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10 money-saving tips for having a baby on a budget

Working out how much to save for a baby can be a daunting task. Follow our easy money-saving tips for parents-to-be, from creating a household budget to buying only baby essentials—and get planning for your baby on a budget!

 

1. Start creating a household budget
Money-management apps are great for tracking the money coming in and out of your account. A good way to budget is to follow the 50/30/20 rule—50% of your budget should go on the essentials—for example, rent or mortgage, bills, and food— 30% on other spending, and 20% on saving. If you’re coming up short after working out how much to save for a baby, see what non-essential outgoings you could cut back on.

2. Shopping for baby on a budget? 
Make a list of baby essentials and try to only buy items you’ll really need. For example, a car seat, cot, buggy, diapers, a few one-pieces, vests, and a baby blanket. If you’re having a baby shower, you could always set up a gift registry and ask people to contribute toward some of the more expensive items. Not sure whether you’ll need something? Ask friends and family with experience. For example, it may not be worth buying lots of breastfeeding clothes and accessories or bottle-feeding equipment until you see how your feeding plans work out. They may have other money-saving tips for parents too. 

3. Look for freebies
Ask friends and family for hand-me-downs, they may appreciate the excuse for a clear-out. Depending on where you live and your healthcare provider, you may even be entitled to a free baby box, packed full of essential items! Finland have been giving them out to new moms since the 1930s, and now other countries are starting to follow suit. Check with your government or healthcare provider if they offer something similar. 

4. Buy second-hand baby essentials
Check out local Facebook groups and second-hand sites for pre-loved baby essentials. You can often find big-ticket items for sale, still in excellent condition but at a fraction of the retail cost. 

5. Buy in bulk
Diapers are not budget friendly, but cloth diapers aren’t for everyone. Buying in bulk is usually easier on the pocket. Just remember, your little bundle of joy won’t stay so little forever, so keep your baby’s changing size in mind before you purchase in bulk. 

6. Breastfeed if you can! 
Not only does it provide the ideal nutritional start for babies, with the World Health Organization recommending exclusive breastfeeding for at least the first six months, but it’s the most economical way of feeding your baby too. So that’s your finances and household budget sorted, now find out how you can emotionally prepare for parenthood here.

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