Home & FamilyMoneyHow to manage your budget as a new parent

How to manage your budget as a new parent

Welcoming a child into the world should be one of the happiest occasions of any adult’s life. Many new parents are concerned about their parenting skills, childhood illnesses, feeding problems and other issues, and the last element that anyone wants to face is a shortage of money.

Babies can be expensive

Babies aren’t cheap. Even the most organized of families probably won’t have budgeted for the endless supply of nappies, washing powder, wet wipes and other daily essentials that will take over their lives. Keeping up with the demands of a growing child can be costly. If you have no money to spare for emergencies you may have problems. One way to raise emergency funds, if you own a car that’s in good condition, is by taking out a loan from Car Cash Point in order to finance the unexpected.

Saving on clothing

 Babies grow at different speeds, and even though you may think that you have all the clothing they’ll need for the first year, you may be in for a surprise. There is nothing wrong with second hand baby clothes, and the website Money Advice Service suggests that you either stock up on second hand clothes or ask friends who had babies whether they’d like to share. If you have invested in brand new clothing, then sell it on after use in order to earn some extra money. Some estimates suggest that the cost of a baby in its first year can be as high as 10,000.

Shops love new parents

 In common with weddings, the word baby often denotes a high price tag. This type of marketing would suggest that buyers have lost all of their common sense and need to splash out on the cutest and most expensive items around. In order to avoid this pitfall; draw up a budget before the child arrives. Speak to family members and friends about the essentials that you’ll need and you’ll find that these won’t include a four foot high fluffy toy giraffe however cute it may have looked in the shop. This isn’t to say that toys aren’t essential, they are, just keep the costs manageable.

Compare and cost

 Mothers on maternity leave may well feel the pinch that results from not bringing home a salary. The website Net Mums suggests that if your pregnancy is planned try to put away a third of your salary towards your maternity leave. You will need a car seat, a pushchair and cot for your newborn, but become an expert at reading price comparison websites, or look out for special deals. Also ensure that you are taking full advantage of all of the appropriate State maternity benefits.

Have fun with your baby

 You can have just as much fun playing with your baby in your garden or in the park as attending that expensive baby yoga class down the road. Learn how to prioritize. There’s nothing to stop you and your baby obtaining sufficient social activities with a local group of other new parents, and lack of money needn’t develop into a crippling headache. Just try and enjoy all the experiences of having a new baby and take time to ‘smell the roses.’

 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe Today

GET EXCLUSIVE FULL ACCESS TO PREMIUM CONTENT

SUPPORT NONPROFIT JOURNALISM

EXPERT ANALYSIS OF AND EMERGING TRENDS IN CHILD WELFARE AND JUVENILE JUSTICE

TOPICAL VIDEO WEBINARS

Get unlimited access to our EXCLUSIVE Content and our archive of subscriber stories.

Exclusive content

More article