Budgeting for a Family: Tips for New Parents

Are you a new parent? Has it been challenging to balance your monthly expenses with having a baby on top of your day-to-day needs? It's tough out there, and no one wants to sacrifice their lifestyle (or sanity!) just because they've welcomed an adorable little addition into their family.

Well, fear not, financially worried parents! You don't have to reorganize your whole life to make ends meet - we've got some great money saving tips here while ensuring your baby is well taken care of. Who said living with a newborn couldn't be financially conscious? Here are 10 invaluable new parent tips to save money that will ease up the burden on your wallet and save you hundreds of dollars!

1. Breastfeeding

Breastfeeding your baby can be one of the best ways to save money when you're a new mom. Unlike formula-fed babies, breastfed babies require no additional supplies. All you need are accessories for breastfeeding, like nursing pads and clothes that make it easy to nurse in public.

2. Borrow a Breast Pump

Nursing newborns can be challenging, especially when mommy needs a break or needs to step away for some time. One thing that can help is borrowing a breast pump. That's right, you don't have to buy your own if it's not within budget!

Instead, reach out to friends and family who may have an extra one. You can also try local resources and support systems that often provide them for free or loaners at clinics. Working out a plan to borrow a breast pump might be your saving grace when it comes to newborn care!

3. Seek Out Free Lactation Support

Even if you choose to breastfeed part-time or use both pumped milk and formula to feed your newborn, there are ways to make breastfeeding even more budget-friendly. Research donations for unused breast milk so that you can still take advantage of the nutritional benefits of nursing without spending extra cash on formula products. If you don't plan on pumping often and require pumped milk, join a local support group to barter for breastfeeding support services or receive donated bottles or pumped milk in return for something else. By taking advantage of these low healthcare costs and resources available to mothers who plan to breastfeed their babies, you can significantly reduce the overall cost associated with feeding their little ones.

4. Hold On to Free Formula Samples

One of the biggest expenses for many parents is formula. According to the USDA, the average household spends around $1,200 a year on baby formula. With so many baby products out there, it can be hard to keep costs down - but luckily, you don't have to go over the baby budget for formula.

Formula companies often provide samples and coupons for new parents to use in stores and online. You can find free formula samples directly through different baby retail websites or companies. Even a quick search online will allow you to discover countless free baby formulas from various brands that fit your baby's needs and budget.

Side note: when inquiring about healthcare accounts, make sure to ask about any programs that could potentially cover your formula needs, including FSA cards, WIC programs (Women Infant Children). HSA accounts from employers and state organizations all have different incentives provided depending on your income, personal and work requirements.

5. Get Coupons

Raising a child can cost thousands of dollars over time. From their first crib to the money spent during college applications, there is always something you'll likely need to spend money on. And with a declining economy and rising prices, it can be challenging to keep up with the ever-growing costs of groceries. Fortunately, there are various ways to stay ahead of the game and save money.

One way is to sign up for baby food company newsletters, and coupon offers — many of them will offer exclusive discounts if you sign up. Additionally, some stores may have a 'baby club' program where after spending $100 on eligible baby items, you get $10 off your next purchase. Lastly, don't forget about coupons — from mobile apps to physical flyers at the store entrance, take advantage of all the savings opportunities these can present.

6. Buy In Bulk

Buying baby gear in bulk might sound like a crazy idea if you're a first-time parent, but trust me - it pays off! From diapers and wipes to formula and baby food, buying bulk can help you save a lot of money over time. Plus, you don't need to worry about running out at the worst possible time. Look for sales at your local grocery store or warehouse club and stock up on items you know your baby will need.

7. Buy as They Grow

With all the cute clothing items available for newborns in stores, it is understandable why parents become tempted to buy way too many clothes before their little one arrives. However, this could be a big mistake. Your baby may have a sudden growth spurt that would cause them to outgrow their baby clothes or accessories sooner than expected. Therefore, buying apparel and other necessary items (like diapers, etc.) along the way is wiser than filling your closet with clothes that may not fit in just a few weeks. This also helps you track your infant's size for each item, so you don't buy the wrong sizes. In the end, stay mindful of buying as your baby grows so they can always have the right fit for whatever activity or milestone awaits them!

8. Embrace Pre-Loved Items

When bringing home a new baby, parents soon realize how quickly the costs of clothing, toys, and accessories can pile up. Many new parents embrace pre-loved items for their growing family to save money. Many people now look to buy secondhand baby clothes—not just from local thrift shops and consignment sales. Nowadays, companies have popped up that make buying pre-loved clothing trendy and eco-friendly.

If you're worried about spending too much on your newborn, it's a good idea to stand back and consider whether or not the item in question is crucial to developing a healthy and happy child. Buying secondhand gear or investing in reusable options like machine-washable cloth diapers can help you save money in the long run while still meeting your newborn babies' needs.

9. Use Cash-Back and Other Offers

As a parent, you'll be looking for every way possible to save money on your baby's items and services. That's why investing time into cash-back offers can often be extremely beneficial. Cash-back, coupons, and rewards are some of the easiest ways to reduce prices on baby needs — whether it's purchasing diapers or feeding accessories.

Swagbucks is an app that lets you take advantage of various offers. Installing this service on your device enables cash-back on online purchases and access to discounts from numerous online retailers. The program also provides searches for money-saving coupon codes and discounts in response to participating outlets' queries.

10. Review Your Budget and Make Cuts

Now is the time to analyze your spending habits and determine where cuts can be made. Consider dropping luxuries such as a cable subscription or Netflix account or downgrade from a monthly gym membership to an annual one. Even small changes, like eating out less or using coupons for groceries, can add more money to your monthly savings. Envelope systems, budgeting tools, and apps can also be helpful when trying to track your spending closely. Additionally, look for any subscriptions you no longer use and cancel them immediately.