Smart options for getting by.
As a new mom, the last thing you want to think about is dollars and cents. However, unfortunately this is exactly where the pressures are for those who have recently entered the world of parenthood. However, managing your money doesn’t have to be a trial, even if you’ve recently lost an income as a result of choosing to stay at home with your child you shouldn’t need to find loans for people with bad credit or need a guarantor loan. There are plenty of simple ways to manage with what you have, even on a seriously tight budget.
Trim the fat from your expenses
When you’ve got cash in the bank it’s simple to waste it. But when your finances are suddenly under pressure, the first step is to look for all those ways that you spend a little bit too much every day and start cutting back. So, if you don’t yet set a weekly budget now is the time to do it. At the end of each week, compare your outgoings to what you thought they’d be and look for any spending that doesn’t really need to be there. Could you buy a different brand of diapers or switch to cloth some of the time, for example, or is it time to pause your gym subscription for a few months? Look for cheaper ways to do what you’re doing to start cutting back.
Don’t go overboard on the baby gear
The reality is that your baby doesn’t need the expensive stroller or the super soft baby towel. And they definitely don’t need a new pair of shoes for every occasion. If your budget is tight then just focus on the essentials – go for layers instead of all in ones, buy special occasion clothes second hand and don’t bother with shoes at all until your child is actually walking outside. It’s also a good idea to avoid buying too far in advance so you don’t end up wasting money because of a sudden growth spurt.
Make savings on shopping
There are always coupons and vouchers for baby food and baby products and you can save a lot of cash by being on top of these discounts. Making your own baby food is also another easy way to cut costs – it doesn’t take much to puree vegetables or fruit and the results are super nutritious. See if your local store as a ‘baby club’ or ‘new parent club,’ as membership could help you save on what you buy. It’s also a good idea to use price comparison resources – such as Compare Grocery Prices – so you can see if you could get your weekly shop cheaper elsewhere.
Swap and share
Thanks to the many online forums and networks that exist for new moms it’s always easy to find other parents in your area with whom you can swap and share. From clothes, to toys and equipment you can save a lot by not buying these new. And as young babies grow out of these things quickly, they’re often barely used or hardly worn.