Money is the biggest deciding factor when you plan on having kids and starting a family. accept it or not, lack of savings haunt new parents. The fear of losing a job and not having enough money when it comes to providing 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 smart tips for parents to save money in the short and long run to have better saving for a better life for kids and for themselves.
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Money-saving habits that can benefit frugal living
This is the key to saving. Consumerism is the killer of your effective frugal ways of living. The best way is to have less stuff around so you will have less stress to maintain.
For instance, if you have too much furniture in your house more than you need, it requires more maintenance and more decor.
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 throwing up too much stuff finding it useless, although you have bought it with so much devotion?
My advice to you, if you have to spend even $5 or $500, spend it on something that is 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
I cannot advise you to stop dining or eating out altogether, even though dining out is the biggest money killer.
I am so fond of restaurant foods and for me eating out once or twice a week is essential like I have to eat out to feel and think normal. Although eating out is the biggest sucker of your earnings and I am not going to say that you do not eat outside just to save money.
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 then you should focus on homemade food to save a significant amount of money. You can still go for occasional dine in for kids’ birthdays. Best tip: keep a small money bank to save money biweekly to order a pizza etc.
5. Love to shop? – Go for grocery shopping the way you can enjoy
I don’t know about you, but I love to shop and sometimes just window shopping is enough for me. If you miss going on shopping and spending money, go for grocery shopping the way you going to enjoy just like a mall visit.
6. Spend wisely for your family
Do you like spending money? Saving is not your cup of tea?
I understand I have been there too.
My advice to you, spend your money wisely. Given your financial situation, if there is something you must have, set up your priorities and see you can compromise on what.
Let’s say if you want to get a car and you cannot get a luxurious car but you still want to have it. Figure out what are your priorities, like, enough space in the trunk, enough legroom, a number of seats, high ceilings, speed, etc. See in 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 are on the journey of saving money and in search of frugal tips, return what you have in your closet with tags on and you are not going to use it.
Pass the date get the store credit to use for birthdays etc.
You can still get store credit for later use, to buy a gift later or sponsor your retail therapy.
8. Retail therapy
Going for a day out, and do a sweet tiny shopping 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 the family with twins but it is a lot to pay for food even if you are working or stay at home.
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 and freeze 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.
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
This is the mistake I have been doing. I used to buy toys for my son when he was about 3 months. I used to get him toys forcefully that he didn’t even play with because he was too small at that time.
Now I regret not saving that money for getting toys later on when he can actually enjoy a toy car for a good sufficient amount of time.
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 these within weeks and you hardly get to dress them up in three outfits a day.
Nope, not happening.
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
Like I said do not buy too many toys when they are too little to play with, this doesn’t mean you just 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 in your pocket.
According to Says law “Supply creates its own demand.”
Do not fall trap of the things that are available in the market and you automatically feel bound to buy such products. make your life easy with less consumerism and more contentment.