Planning a New Arrival? 5 Ways to Save For a Baby
After months, or even years of trying, finding out that you’re pregnant can be like a dream come true. You find yourself daydreaming about all the little outfits and baby furnishings you’re going to buy, and then you suddenly remember one of the most stressful parts of becoming a parent – the cost.
The cost of everything from nappies to baby formula can start your head spinning, but before you panic, remember that plenty of parents before you have managed to make ends meet. The good news is that no matter how complicated things seem right now, there’s always a way for you to improve your financial situation and make sure that you feel ready for your new arrival.
Here, we’re going to look at just some of the ways you can start to save for your new baby.
1. Begin with a Budget
The first and most important thing any family can do when they’re preparing for a significant financial change is sit down and work out their budget. As frustrating as it might feel to sit down and go through all of your bills when you just want to dream about your due date, a budget needs to be a lot more than a couple of numbers scribbled on a sheet of paper. Ultimately, a great budget is going to take time, a lot of calculations, and an insight into every bit of your incoming and outgoing cash.
Once you’ve got your budget in hand, you’ll be able to use it to figure out where you can start cutting back on the cash you spend. Don’t forget to consider additional support that you might get from things like child tax credit before you begin to panic that your outgoing costs are bigger than your incoming ones.
2. Start Saving Pronto with an ISA
Want to make sure that you have a long-term solution to saving up for your little one? An ISA can be a great option. Remember, when you start an ISA, it should be for things that you’re not planning on getting in the next few months. In other words, there’s no point getting an ISA to help you save up for a crib and a pushchair. However, you could get one to help you save up for future expenses like college, or university.
3. Save Any Loose Change You Have
One of the biggest things that hold people back from saving their cash when they’re expecting a new baby, is that they feel that they can only make huge deposits into their bank account. You don’t have to wait until you have a spare £20 note before you decide to preserve your cash. In the months when you’re waiting for your new arrival to get here, keep all of your spare change and any money you have lying around the house in a jar or piggy bank. Eventually, you can take all of the money you’ve collected and deposit it into your baby fund.
4. Learn to Compromise
Unfortunately, now that you’re preparing to become a parent, you’re going to have to cut back on a few non-essentials. That means you might not be able to afford takeaway twice a week, or you might have to get the extra channels axed from your television package. Ultimately, good budgeting is about finding out where you can cut costs, and where you don’t mind making a compromise.
Remember, you won’t necessarily have to stop doing everything you enjoy, but you will have to stop a few specific things. For instance, you might not be able to afford to get extra channels on the television, but a Netflix subscription might be doable. Decide what you’re willing to compromise on.
5. Check out Discount Websites
There are plenty of discount and voucher websites online today that notify you of reductions and sales that might be relevant to your needs. You can even join a forum or group on social media that keep you posted on great deals for new parents. Vouchercodes.co.uk is a popular option, and there are countless mother and baby forums out there that can help you to save cash too.
Before you fret about paying too much on a new crib, or on piles of nappies, make sure that you don’t pay full cost for anything unless you absolutely have to. You could even consider joining a cashback website so you get money back on any of the things you do buy – meaning more cash in your pocket at the end of the day.