Advice to New Parents: 7 Essential Tips For How to Save Money
Regardless of income status, everyone can agree that parenting is incredibly expensive — and it’s only getting worse.
Whether you have a baby on the way or know someone expecting, here are 7 necessary tips for how to save money:
1. Rent Baby Clothes
Most new parents don’t realize that babies out grow 8 sizes in the first 2 years of their lives. Why spend money on a new wardrobe every few months when you can rent it?
Brooklyn based start up Evita Leto is giving parents the chance to rent pre-loved baby clothes at a fraction of retail price.
After filling out a style survey, your package is customized based on the preference selected.
A new set of clothes are then automatically sent as your baby continues to grow; all you do is send back the old ones using a prepaid shipping label.
It’s like Rent the Runway only for babies.
2. Connect with Local Moms
It’s always best to learn from someone who’s successfully walked the path; or better yet, is walking it with you.
Veteran moms can provide excellent tips on where to find the best local deals and could support in other ways too.
The Local Moms Network is a great place to start if you’re looking to connect with parents in your area. They also provide plenty of resources on anything and everything that is parenting.
3. Use Cloth Diapers
Traditional diapers are one of the biggest wallet drainers for new parents. Cloth diapers help save a ton of money and are becoming more and more popular for good reason.
Here’s a great Pros vs. Cons break down from TheBump.com:
This is an absolute game changer in regards to saving money. Switching to cloth diapers could save you up to 3x the money!
Best of all, with proper maintenance you could always donate or sell them to a local consignment store once your child outgrows them.
3. Breastfeed (If Possible)
Why spend money on baby food if your body naturally produces it?
According to SmartAsset.com, the cost of baby formula could range anywhere from $1,200 to $1,500 during the baby’s first year.
Breastfeeding will have some up front costs such as nursing bras and a pump, but you’ll save a ton of money by not buying formula in the long run.
Your body was biologically designed for this exact purpose — if you’re able to, take advantage!
5. Host Multiple Baby Showers
These days, it’s not uncommon to have a strong work family connection on top of the one you go home to everyday.
This is why planning out multiple baby showers is a great way to gather people from different parts of your life and convince them to buy your baby something nice :)
6. Create a Registry
Once you nail down some dates for the baby showers it’s time to create a list of what to get.
Make sure to start with the heavy hitters like strollers, cribs..etc. to get them out of the way quickly. Aim for convertible products that continue serving a purpose as the baby grows.
I listed some great convertible products in my previous article along with some other helpful tips you can find here.
7. Find Local Consignment Shops
Making a habit of regularly checking out consignment shops is one of the best ways to save money.
Considering how fast babies grow, most of the things you’ll find should only have a few months of use in them.
The Thrifters Guide is a great resource to find local consignment shops.
But remember, this is a give and receive concept. Once your baby outgrows their stuff, it’s time to sell or donate it for the next parent in need :)
Disclosure: I currently work for Evita Leto
