Struggling to manage expenses when it comes to raising a newborn? These helpful money-saving tips for new parents are just for you!
Having a baby is such an exciting time in your life. As a parent, you want the absolute best for your newborn. That said, it’s easy to go over-budget when it comes to your children.
The surplus of tempting baby products available doesn’t help when you’re trying to keep your spending in check. In fact, studies show that by 2025, the baby market is projected to reach an all-time high of $16.78 billion!
Money-Saving Tips for New Parents
Is it even possible to have a baby on a budget? The answer is yes, and you’ve come to the right place. If you’re one of the many parents who are having a hard time managing their expenses when it comes to raising a newborn, we’ve listed a few helpful money saving tips and printables below.
1. Pay Off What You Can Before the Baby Arrives
As your baby grows up, so will your finances. Doctor’s visits, daycare, and quickly replacing outgrown clothes are just a few of the baby expenses that you’ll add to your list. Start prepping for this time by paying off more of your debt than usual. If your normal monthly contribution to debt is 10%, consider increasing payments to the highest recommended debt payment of 36% monthly. This way, you’re in good financial shape when your baby arrives.
With your partner, create a debt payment strategy and print out our stroller debt payoff tracker below to celebrate the small payoff achievements leading up to your desired goal. To keep track of your payments, color in each circle until your carriage is full!
2. Prioritize the Necessities
One way to help maintain your baby budget is to create a list of the essential items that you need and purchase those things first. If you have any leftover funds, then you can purchase those super cute, and totally unnecessary items, guilt-free.
If you don’t know where to start with your newborn checklist, print out the one below to keep track of everything you need to purchase before the baby arrives.
3. Let Your Friends and Family Help
Whether it’s date night, you’re working late, or you just need a good night’s sleep, chances are you’ll need a babysitter from time to time. Unfortunately, babysitters can cost an average of $17 or more per hour…which can add up.
To avoid spending hundreds of dollars for a babysitter each time you need a night off, consider calling a close friend or family member to help you care for your child. Not only can you save money on babysitters, your loved ones would probably really appreciate the time they get to spend getting to know your child.
On days you plan on getting a sitter, print out the baby health log below to keep track of your baby’s sleep and feeding times, mood throughout the day, and any appointments coming up.
With these money-saving tips for new parents, you will be off to a great start! Make sure to subscribe to our email list below and check out our parenting section for more great advice!