recognize your monetary goals: There are many people who see their financial goals changing like they had never expected, once they become parents. Therefore, it becomes necessary to get a sense of what you’re working towards in the near future. You should sit with your spouse or partner and deduce a regular schedule for discussing the goals and the steps to take to evaluate and determine your progress.
- Nurse your baby if you can: Did you know that if you hire a nurse to take care of your baby, you would have to pay at least $1500 in the first year for your child? Well, this is not only unhealthy for your baby but also for your pocket. So, if you can, you should try your best to nurse your own baby to save your dollars.
- Watch out for maternity coupons: There are several manufacturers who offer lavish and luxurious maternity wards along with hospital staff, freebies and they are sometimes too busy to remove them. Since you’re a new parent who is trying your best to save money, it is definitely better to watch out for coupons and rebates. You can also check out sample files as they too help you save money.
- Comparison shop online: Shopping online will help you compare prices and you can check every item along with their prices. Therefore, it is always better to check prices and choose the best product which offers the most competitive prices. You can also leverage some of the best coupons to save money over the market price of items.
- Carry a baby care bag in your car: Often you might suddenly need diapers, or some ointment or travel wipes for your baby when you’re traveling somewhere. If you don’t carry a bag with all such baby items, you may have to buy things with higher prices from stores that don’t offer you discounts. Hence, it is always better to carry such a bag inside your car to avoid unnecessary expenses.
Welcoming a baby is an exhilarating experience for both parents. But meanwhile you also need to take care of your finances so that they don’t end up in a state of haywire. Follow the above mentioned steps to take care of your finances after giving birth to a baby.