Is there anything as incredible, amazing and totally fascinating as becoming a parent? Of course not. Then again, there’s also not anything as terrifying or overwhelming either, especially today.
Newborns bring out a wide range of emotions for new parents. And finances? Yikes! Finances get tricky quickly when adding a newborn into the mix….on top of a pandemic.
Don’t hit the panic button yet – people have been doing this for literally thousands of years. Thankfully, many have shared their tips, like how to live on one income.
We’ve also learned a few valuable lessons along the way, especially about kids and budgets. Here’s our best advice on budget tips for new parents:
1. Determine Needs vs. Wants
First, get some perspective. If budget woes aren’t your worry, then it makes perfect sense to buy your newborn a gold and diamond pacifier. For the rest of us, that simply makes no sense at all and no matter how many times the Kardashians post about it, you do not NEED it.
All new parents are anxious to meet every need of their newborn and there’s an entire marketing industry to tempt you with every whim. A trip down the baby isles of Target can cost thousands if parents purchased every single item marketed to them.
One perk for pandemic parenting? With stores closed or limited on inventory, parent can now research which items are truly necessary will quickly whittle away a lot of unnecessary purchases.
Best budget tips for new parents? Register for big ticket items like strollers, car seat sand cribs. Family, friends and co-workers LOVE to go in on big gifts and get new parents items that will be well-loved and frequently used.
Plan Long- Term
We know we know, there’s no way that tiny bundle of joy is ever going to get big enough to crawl out of a crib on its own. Except, he or she absolutely will…and quickly. Save money by investing in multi-tasking pieces like convertible cribs and strollers that can grow with your baby. The same applies for decorating nurseries and buying baby toys. Don’t waste money on themes that aren’t relevant for more than a couple of years.
Buy It Used
If buying your newborn baby items from the thrift store is unappealing, check out high end consignment shops. Even better, ask friends if you can purchase any unused items they no longer need.
New parents can save hundreds by skipping the premium prices of brand new baby gear. However- always be sure you have the latest car seat or any other item involving safety.
Re-Work the Budget
New babies will bring new expenses- unexpected trips to the doctor, bottles, formula, etc. Even the best-laid plans are put to the test. So, be flexible and re-work the budget as needed. Be prepared to sacrifice those morning lattes for an extra box of diapers and increased electric bills (can’t have baby getting cold!). Of course, this is also THE best time to practice discipline on impulse buying and learning how to coupon!
Bottom line – your finances will take a hit, but there’s no way to calculate the cost of what you get in return. Try these budget tips for new parents and start here for deals and discounts and trust us- it will get easier!