Top Tips: Financial Planning for New Families

Whether you are becoming a newborn parent or your family is expanding – money plays an important role in being able to focus on what’s important. Read our top 6 tips for saving money and better money management for families expecting a baby.

Specify, organize and plan your savings

bank

When buying a new home or starting a renovation project, one of the first things you’ll probably do is research. A new child or family extension is also a good reason for an analytical approach – there is good financial planning for new families. The world is full of apps that can help you create a budget for your yield. However, sticky papers and Excel spreadsheets can serve the same purpose if you prefer.

If you already have children, you probably have a very good idea of ​​what you will need for your new baby and you may already have some of these things at hand. However, if this is new territory, don’t forget to reach out to friends and family who can give you tips and tricks that you haven’t thought of. Also, some online research can help you see the range of product prices and where to find good discounts.

One way to narrow down your list is to make a list of “essentials” and stick to it initially, while leaving some money aside for unexpected situations. The second method is to have a few lists: essentials for a small baby, a toddler, wishes / extra things. This will help you prioritize your needs (and think about when you need them).

Start planning your child’s first year of life

bank

When starting or growing your family, it can easily be difficult for you to think about a distant future, such as school expenses or even savings for college or university. It’s a good idea to start thinking in time frames that you can manage. Plan ahead for the first year and think about the supplies you will need to make money.

First, stick to the basic things: car seats, strollers, cots and changing tables. Many of these items are convertible as your baby grows, such as adjustable strollers and cots that can be used for longer than the first year of life. Once you have listed the larger items, start making a list of smaller items that you will need, such as blankets, clothing, and diapers. This is a good time to use an Excel spreadsheet.

Some hidden costs may come from baby toiletries, especially for new parents. Get yourself basic things like baby shampoo, lotion, baby powder and don’t forget nail care – baby nails can be surprisingly sharp!

Avoid famous brands to save money

Avoid famous brands to save money

It sounds nice to have a baby that is adorned with the cutest and top brands. In practice, your new baby will only wear clothes in the comfort of your home and is likely to get dirty. If your item has grown to your heart, choose special clothing and accessories just for occasions or taking pictures.

There is a wide selection of baby toiletries, including different prices. Like branded clothing, this is a good time to choose unmarked products or cheaper options. Think about your own priorities and choose your own battles. For example, if exclusive or organic products are important to you, buying in advance at a sale can save you a significant amount of money. Just check the expiration dates to make sure your investment does not accidentally waste.