It’s a fact that raising children can be expensive. Everything from the initial costs associated with setting up the nursery to childcare and saving for higher education, it can simply be overwhelming to new parents. But, the good news is that there are ways to effectively budget and save that can greatly reduce these costs. You will find with smart shopping and good planning, you can still provide everything that your child needs while saving a great deal of money in the process. Here are some cost-saving tips that are sure to take some of the strain off of your bank account:
Don’t feel that you need to buy everything at once. Your baby will not need to much more than an infant car seat, a safe place to sleep, diapers, and a few changes of clothing for the first few weeks.
Consider breastfeeding. You can save considerably if you don’t have to buy formula and bottles.
Buy nappies on sale and in bulk, or better yet, buy a few dozen reusable cloth nappies that can be worn and washed over and over.
Don’t be embarrassed to accept hand me downs from friends and family or shop in resale stores. You might be surprised to find that much of the clothing and toys have hardly been used at all.
Don’t always assume that the more expensive items are better quality. Ask a trusted family member or friend who has small children what brands they like and use.
Shop the end-of-season sales for baby clothing and stock up on sizes that you’ll need for next season.
Evaluate how much you’ll be spending for childcare if you are returning to work. You may just find that it’s less expensive to stay at home with your child.
Explore options to work from home to eliminate childcare costs.
Begin a higher education savings plan early on and contribute to it on a regular basis.