Are you a first time mom? Congratulations! You’re about to embark on one of the most amazing journeys of your life, and it’s a perfect time for first time moms to save money. We want to make it as easy as possible by providing tips and advice on saving money on baby supplies and daily living.
We know that every penny counts when you’re a new mom, so we’ve compiled a list of tips and tricks to help you save money. From finding affordable baby clothes to discounts on diapers, we have everything you need to know.
Here are 10 tips on how new moms can save money:
Take Inventory of Your Current Expenses
Raising a child is not easy, physically, emotionally, or financially. The estimated cost of raising a child from birth to age 17 has risen to over $300,000, or about $18,000 per year.
As such, you should be extra careful with your spending, beginning with the baby’s first year.
The first step to saving money as new parents are taking inventory of your current expenses. This can give you a clear picture of your spending habits and what areas you can cut back on.
Certain monthly expenses, like your phone or cable bill, may be reduced if you call the company and ask for a lower plan.
Creating a baby budget to track your spending in this new phase of life may also be beneficial and its a great way for first time moms to save money’
Think about an emergency fund so that you have extra cash to spend in case the baby gets sick.
If you’re paying for life, health, and retirement plans, consider reviewing your coverage and adding your new baby as a beneficiary if possible.
Not only health insurance but also life insurance. Looking into a low-cost term life insurance policy to care for your child if something happens to you is a responsible choice.
Consider how much it would cost to hire someone to care for your child if you were not there to do the everyday tasks.
It seems like a morbid and scary thought, but it’s a part of good parenting. Ask friends and family what insurance company they use so you can find an agent that will be helpful.
Be Mindful of Medical Costs
Hospital bills are among the most common ways first-time mothers rack up debt. It’s important to be mindful of childbirth’s medical costs and plan as best as possible.
One way to do this is to find a hospital or birthing center that offers a payment plan. This can help you budget for the cost of labor and delivery without breaking the bank.
Another way to save on medical costs is to consider having your baby at home with the help of a midwife or doula.
This option may not be for everyone, but it can be a more cost-effective way to give birth.
Aside from prenatal care, you might want to watch out for hidden charges for your hospital stay.
Many hospitals will charge for delivery kits, newborn screenings, baby wipes, and even your baby’s first bath.
If you can, ask about these charges ahead of time so that you can budget for them accordingly and prepare your bank account.
Pay Off Debt As Much As Possible
First time moms may be able to save money by working to pay off debt as much as possible. This may include student loans, debt from credit cards, and any other type of payments owed.
It’s recommended that you get a handle on debt early on, so it does not become a burden later in life.
Additionally, paying off debts will likely free up more money each month to save or spend as desired and is the best way to put your new family in a better financial space.
Once your debt is under control, first time moms can start saving money each month. This can be done by setting up a budget, sticking to it, and utilizing apps or online tools to help track spending.
Additionally, automating savings can be a helpful way to make sure money is being put away each month.
Automating can be as simple as setting up a direct deposit from each paycheck into a savings account .
Ask for Hand-Me-Downs
If you have friends or family members with young children, you can ask if they have any gear that they no longer need and would be willing to part with.
You’d be surprised how many people are happy to get rid of baby stuff just taking up space in their homes. And a great way for first time moms to save money.
You can announce during your baby shower or post online that you want specific items. This way, friends and family members know that you need baby gear, clothes, and anything else to help with the baby’s needs.
Look for Discounts and Promos
There are many ways to get discounts on baby items, from using coupons to signing up for newsletters from your favorite retailers.
Shopping at consignment stores or online resale sites is a good idea, and you can also find great deals.
Your local consignment shop may have a section for baby items, or you may want to check out online shopping options.
You may also find gear at yard sales, although you’ll want to inspect items carefully before making a purchase. It’s a good way for first time moms to save money.
Your local library may also have a good selection of children’s books if you’re looking for ways to entertain your little one without spending much money.
As a first-time mom, prioritizing breastfeeding is one way to save significantly (if you can). Breastfeeding is free and provides many benefits for both mom and baby.
It can also help you bond with your baby and save time buying and preparing bottles.
Breastfeeding may be painful for some mothers, especially those with flat and inverted nipples. In this case, you can borrow breast pumps from your best friend or another mommy.
You could also get a good quality pump for around $200, a one-time purchase that can save you money in the long run.
Of course, there are instances when breastfeeding is not an option. If you’re unable to breastfeed, there are still ways to save money on formula.
You can try to find coupons or look for sales at your local store. You can also talk to your doctor about which formula would be best for your baby.
Buy Clothes as Your Baby Grows
Your first child won’t need an extensive wardrobe. You can probably get away with buying just a few key pieces that can be mixed and matched to create different looks.
However, as your baby grows, its clothes will become tighter, and you’ll eventually need to buy bigger items.
One way to save money on baby clothes is to buy them second-hand. You can find great deals on gently used clothing at consignment shops or online marketplaces.
Another option is to wait for end-of-season sales at your favorite retail stores. This is the ideal time to stock up on next year’s clothes or buy larger sizes for your growing baby.
Try Out Items Before Purchasing
Big-ticket items for babies, such as cribs, car seats, high chairs, baby carriers, and strollers, can be expensive.
If you can, try to find ways to test these items before purchasing them. For example, you could ask friends or family if they have any of these items you could borrow for a few months.
You could also look into renting items instead of buying them outright.
Make Your Own Baby Food
As a first-time mom, you can save when your first baby grows and move on to eating solid foods by making your own baby food.
This can be more economical than purchasing pre-made, jarred baby foods. Plus, it’s highly recommended since you know exactly what ingredients are going into your baby’s food.
Many recipes are available online for homemade baby food, so finding one that works for you and your schedule should not be difficult.
Additionally, making large batches of food and freezing them in ice cube trays is one way to have healthy, ready-to-go baby food on hand at all times without having to make it fresh each day.
Consider Using Cloth Diapers
Disposable diapers are another one of those expenses that can add up, so if you’re looking for ways to cut back on costs, cloth diapers are an option.
Using them can save money in the long run, but they’re also better for the environment.
Additionally, your second child can use them if you plan to have another baby. You can purchase a set of cloth diapers or make your own out of old clothes or towels.
Moreover, you can consider using a backpack or a regular purse instead of buying a diaper bag. One with enough pockets to store everything you need, like diapers, wipes, a change of clothes, and other household items, can be beneficial while you’re out and about.
Save Money On Life
Consider tasks like meal planning and cutting out expenses that you aren’t using and don’t need to prioritize spending time with your little one.
Especially on maternity leave. Be ruthless if you want to save money. Go through your spending with a fine-tooth comb and decide what is most important.
Congratulations on your new arrival. Here are some money-saving tips for first time moms to save money.
The best way to save money as a first-time mom is by planning. Start by creating a budget and shopping for bargains online and in stores.
Look for sales, clearance racks, and coupons. You can also save money by making your own baby supplies and household items.
Finally, take advantage of free resources like libraries and community centers. With a little organization and creativity, you can save plenty of money during your first year as a mom.