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Money Saving Tips for New Parents

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You and your partner might have your budget down, but those date nights might have a bigger financial impact when you have a new addition to the family. Babies are expensive, about $14k per year, so your new baby will probably come with a new budget. Beyond sweet cuddles and sleepless nights, they add more to the list of expenditures. Here are some quick tips to help alleviate some of those extra costs!

Pick Gender Neutral Items

If you are planning another expansion to your family, purchasing neutral colors makes it possible to reuse some of the same items with your future children. This can save a big chunk of cash when you apply this to expensive items like car seats, high chairs, and strollers. You can even save money with gender neutral clothes, bedding, bed frames, and learning toys.

Fashion for Less

Babies grow extremely fast, which means that they grow out of all the cute outfits you buy them just as quickly. Don’t feel obligated to buy a brand new wardrobe for your child. You can keep your baby fashionable by setting up a clothing swap with friends who also have kids. Also shopping online for second-hand clothing has never been easier: eBay, Facebook groups, and websites like thredUP usually have a great selection of gently used clothes for half the price.

Another tip is to let dresses become shirts and tunics, and pants become capris as your little one gets bigger.

Don’t Waste Your Money

Having a child involves making some special purchases, but some are not necessary. From a hands-free pumping bra, to special baby thermometers, there are a lot of items that you may already own and do not need to repurchase. For example, if you already use Cetaphil cleanser and lotion, you’re in luck! No need to repurchase baby lotions and soaps—many pediatricians recommend it because it is hypoallergenic, non-comedogenic, and mild enough for your baby.

Save On Entertainment

Just because you have fewer movie dates and more stay at home Redbox nights doesn’t mean you have to sacrifice everything. Switching from expensive traditional cable packages to new streaming services can save you money without sacrificing your favorite programs. Planning fun dates for you and your partner can be cheaper and more adventurous than ever with deal sites like Groupon.

Automate Savings

The list of things you should be saving for is probably pretty long— emergencies, retirement, and your child’s college fund are just the beginning. Luckily, by automating saving deposits, you can build a stockpile without even noticing it’s gone. Apps like Acorn automatically invest your spare change after each transaction and you’ll be surprised how quickly it can add up.

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