Having a child is a big step in life, not only from an emotional and personal perspective but also from a financial perspective. It can mean the loss of 1 income for a significant (if not permanent) period of time, additional expenses and future costs to think about (yes, kids are expensive – but worth it in the end!). How to save for future expenses, like schooling, tuition etc is the subject of another article, but this article will deal with managing the cost of your first child. 1. Get advice from mothers Don’t make your first stop a baby shop when you first find out that you are pregnant. Baby stores are designed to make you feel like you need a whole heap of things –furniture, clothes, baby accessories, toys, cot accessories etc when the reality is you will not need 95% of what they sell. Get advice about what you need – i.e. the essentials - from people in the know. Who are they you ask? Mothers of course! They are the best source of information about products, brands, what you definitely need and what you don’t need. They will help you focus on the important things that you need to consider. So ask your friends, relatives or even baby forums for advice – mothers are often more than willing to help other mothers out with advice, tips and suggestions. 2. Second-hand/pre-loved is your best friend The best thing for your hip pocket is to get as much baby wear/items second-hand as possible. This applies not only to clothes, toys but also the bigger ticket items, like prams, cots etc. Babies grow out of things so quickly that you may only get 1 or 2 uses/wears of out clothes so its no point spending lots of money on brand new outfits that only get minimal wear, if any! For the cost of a brandnew outfit, you can often pick up a bundle of second hand outfits at markets, on EBay or in op-shops. Toys are also another fickle thing that you don’t have to buy new. You will be amazed at what babies are interested in. If you put a baby into a room full of toys you are almost guaranteed that they will ignore the toys and gravitate towards basic, household items, like coasters, remote controls, boxes etc. Another trick is to recycle toys – that is, if you have 5 – 8 toys, keep 3 or 4 out on the floor and put the rest away. Then in a week or two, put the toys that are on the floor away and bring out the ones you have kept aside. If you recycle the toys in this manner, they often won’t realise it’s the same toy that they played with a month ago. In relation to the big ticket items, ask friends or relatives whether they want to sell their pram or cot etc. They will often be more than happy to get rid of them (if they are not having any more kids!) to someone they know. Second-hand shops or markets are also another good place to get these items. However, always make sure that whatever you buy still conforms to current safety standards. But you can save 50% or more on the cost of these items by buying second-hand. 3. Don’t rush out and buy everything you think you need Having a baby is a very exciting time for all and you will be tempted to start buying up before you give birth, but hold off if you can and see what you get given as gifts before running out and buying what you think you might need. You will find that you will be given/inherit a tonne of baby clothes, items, toys and books. So much so that you often won’t need to buy anything for months after giving birth. 4. Sales, sales, sales Keep an eye out on sales – for examples, nappies come on sale every few weeks in my area and when they do, we buy a few boxes at a time. Often the savings can be huge, so keep track of prices and buy in bulk where you can. 5. Generic can be just as good! You don’t need to buy brand name baby items - your baby will not care if it’s in the latest designer baby wear versus a cheaper version. These days, the choices and styles of clothes, accessories etc are just as good in the big discount chain stores as they are in the larger more exclusive stores. Furthermore, you may find that some of the “cheaper” discount stores actually stock the same brands as the more expensive stores at a cheaper price. 6. The library is your friend We often forget how useful our local library is – from baby books, to toys, music and general activities. And the best thing about it is that all of it is free! Most libraries have story telling/rhyme time sessions where new mothers can bring their babies for a short session with other bubs. It is also a great resource for books and general toys and music. Not to mention books for yourself or your partner on everything from baby food, to sleeping and settling tips to the psychology of bringing up kids! Summary So there you go: 6 tips on how to save money when planning for or after having your first child. It is an exciting, scary and wholly rewarding chapter of your life that can be made that much less stressful if you plan accordingly and get help from others who have been through it all before you.
Article Source: http://www.bizymoms.com/expert-advice
Michelle Chan is a mother and qualified accountant. She is keen to help people learn more about managing their finances and enjoys sharing her thoughts on motherhood, entreprenuership and general life with others at her site kateyboo.