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Baby on the Way? 9 Practical Ways to Save Money

Baby on the Way? 9 Practical Ways to Save Money

If this is your first baby, you’re probably so confused that you’re not really sure what’s going on half the time. And this is completely understandable – the amount of excitement can cloud your judgement significantly and there’s no shame in that.

However, you need to come to your senses before the baby is born, especially if you’re on a budget. This is your family’s future we’re talking about and you need to be smart about it before you run out of money.

I know that a huge factor here is cuteness overload – baby stuff is irresistible and people who can stay indifferent to it have one really icy heart. The thing is that you should learn a skill or two from those night walkers because they can really teach you how to make a difference in your baby’s life and have your child want for nothing. Well, nothing they can’t live without anyway.

1. Avoid Brands

This is one old trick, but somehow, people tend to forget it. I know that most of you trust brands because they have a huge audience and they have been proving their quality for a long time – I don’t want to argue about that. However, I believe and I think that you might agree with me, that there’s no good reason to get a baby bottle that costs $500 when you can get a perfectly good one for about twenty bucks.

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This rule should be applied for all baby items. If you do your research properly and make sure that things you get are made out of materials that are durable and that will not in any way damage your baby’s health, you’ll be able to equip yourself properly without spending a fortune.

2. Stick to Necessities

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    Not all baby things in a baby store should be on your list of necessities – many of them are simply made-up. I never quite understood why having a changing table made it to this list – you can change your baby’s diaper anywhere. Besides, if you don’t have much space in your home, this will only take room – it doesn’t seem that practical now, right?

    It’s the very same thing with baby shoes – the fact is that your child will grow out of them within a month, and like other baby things, baby shoes can be unreasonably expensive, so this isn’t a thing you should waste your money on.

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    3. Coupon Up

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      New parents who aren’t financially stable need to compensate that lack of money with hours of additional research. It’s quite simple, really – you can get everything you need significantly cheaper if you search for it long enough.

      Obviously, my advice here is to start collecting coupons, not only when the baby comes, but also during your pregnancy. It doesn’t involve any hard work and, considering the fact that you should spend a lot of your time in a comfy bed as a pregnant woman, you can use that time for online browsing and discovering new sources of coupons.

      4. Second Hand Items

      Baby clothes and other necessities don’t really have time to get worn out, because they grow out of them very quickly, which is why you shouldn’t have any doubts when it comes to getting used items for your child.

      There’s another thing you should have in mind and that can come in handy – exchange. By joining in a parents club of some sorts, you’ll be surrounded by people who share your experience and your list of necessities, and exchanging advice along with items is a highly profitable two way street.

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      5. Bulk & Double Bulk

      The first year will be all about diapers and you can’t really have enough of them, so when it comes to things like that, you should bulk up. First of all, getting things in bulk will earn you a certain discount by itself, but if you combine that with a valid coupon, you should end up with a great deal.

      6. Breastfeeding Instead of Formula

      I know that this is your decision, but you should look at this situation budget-wise. Breast milk is healthy for your baby and it’s recommended that you feed your baby naturally as long as your body allows it. The other piece of this equation is that formula billing will affect your costs at the end of the month, so my suggestion is to revise your decision here.

      7. Family Babysitters

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        Once the first month of not sleeping is done, it’s healthy for you and your partner to spend some time out of the house, a couple of hours per week at least. This will help you gain some perspective, relax for a bit and enjoy doing nothing.

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        Instead of trying to find a babysitter you’re capable to trust with your baby and paying for their time, you should have your loved ones take care of your child – I’m sure that they will be thrilled to spend quality time with your cute newborn.

        8. Start with DIYs

        Parents learn how to practice magic in time, and they develop these extraordinary skills and learn how to make something out of nothing. You should start with your school of wizardry before the baby even arrives, as far as I’m concerned, and start by conducting DIY projects.

        This will most definitely pay off in the long term and perhaps this reveals a hidden talent of yours in the future. If that happens, you can even make money off it, but first thing’s first – try knitting or crafting your baby’s first toys and see where you go from there.

        This is just your base. You’ll be able to find many smart shortcuts by yourself in time – it will only take a while until you get inside the parents world, and everything will be a lot clearer when you finally arrive. I can only further advise you not to panic and don’t make any rash decisions. You’ll be just fine.

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        Ivan Dimitrijevic

        Ivan is the CEO and founder of a digital marketing company. He has years of experiences in team management, entrepreneurship and productivity.

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        Published on January 8, 2021

        How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

        How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

        Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

        The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

        Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

        What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

        Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

        1. Pay More Than the Minimum Credit Card Payments

        Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

        Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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        You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

        The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

        2. Start With High-Interest Credit Card Debt

        If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

        First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

        At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

        3. Revisit Your Budget

        Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

        You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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        Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

        If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

        4. Avoid Using Your Credit Cards

        Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

        The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

        It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

        5. Start a Side Hustle to Boost Your Income

        You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

        If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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        Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

        It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

        6. Sell Your Used Items for Extra Cash

        Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

        A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

        Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

        When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

        7. Know When to Seek Help With Your Debt

        Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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        There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

        In extreme cases, the debt solution can be:

        • Debt relief – where your debt is partially or wholly forgiven
        • Debt consolidation – taking out one loan to repay others
        • Debt settlement – the creditor forgives a significant portion of your debt
        • Bankruptcy – legal process for seeking relief from some or all your debts

        It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

        Wrapping It Up

        Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

        So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

        More Tips on How to Pay Off Debt

        Featured photo credit: rupixen.com via unsplash.com

        Reference

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