July 13, 2012

Creative Tips for New Parents to Save Money

New parents are often overwhelmed by the costs associated with a quickly growing toddler, food, diapers and other necessities. Aside from cutting coupons and other cost-saving discounts, there are many day-to-day purchases that can be made to cut down on the overall cost of raising a child. Raising a child shouldn't have to break the bank and with a few simple lifestyle changes, it won't.


Saving Money on Clothing

Since toddlers grow quickly, it doesn't make much sense to spend a lot of money on expensive clothing. Within a few months, your child will no longer fit in the clothes. Try to buy sizes that are slightly larger than your child currently is and look for discounts at second hand stores, garage sales or even clearance sales at retailers. Find out if your friends have any clothes that their older children have grown out of.

Smart Purchasing

You know that you are going to need diapers, baby wipes and other items that will need to be replenished. When your budget allows, hoard coupons, and visit a warehouse store to buy items in bulk. Many warehouses charge a nominal yearly fee which more than pays for itself when you consider the normal retail cost of diapers for an entire year. You can also consider buying cloth diapers that can be washed and reused several times. This will save money and even help the environment by minimizing waste. This goes for any other paper products that you use regularly in your house. When something you use regularly is on sale, stock up to save money over the course of several months. When buying clothes, go for unisex clothing. It makes it easier to sell and you never know if your next child will be a boy or a girl.

Baby Food and Feeding

Instead of buying expensive formulas consider breast feeding if your baby isn't lactose intolerant. It reduces the amount of money you have to spend on formula. According to Deborah Skolnik from Parents Magazine, you can save $1,400 the first year by breastfeeding instead of buying formula. Additionally, instead of buying baby food, learn how to make it on your own. Not only is it cheaper than buying name brand baby foods, it ensures that your baby gets the freshest ingredients, since you picked them yourself.

Furniture

Again, don't buy new, always check your local thrift store. If you can find a piece of furniture that can be used as a crib, changing table and dresser you can save space and money by buying only one item. Look for combination furniture that has more than one purpose to save money that would otherwise be spent on purchasing multiple items.

Get Creative

Post your baby pictures online to a photo-sharing site and allow friends and relatives to order prints. The fees you receive from the prints can go toward your baby expenses while providing something of value to your friends and relatives.

What have you done to save money with the expenses of raising a child? Share your stories and tips!

Pat Marano is a freelance writer that specializes in research-oriented and money saving tips. As a writer, one of the ways in which he saves money with clipping coupons, and using Amazon Cash Back programs and other online incentives.

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