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Baby on the Way? 9 Practical Ways to Save Money

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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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        More by this author

        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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        Last Updated on July 20, 2021

        Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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        Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

        Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

        Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

        Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

        In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

        Break Free of Your Finances

        Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

        When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

        Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

        Though it seems hard to believe, it is really very simple to get financial freedom.

        To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

        While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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        Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

        1. Stop Unnecessary Spending

        We often spend money inwardly, instead of objectively.

        For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

        To stop this habitual spending, log down all your spending over the course of a month.

        Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

        This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

        2. Plan a Monthly Budget

        This is a great opportunity to get serious.

        Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

        Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

        3. Cut-up Credit Cards

        Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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        If not, you may want to consider ridding your life of the burden that credit cards bring.

        Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

        Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

        4. Increase Savings

        There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

        It’s good practice to save up to 15% of your income.

        Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

        Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

        5. Invest Wisely

        Consider investing in funds.

        Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

        To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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        Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

        6. Invest in Gold

        There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

        You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

        Another way to invest in gold is through ETFs (Exchange Traded Funds).

        These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

        With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

        7. Stash Emergency Funds

        Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

        If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

        Make it hard to get your cash.

        Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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        8. Find Fabulous Mentors

        Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

        If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

        There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

        9. Be Extra Patient

        Patience is the key of financial success.

        Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

        So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

        Financial Freedom for All

        Anyone can achieve financial freedom, regardless of their financial circumstance.

        Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

        Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

        Featured photo credit: rawpixel via unsplash.com

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        Reference

        [1] Hartford Gold Group: IRA Retirement Accounts

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