5 tips to save money when having a baby
Here are 5 tips that will help your finances stay healthy when having a baby. These tips are about health, the choice of a baby name, house, and of course about money.
🏁 Get a head start by getting rid of small debts while it's easier to do so.
🧸 Ask for help from family and friends - and be sure to pay it forward after.
🌿 DIY projects can help you save money - and the planet!
🏠 Let your baby play with household items, no need to spend a fortune on toys.
🐥 Take baby steps and spend wisely, little by little.
🏅 Be the sales champ and wait for the prices to drop when you can.
📱 Try user testing platform to earn money if you're bored.
💳 Do a subscription check and ask yourself if you still want and need these.
💰 Be proactive about your credit score in case you need to borrow money.
😇 Get insurance now and protect your family while you're healthy and prices are low.
📚 Subscribe to your local library for hours of free entertainment and fun workshops.
🌻 Build a little garden and grow your fresh vegetables.
⚽ Enjoy public parks and socialize with other moms instead of building your own playground.
🍴 Do meal prepping session with friends to share the costs and save time.
What's the second thing that comes with the great news of a pregnancy? That's right, after the overwhelming wave of emotion is gone, questions starts to pop in the minds of future parents. Questions about health, questions about the choice of a name, questions about your car, your house... and of course questions about money. While the $8 000 that a baby's first year is estimated to cost might look like a big number, there are plenty of clever moves you can do to ease-up on the expenses.
Here are 5 tips that will help your finances stay healthy when having a baby:
1. Get a head-start
Going on parental leave for a while means you won't be able to rely on the same income as you are used to, while having more expenses to deal with. Getting a head-start can completely change the script and make a huge difference on your budget. One good way to do this is by accelerating debt payments. Car payments, cellphone bill, credit cards, anything you can get rid of while you still have your full income will be worth it down the line.
Asking your friends and family for anything they don't need anymore is also a common practice. Starting early means you will have plenty of time to accumulate clothes and toys at a fraction of the price. While your baby is taking its sweet time to prepare itself, you should be doing the same!
2. DIY and reusables products
What if being financially responsible rhymed with being eco-responsible? Some really cool DIY projects can effectively make this true. One of our favorite is the un-paper towel, because we all know babies tend to make a mess in the kitchen more than we'd like to. This simple yet effective craft will not only save you a couple bucks everytime you run the groceries, but it will also make your family a bit greener by lessening your ecological footprint. Other great ideas like this one includes laundry detergent, cleaning-spray and even laundry line/rack.
On a different angle, making your own toys is also a fun, green and money saving move. A great example of this are the famous floating castles one of my colleague's son used to build in the bath with her tupperwares. Be creative and let your child play with household items!
3. Baby steps
We mentionned earlier how important it was to get a head-start, and one way to do so without emptying your pockets in one blow is by taking baby steps. You should not feel pressured to buy everything at once - even if your mother-in-law keeps sending you shopping lists in your DMs. Strategy is the name of the game in money management and this is no different.
If you're expecting a child in October, it might be a good idea to look for a winter jacket in may, while inventories are on sale. Why not buy PJs every once in a while once you see something in sale instead of going for a haul and paying full price on everything? Spending little amounts every month will make it easier to fit those expenses in your budget while giving you great opportunities to secure sweet deals.
4. Time is money
Feeling bored? It can be hard to find time for your hobbies when you almost constantly have to be on "stand-by" mode for your baby. What if you could make some money during down times?
Luckily for you, there are a lot of legit ways to do just that by testing online products and software. Like us, many tech companies are looking for people to try their new features before everyone and they are paying for this precious feedback. Sites like usertesting.com can easily link you to test offers. Often done in short-sessions, tests are a good way of turning boring baby naps into a side-gig that helps your budget. Who knows, you could even be part of our test study!
5. Get your finances in order
Last but not least, getting your finances in order before your life completely change is a good idea. Take a look at your monthly spending, how many subscriptions do you have and are they going to be useful in your new life as a parent? Is your credit score doing good lately and will it be fine if you need to borrow money? Have you planned some room for life and disability insurances in your budget? Do you even need insurance now that you will be a parent?
Again, small efforts can go a big way in the budget department and you should ask yourself these questions. The truth is, you probably pay too much for useless subscriptions, and yes you do need life insurance. If you're curious about insurance and why life insurance should be part of your preparations, come have a chat with our experts on emma.ca!