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The Rising Cost of Being a New Parent

Posted by on Sep. 9, 2017 at 10:55 PM
  • 3 Replies

Becoming a parent for the first time is extremely exciting and opens up a new era in your life. While parenthood comes with many joys and benefits, one downside is the expense involved. These days, parents have to cope with huge financial commitments when they have a new baby. For those with no close links to other people who can provide hand-me-downs, the cost can be particularly high because everything needs to be purchased from new.


If you have your first baby in your early twenties, there is a chance that you may still be dealing with other financial commitments such as student finance from when you were at university. If this is the case, you should try and take steps to reduce your other financial outgoings wherever possible. This will help to ease the strain when it comes to the expense of having a new baby. For instance, if you still have student debts you could find the best private student loan consolidation provider to reduce the amount you are paying.


Other tips to ease the financial strain

 

As a new parent, you have to find ways to fund everything from clothing and baby food through to a cot, practical products such as bottles and sterilizers, toys, a stroller, and more. This can be very difficult to do unless you make some cutbacks. One thing you can do in order to cut costs associated with becoming a new parent is to look for certain products second hand on sites such as eBay. You could pick up items such as a cot or car seat at a fraction of the price when you do this.


You should also make sure you go through your budget and make cutbacks wherever possible. Anything that is considered a luxury or unnecessary should be considered and wherever possible make cutbacks. You can even look at switching your utilities and services such as energy provider, broadband provider, and insurance company. This could help to further reduce the amount that you are paying out when it comes to your monthly outgoings.


You need to bear in mind that babies will grow out of clothes and footwear very quickly, which means that you will be shelling out money on a regular basis on apparel. However, rather than losing money on the clothing that your baby can no longer wear, looking at selling it online. This way, you can make some extra money and you will be doing other parents' a favor by providing them with access to cheaper second-hand clothing for their own babies. Another thing you can consider to try and save money is using washable nappies rather than disposable ones. The cost of nappies can really add up and this is a major expense for new parents.


When it comes to parenthood, you should start your financial planning well ahead of the birth of the baby. This way, you can be more prepared and better equipped to handle the financial strains involved. 

by on Sep. 9, 2017 at 10:55 PM
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Replies (1-3):
baconbits
by Bronze Member on Sep. 11, 2017 at 9:46 AM

I was a first time baby parent(grandparent) at 50! The first BIG way I saved money for raising my newborn granddaughter was to simply ASK. You'd be surprised at how much people will give you just to help out. Sure some of the baby clothes were for "boys" but I had no problem. I just kept her in them when we were at home and used the "girl" clothes when we went out.

Another thing I did was go with the mentallity of my mom. Keep things simple. I didn't need a diaper jennie, bottle warmer, wipe warmer, etc. Yard sales are another great option to fill in where needed.

Lastly, all those baby clothes that she outgrew so quickly...sure I could have made money by selling them but instead I passed them on to others who needed them just as I did. It was a great way to help someone else out the way I was helped.

caseyloo
by Casey on Sep. 12, 2017 at 11:09 AM

There are many things I don't mind getting second hand, but a car seat wouldn't be one of them.  You just don't know the history of the seat, or how old it is.

wingmom
by Member on Sep. 17, 2017 at 7:58 AM

We have saved a TON of money shopping at local thrift store for everything from toys, dishes, furniture, lots of clothes, tools. that way we can spend more on the things we wont buy used, like shoes. I did buy a pair of muck boots at the local thrift that i use every single day to take the dog out, fo rlike 7 bucks. New they are over 100. but every year we generally buy our shoes new when there is a sale and we have coupons.Coupons also have saved us a lot of money.

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