Being new parents can be overwhelming, but with these money tips, you’ll be ahead of the game, financially speaking.
If you need some valuable money tips to get you through these early months, this is the perfect post for you. This post could even be better than sleep. Alright, alright – I won’t push it. Nothing is better than sleep.
I learned so much in the first few months of having my twins, from changing a diaper for the first time to learning what each little cry meant. It’s an extreme challenge when you’re a new parent. You always question if you’re doing everything right, but in the end, you should know that whatever you decide is right because no one knows your child better than you do. Still, I’m happy to share some money tips that I wish I would have known in the early days. Hopefully they can help someone else out there.
1. Don’t Overdo It
When babies are brand new, they don’t really need much aside from sleep, food, lots of love, and a clean diaper. I purchased tons of 0-3 month clothes when I was pregnant, and although I bought them on sale from places like Carters and used on eBay, I rarely took my children out of their pajamas during those early days. They just slept so much and needed to be cozy. So, unless they had a doctor’s appointment, we rarely dressed them up in actual clothes. Jammies all the way.
2. Have an Emergency Fund
When you have kids, an emergency fund is so important. You just never know when you’re going to have to take off work because they’re sick or buy them specialty formula because they’re allergic to milk. There are just so many unknowns when it comes to parenting, and you can try to plan as much as you want to but really it’s so unpredictable. If you don’t have an emergency fund at all, try adding just $500 to one. Then, grow it to $1,000. The goal is to have 6 months of expenses saved up if something unthinkable happens.
3. Avoid High End Items
As an adult, I see the value in many high end items. For one thing, there are certain brands I like. Columbia, where you can get 8% cash back using Wherewithal, is a good example because although it’s expensive to buy a winter coat from there, it can also last you 10+ years if you wanted it to. With babies, though, it’s hard to make that argument because they grow so, so fast. Seriously, I have shoes and clothes people gave me that my children never even wore because they grew so fast. So, although that baby Burberry sweater looks mighty fine, put the money in their college fund and hit up Old Navy instead.
Really, when it comes to kids, they can cost as much or as little as you want them to. My husband and I have used the majority of the money we allocated for our babies to pay for items like excellent car seats and other safety items. We try not to spend it on toys or other excesses, since they’re just as happy as can be playing with measuring cups on the kitchen floor instead.
How did you save when you were new parents?