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5 Ways New Parents Can Save Money

5 Ways New Parents Can Save MoneyThe excitement of having a child is unlike anything else that you will experience in your life. Of course, there is a practical side to that excitement. There’s the concern about how you are going to pay for everything that your new child needs.

It doesn’t take long after you get home from the hospital to realize just how many expenses are related to having your own children. If you are new parents and would like to save money where possible – check out the tips below.

Buy in Bulk

You are going to need a large quantity of certain items when you have young children – things like diapers, wipes, and more. To save money on those purchases, do your best to buy in bulk where possible.

For instance, a box of diapers isn’t going to go bad anytime soon. So, you can buy a big box and save money in the process. New parents won’t be able to buy in bulk for everything a child needs. But, this strategy can save you a significant amount of money.

Accept Hand-Me-Downs

Other parents will likely be lining up to give you items that they no longer need to use for their kids. Take them up on these offers. Yes, it is fun to buy new items for your own children – and you can certainly purchase them some new items of their own – but you can also fill in the gaps by taking hand-me-downs from other people.

Register for Rewards

Most of the children’s stores have rewards programs which offer you points for purchases that you make. New parents should sign up for these free programs and make sure to use your card each time you buy something. While those points might not seem significant at the time, they do make a difference over the long run when you are able to cash them in for free goods.

Watch Your Own Children

Paying for babysitting is one of the most-expensive things you can do as new parents. For instance, the cost of going out to dinner with your significant other can quickly double when you have to pay for a few hours of babysitting as well.

Do yourself a favor – watch your own kids, and take them with you most of the time. You will have fun as a family, make good memories, and you will save money in the process.

Take Your Tax Breaks

There are tax breaks available for new parents in the form of deductions. New parents should make sure not to miss out on any of these advantages. If you aren’t sure how to make sure that you have done your taxes properly as a new parent, talk to a professional and have assistance with the filing process.

The money that you spend on tax preparation will be a wise investment. You will have peace of mind in knowing that you have taken all of the deductions you deserve under the tax rules.

 

Have you done any of these things to save? Can you think of other ways new parents can save money?

 

Photo courtesy of: InspiredImages

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John Schmoll is a Dad, husband and veteran of the financial services industry. He's passionate about helping people learn from his mistakes so that they can live lives free from the shackles of debt and empowered to make their money work for them. You can check out his other sites: Frugal Rules, for ways to improve your financial literacy; and Sprout Wealth for tips on different ways to make more money. John has been featured on Forbes, Lifehacker, Yahoo Finance and US News & World Report and more. If you're wanting to grow your blog, check out my blog coaching services to see how I can help you take your site to the next level.

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One comment

  1. Here’s another one: Beware the hype! Many parents – mainly with their first child – spend a LOT more money on items that are a LOT fancier than needed. “Premium” products with bells and whistles that sound great often wind up not being used at all, and definitely not worth the extra money. Having a baby is expensive so don’t work against yourself by over-spending on upgrades.
    Brad, Financial Coach recently posted…3 Tips for Living the Good Life (Without Going Broke)My Profile

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