Financially Coping With a Newborn

Guest post by Susan Varano

For all the joy that accompanies the birth of a child, there is also the potentially harsh and difficult financial struggle of being able to economically manage . Whether the child’s born from a single parent or a stable couple, caring and providing for him or her will cost money that a lot of us might feel as if they don’t have. Here are some tips on affording  a baby

Buy Clothes One Size Bigger

Children grow at a speedy rate and so you may very well find yourselves needing to buy new clothes that fit on a constant basis.. This can be avoided to some extent by ensuring that many of the items of clothing bought for your child are one size too big e.g trousers can be rolled up and hems lightly taken up.

Receive from Friends

A part of the massive cost of looking after a child, concerns pieces of furniture such as cot beds, changing tables and even wardrobes. Consider parents of recent toddlers who you may know and ask away. They may have something which you need, and if they’re own have outgrown it, they’ll be keen to sell it on or even pass it on.

Tax Diligence

You should know that many of us are owed significant sums of money through tax refunds each year. If in addition to being a parent, you’re also a businessperson, you may be liable for money from the HRMC in the form of tax refunds.

The offsets of expenditures against your general income or profits, capital allowances apply to thousands of businesspersons each year. Specialist companies such as RIFT UK can determine whether or not you’re owed any money through tax refunds.

The Joys of Coupons

Getting the best out of coupons is a great way to save a bit of money through bargains and cut price goods. When doing your weekly shopping you should ensure that you’re aware of and utilising any coupon scheme your chosen supermarket has going on, as many do. When shopping online do always check voucher code sites to see if they have anything to offer for your chosen store….they often do!

Only Buy the Necessities

You should ensure that you do not spend money needlessly. Every purchase should be valued in light of the benefits it will bring to your child. Lots of great stuff abounds that will entertain them for free so do value parks, visits to friends and libraries they bring such riches.

You should also resist the temptation to buy that which your child doesn’t actually need. For example, a fantastic toy or expensive dress isn’t exactly a necessity, even if it is for your child.  Second hand is fine and sometimes less is more. The fun a child can have with a cardboard box is endless and lining up chairs in the kitchen…they make the best trains! Little babies are just as happy in  a sleepsuit as a fancy outfit and a feather will amuse as much as a fancy toy.

You can financially cope with a newborn you just have to think outside the box.

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