Saturday, April 20, 2019

Baby on the Way? Financial Tips for New Moms

Baby on the Way? Financial Tips for New Moms

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Baby on the Way? Financial Tips for New Moms

If you’re a mom-to-be, chances are you’re already apologizing for the things you’ll be doing to your bank account. It’s a well known fact that having a baby can be expensive, and finding creative ways to cut costs can go a long way in helping the family budget. Child care, doctor’s bills, clothing, furniture and other accessories all add up. What’s a new mother to do?



Be A Super-Saving Mommy
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According to a recent poll by CNN, parents will on average spend $241,080 raising a child over their lifetime, spending almost $12,000 in the child’s first year alone. Numbers like that are enough to scare any new mom, but reducing that figure is not difficult. By using a few clever tips and tricks, some mothers are learning to save hundreds of dollars a month on what their new baby needs.

1) Get your scissors busy

Clipping coupons is a time-honored practice used by savvy mothers everywhere. While going through the Sunday paper is the usual way to save, heading online can also bag you a bundle of deals. Check out digital coupons offered by your preferred grocery store, as well as your favorite brands. Also, keep up with special offers and “buy-one, get-one free” offers in the local papers from competitor grocery stores.

2) Find furniture that does double-duty

Everyone wants their little one to have the perfect nursery, but do you really need so much furniture? Baby furniture is going high tech, and many online manufactures recognize that space and budget constraints mean that moms need more from their purchases. Look into changing table/dresser combos, cribs that convert to twin beds, and cleverly designed strollers that double as car seats and high chairs.

422441141 4a950fa3ff n 300x225  Baby on the Way? Financial Tips for New Moms3) Swap with other moms

Chances are you’re not the only one with a child among your friends and relatives. Ask if you can borrow their big ticket items such as breast pumps, if they are not longer using them (though you will need to purchase your own plastic attachments). Kids also outgrow clothing quickly, so start sharing hand-me-downs with each other for maximum savings.

4) Breastfeed

Breastfeeding has been shown to be best for your baby, and not having to purchase formula can mean a world of savings. If you are able, try breastfeeding your baby from the start. If you are overproducing, you can sell your breast milk to milk banks for other mothers to use, which can help earn you some much-needed extra cash on the side.

5) Go wholesale

Though you or your partner may not like the idea of hauling huge boxes of diapers or formula out to your car, hitting the wholesale club can offer huge savings for baby items. Joining one of these clubs does usually cost money, but the amount of money you will save on items for both your baby and household can add up to hundreds of dollars a year. Not sure you want to join? See if you can tag along with a member or ask about a free trial membership.

It’s true, babies are expensive. However, worrying about financial concerns can take away from the joy you and your family will experience when your new little bundle comes home. By looking for great deals, couponing and swapping with other savvy moms, you can relax and save money.

Being a budget-conscious “other mother”, Regi Waters can vouch for the tips provided.  As a part time babysitter, she was able to swap an extra crib for a friend’s playard she saw at

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