Starting your own family is a wonderful milestone, you’re full of excitement and discovering a whole new world. It’s a joyous time, and you’ve probably read every baby name book there is. But, there is however a more practical side to pregnancy and preparing for a new arrival that you need to consider, and that’s your finances.
The cost of having a baby quickly mounts up, what with all of the nursery furniture you will need to buy, clothing, nappies – so many nappies – and food. If you’ve struggled to put aside a good amount of savings, the pressure of preparing for a new baby can feel overwhelming. According to research, the average cost of raising a child from birth to the age of 18 in the UK is a staggering £230,000, with up to 44% of parents having to cut back on expenses to make ends meet.
There are, however, ways you can save money when you’re expecting. These small savings soon add up and can ease some of the financial pressures of parenting.
Prepare for a financial emergency
However robust your savings are, there are still occasions where you may need to pay out for an expensive item or an unexpected bill that you simply don’t have the money for. This means it’s important you have a backup plan in place to cover the cost.
If you are dealing with a financial emergency, you could consider taking out a small loan to cover your shortfall. However, bear in mind that it’s very important that you pay this back as soon as possible and don’t rely on loans to subsidise your everyday living costs. Keep a record of how and where you spend your money and all your incoming and outgoings.
Sign up to cashback sites
With cashback websites, you can earn as you spend, and also bag a few freebies too. If you’re going to be spending considerable amounts of money online in preparation for your baby then these websites are well worth signing up to. How it works is by giving you a small percentage of what you buy back in your pocket. For example, if you’re buying £30 worth of nappies and there’s a 10% cashback offer, you’ll receive £3 of that money back.
Buy second-hand
Not only is buying second hand more affordable, but it’s also better for the planet! There are many ways you can bag second-hand bargains and quite often some of these items are barely used.
Check out the Facebook marketplace, eBay and even car-boot sales for everything from clothing to nursery furniture. In the UK we have NCT sales which are brilliant. You could even give your hand to upcycling some of your own pieces to give them a nursery-friendly feel. Chalk paint is easy to use and can quickly transform a pine nightstand into a baby pink, white or blue piece of furniture for the baby’s room. Bear in mind though that there are some baby items that it’s crucial you buy brand new for health and safety reasons, like mattresses and car seats.
Compare prices online
The internet has made it easy to be a savvy shopper these days, and there are many price comparison sites you can use to make sure you’re getting the best deal possible on everything from your energy bills to your car insurance to save a few extra pounds. There’s even an app – appropriately named Bum Deal – that helps you find the cheapest nappies available on the market.
Use your parental benefits
Thanks to your new arrival, you will be entitled to free dental care and prescriptions until your baby is one year old. You’ll need to fill in an FW8 form (available from your local surgery or midwife) in order to prove your exemption, but if you have regular medications, it could offer you a reprieve worth a hefty amount of money. Once baby arrives you may be entitled to child benefit and tax credits. There are also healthy start vouchers for those in need.
AD
Thank you for reading - if you enjoyed this content, please consider buying me a coffee here or browse my Amazon wishlist I really appreciate your support and it helps to keep the site running and for my time 🙂