Money is the biggest deciding factor when you plan on having kids and starting a family. Accept it or not, a lack of savings haunts new parents. The fear of losing a job and not having enough money when it comes to the basic provision of food, clothes, and education can be very stressful for new parents.
Parenting is hard and having kids is expensive. Frugal living gets really important for parents who are in low to moderate-income brackets.
Here are a few powerful tips for new parents to save a decent amount of money, that way you can ensure a better future for kids and for yourself.
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Money-saving habits that can benefit frugal living
A minimalist lifestyle is a key to savings. Consumerism is the killer of your effective frugal ways of living. The best way is to have less stuff around you; that way, you will have less stress to maintain everything around.
For instance, if you have too much furniture in your house more than you need, it requires more maintenance and more decor. You are unknowingly investing more money and time in extra things that are not your prime focus anyway.
If you do not feel a connection or hold no emotional value to things at home, the best thing to do is PURGE.
2. Do not spend on unnecessary stuff
When you go shopping, you have to think twice, Do I even need it?
If you already have new baby stuff, there is quite a chance you have pretty much everything. Do not buy unnecessary stuff just because they are in the market.
If you have a reasonable dinner set at home, ideally, you do not need it unless it is broken or it does not serve enough people.
3. Spend on useful stuff only
Have you ever been in a situation where you were throwing up too much stuff finding it useless, or you don’t feel the connection anymore?
If you have to spend even $5 or $500, spend it on something useful, and it is going to add value to your life, not just sitting in your closet, making no sense to you at all.
4. Less Dine out
Did you notice, I said LESS Dine-out? Well, I cannot advise you to stop eating out altogether, even though we all know how much money we could potentially spend for dine-outs.
I don’t know about you but I am so fond of eating out once or twice a week. To be honest, It feels essential to me to think and stay healthy. Although eating out is the biggest sucker of your earnings and I am not going to say that you do not dine out just to save money – if that keeps you happy.
Occasional dine out is good for mental and emotional well-being, there are days when you want to relax too.
However, if you can MANAGE homecooked food most days, you should focus on homemade food to save a significant amount of money. You can still go for occasional dine in for kids’ birthdays.
5. Love to shop? – Go for grocery shopping the way you can enjoy
Most women love to shop and sometimes only window shopping can keep them delightful and healthy. If you miss going on shopping and spending money, go grocery shopping the way you going to enjoy just like a mall visit.
6. Spend wisely for your family
Spending your money wisely is super important. Given your financial situation, if there is something you really want to buy, set up your priorities and see you can compromise on what.
Let’s say, you want a car so bad and unfortunately, you cannot afford to get a luxurious car as you have fewer resources. Figure out what are your priorities, like, enough space in the trunk, enough legroom, a number of seats, high ceilings, speed, etc. See at what price you can get your priorities set. If you can get all of this for $300 a month, why spend $600 for a mere show-off.
That being said, if you have to spend, spend wisely.
7. Return unused stuff
If you have just started the journey of saving money and searching for frugal tips return what you have in your closet with tags on, and you don’t need it anytime soon. Keeping extra stuff in the speculation that you might need it in the future is not going to benefit you.
8. Retail therapy
Going for a day out, and have a short and healthy shopping event is a great way to have your retail therapy.
If you have kids, obviously you do not want to spend too much when you have plans for saving enough for the future. I HAVE to shop in order to feel at peace, that’s just me. I used to buy a lot of unnecessary, too many clothes that I do not get a chance to wear.
So now I would just buy something that is useful for me during the day, at home, in kitchen or storage baskets to be more organized.
However, I suggest not to visit stores too often.
Money-saving tips for new moms
9. Make baby food at home and freeze homecooked meals
About 2 years ago, a lady next to me in the queue at a local grocery store paid more than $400 for ready-to-use baby food for her twins. It could be normal for a family with twins, but it is a lot to pay for food even if you are working or stay at home. It is completely fine if you can afford it as you are paying for the convenience as well.
Baby food is expensive. New moms might want to prepare a baby’s food at home and freeze it. With kids, a lot of food gets wasted.
You can get some awesome recipes if you have time to make freezer meals at home.
10. Cloth Diapering for babies
Since using disposable diapers are pretty expensive and it is a continuous thing for about 3 years. In order to save all that disposable diaper money, cloth diapering is another frugal way to save a good amount of money. Although cloth diapering has its pros and cons and you end up paying for detergent and maybe laundry trips.
You can start potty training around the age of 2 if your child is ready, that way you will be able to save more money.
Do you know how much exclusively breastfeeding moms save money? The formula milk is super expensive for babies. If you are a new mom, the best way to save money is by exclusively nursing or use a combination feed.
12. Do not buy too many toys for kids
Toys are great tools to enhance your child’s mental and physical growth. Ideally, you should be getting toys when your child understands. Getting age-appropriate toys is very important.
Kids easily get bored of toys they have, try not to develop the habit of getting more and more toys every other day.
Buying toys occasionally is a great way to maintain the charm and excitement for new things. Try not to get everything for your child at a very tender age. Save money now so you can spend later when they grow up and make requests for their favorite toys.
Do you have too many toys already? learn how to declutter and simplify your kids’ toys.
13. Do not buy too many small clothes
Pregnancy is the most exciting time to start preparation and all that Newborn shopping seems so much fun. But let me tell you, DO NOT BUY too many clothes for the first year. Newborns tend to grow out of small sizes within weeks and you hardly get a chance to dress them up in three outfits a day.
14. Do not buy unnecessary baby products
Baby and kids shops have so many different products, In the beginning, just get what is essential for you and the baby. Do not get everything that happens to be available in the market.
If you are tight on budget and not tight on love, you still do not need wipes warmer unless you are living in a super cold climate where there is no heating system.
Also, keep in mind, you have to make space for everything you get for the first time in order to save it for your second child.
15. Do not buy too many toys that are the source of mess and increase your stress
As I said, do not buy too many toys when they are too little to play with; this doesn’t mean you pile up toys in your home when they are young. Moderation is the best approach. Too many toys are overwhelming for moms. Not only it increases stress, but also it is going to be pretty expensive for your pocket.
According to Says law “Supply creates its own demand.”
Do not fall trap of the available things in the market, and you automatically feel bound to buy such products. Make your life easy with less consumerism and more contentment.