Baby brings along plenty of new experiences, joys, sorrows and challenges. On the one hand, there are many physical changes (extra baby fat, enlarged breast, blackheads) and mental changes (fatigue, change in body clock) and on the other hand, there are tremendous new responsibilities and a lot of expenses. Saving money is a skill and is essential after the arrival of your little one. Saving money after having baby demands regularity, punctuality and continuous efforts. The irony is that it gets extremely difficult for parents to save money after having a baby. There are a lot of unforeseen expenses related to health, vaccination, baby diapers/nappies, baby foods, formula milk, feeding equipment, and the list goes on.
Hence, it’s important to plan your expenses and make a monthly budget for saving money after having baby. You need to identify unnecessary expenses which can be avoided, and also list your priorities for the month. This is one of the ways to save some money for the future.
I and my partner try saving money after having baby by following some simple things. I would like to highlight some of the points based on my own experience and learning.
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Mind Numbing Tips on Saving Money after having Baby
#1 Avoid shopping Before the Arrival of Baby
Many would-be parents start shopping stuff for their new family member in advance. Given the fact that determination of the sex of the foetus is a legal offence in India, they generally buy a mixed collection of clothes, toys and accessories. Quite obviously they will use only one set as per the sex of the child and they have to shop for some of the things again. Therefore, it is advisable to control all the emotions and shop after your bundle of joy arrives.
In the recent years, the trend is such that a handsome amount of money is kept aside and saved by the would-be parents for the delivery. The reason being the cost of Institutional Deliveries is very high in the metro cities. The cost may vary from ten thousand to about one lakh of rupee for normal delivery and even more for C-section. Apart from the nature of delivery (normal /C-section) the cost also depends on the place of delivery. You may read more about normal delivery here.
#2 Avoid Branded Clothes for Baby
There is simply no use to purchase expensive branded clothes for babies. Babies grow fast and those would be worn just once or twice. According to my own experience, buying of branded clothes is a waste of money for initial 6-8 months because generally, the newborn baby gets gifts from the family, relatives and friends. At the time of my daughter’s naming ceremony, she got many dresses and blankets. We have not been able to use many of them to date. That is another reason you should not buy anything unnecessary before s/he is born.
#3 Borrow Newborn Clothes and Accessories from Relatives and Friends
The first baby brings a lot of excitement and joy and I’m sure you would love to shop for your newborn. However, it is better to hold on the excitement for future. Instead, try saving money after having baby and utilise it for your child’s education and other activities. You may also use the money for purchasing essential reading materials/books for your children. Newborn’s clothes and accessories such as a cradle, bathing tub, highchair, pram etc. can be borrowed from your relatives and family friends. Newborn clothes are generally borrowed because the skin of the newborn is very sensitive and prone to rashes. Therefore worn clothes provide comfort and ease to the newborn. You should not feel shy to borrow such stuff because they are very expensive and are used just for a limited period of time.
#4 Avoid Painless Vaccinations
This is a very important point to be considered for saving money after having baby. The painless shots are becoming popular nowadays because of no pain, no fever and no (or reduced) swelling to the baby. But, we also need to know that a painless vaccine lacks a few immunity stimulating components because of which it may possess a low ability to elicit an immune response. Whereas in a painful vaccination, the antibody production is more, hence the protection is far better.
If you live in a metro city, most of the private hospitals don’t even consult you for the type of vaccination you would prefer or can afford. They would take out the costliest brand without telling its positives and negatives. I advise that before going for vaccinations, you should do a thorough study of the brands available and can opt for painful vaccination which is affordable, long lasting and half the price of painless vaccination. I opted for a few number of painful vaccinations for my daughter. Read more about Painless vaccination.
#5 Go for Homemade Cerelac and Homemade Food for Your Little One
Homemade Cerelac and the Homemade food is one of the most healthy options and can be considered for saving money after having baby. Apart from other things, I have also learned to make homemade food from my mother. Learnings from your mother’s experience are exceptional and priceless, Right? But we only understand all of it after we became a mother. My daughter is one year old and till date, I have not given her packed Cerelac. Instead, I have made Cerelac at home by mixing various ingredients like (Petite Yellow Bean, Split Green Gram, Split Red Gram, Black Gram, Rice, Almonds, Cardamom, etc.)I serve her Cerelac with hot milk and add some fruits on top of it. Not only this saves money, but also ensures healthy home cooked preservative less diet for your little one. You might also like to read my earlier article on Vegetarian Healthy Recipes for Babies.
#6 Minimise Uses of Baby Diapers
Baby Diapers are very expensive and if you prefer diapers for your baby on a regular basis, then I can assure you a guaranteed expense of Rs. 2500-3000 in a month. You can use Cloth diapers and nappies to save money. One may restrict the use of diapers during nights, outings and when the baby is not feeling well.
#7 Breastfeed Your Little One
Breastfeeding is essential and makes the bond between mother and child very special. Breastfeeding is absolutely free of cost and saves a lot of money, unlike formula milk. There are a lot of other benefits of breastfeeding.
#8 Make uses of Cash-Back/ Sales/ Coupon Code/ Discounts
You can explore the Online offers/ Cash backs/ Coupons/ Discounts and can consider the same for saving money after having baby. These days who isn’t aware of different mobile wallets and cash back offering huge benefits to the customers. You can bring Baby products by visiting stores during the festival’s sales or at the end of the season. There may be a lot of season discounts and sales available on various products. You can also make use of these to save money e.g. purchase diapers in bulk through online shopping and during the sale.
#9 Preparation of a Monthly Budget Helps to Track Income and Expenditure
After you spend on various essential items you must calculate the expenses. If some amount is left, you should save that money and keep it for emergency purposes. There are various mobile apps available which help you manage your finances. Some of the apps are Moneyview, Walnut and ET Money. They automatically track your expenses through your online/ credit card/ debit card spending and categorise them. Only you need to enter manual entries for cash expenses. At the end of the month, you can check which category is making hole in your pocket.
#10 Avoid Impulsive Shopping
Shopping impulsively without knowing what to purchase leads to wastage of money. I usually prepare a list of things which I need before leaving for shopping, I would recommend you to do that as well. This will not only help to avoid impulsive decision of purchase but will also help you to get relevant and useful items for yourself.
When you see anything in a shop or online stores, just remember the following 3 points. First, think again if you really need the item. Second, what will happen, if you did not purchase the same. And the Third one is for people living in cosy metro city apartments – Do I have space in my house to accommodate it?
Even if you buy the item considering the need of the hour, do remember that it will not take even a year when your newborn will start moving and exploring things. At that time, you need to keep many things out of reach. Better, avoid buying it now.
At the End
Saving money after having baby is not a rocket science. It is certainly possible if you or your partner have the willpower to control never-ending wishes and desires. It’s Good to Spend but At the Same Time, It’s Equally Important to Save. Habits of saving money can only be inculcated with few disciplines in life and managing daily routine.
Hope you find these tips on Saving Money after having baby useful. How do you save? Share your top tricks with us via the comments section below. It would be my pleasure to hear from all the new parents out there.
Good Luck Saving Money!