New baby budgeting – 3 ways to cut costs

So you’ve got a new baby on the way – congratulations! There’s nothing more exciting than looking forward to those first moments with your child. You imagine what they’re going to look like, and who they’re going to take after the most. However, your little bundle of joy does not come cheap There are so many different things you need to buy so that your baby can sleep, eat, play, stay warm and most importantly, have the best start in life possible. None of these things come for free unfortunately, but there are ways that you can budget so you’re not struggling to buy for the new love of your life. Take a look at these three ways you can cut costs with your baby budgeting.

Consider second hand
Babies are only small for a short amount of time, and before you know it, they will be growing out of clothes faster than you can blink. Opting to buy second hand clothing for your baby will save you more money than you think. Perhaps you’ve got a friend who’s got a baby slightly older than yours, or maybe you’ve got an older child already and you’ve saved their clothes? There will of course be times where you see an outfit and simply have to buy it, but why not save yourself a pretty penny or two and opt for second hand clothing, blankets, and even toys. They may need a deep clean, but you’ll be kitted out for a fraction of the price of buying new!

Go for finance options
There are some things that you have to buy new for your baby. Things like car seats and pushchairs are recommended to buy new because of your baby’s safety. However, buying these things new can put you out of pocket as they are very expensive purchases. Luckily, many companies like Mothercare offer payment plans so that you’re able to prepare for baby without being left without any money to live on. If you’re worried about being declined for a finance option, now would be a good time to check out your credit report so that you’re able to build up trust with companies before baby arrives.

Give baby a brilliant start by saving money
It’s understandable that you want to give your baby the best start in life, and when you’re all prepared with the things that they will need once they arrive, you can begin planning for their future. However, if you’re in debt already, there can be an issue with even thinking about saving for your baby. Now is the time to look into debt management plans so that you’re able to free yourself of that cloud and also give your baby a financially stable start in life.

It’s a scary thought that one day they will be adults and ready to take on the world for themselves, so why not give them a helping hand and begin saving money for their future? Take a look at these clever techniques:
– Start a change saving jar. Little deposits of change you find on your travels, or even change from running to the shop will mount up much faster than you think. Say you managed to save £30 a year in change, that’s £540 by the time that they are 18. This could go towards a deposit on their first home, or even allow them to travel and experience the world. And that’s just from change saving alone!
Start an ISA for your baby. This is a high interest account that will grow the money you deposit. So, if you’re putting £5 in a week, your child will have at least £4680 waiting for them when they’re 18. Definitely worth starting right?

Having a baby is one of the most expensive things that you can do in your life, so use these budgeting tips in your life to make it that little bit easier on your purse!

 

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