Saving money with a new baby

Category: Personal Finances

Father carrying sleeping son

A new baby is a joyous time to celebrate, and in the midst of the excitement, it’s important to remember that an addition to the family also means some serious budget modifications. If you’re new to parenthood, it can be especially overwhelming when it comes to saving money, but here’s how you can start:

Make your own baby food

Homemade baby food is simple to make—all you need is some fruit, veggies, and a blender. Not only does this give you the chance to feed your baby only the freshest and tastiest ingredients, but it will also save you a lot of money, especially if you have your own garden.

Avoid expensive clothing

While you might want to spring for an outfit or two that’s meant for a special occasion, avoid spending top dollar on your baby’s entire wardrobe. It can be tempting to want to dress your baby up in all of the latest fashions, and you can’t help but stop at the adorable (but pricy) little baby clothing boutique in the mall. But skip the high-end designers and perhaps even brand new clothing altogether if you want to save money. Babies will get their clothing dirty very quickly, and will also outgrow it fast—possibly before they even get a chance to wear it. Instead, think along the line of gently used clothing from family members, friends, garage sales, and budget clothing stores.

Don’t overdo it with toys

Just like with clothing, babies will also outgrow their toys—maybe not physically, but mentally. They’ll get bored of them quickly, so avoid splurging and buying every baby toy out there possible. Stick to a few good ones and that’s likely all you’ll need until your baby gets a little older. Ask friends and family members if they have any baby toys that you can just borrow for a while.

Cheapest isn’t always best

Like with a lot of things, sometimes it can save you more money to opt for the costlier option from the get-go. Diapers, for example, are something that your baby will need plenty of. In an attempt to save money, you might choose the least priciest brand you can find. But if cheapest also means defective diapers that fall apart and need replacing far more often than the competing brands, you might just want to shell out the extra money for the sturdier choice. You can still save money on the higher quality stuff by joining a wholesale club, or making bulk purchases online.

Are you receiving structured settlement payments, but could use some extra cash to catch up on bills and expenses? Peachtree Financial Solutions may be able to help. Contact Peachtree Financial Solutions today to learn more about selling future payments for a lump sum of cash.

Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.

Tags: clothing, family budget, food costs

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