Three All-Important Money-Saving Hacks for New Parents

Are you still glowing from the early stages of parenting bliss? I bet you’re still enjoying that new parent glow as you welcome the newest member of your growing family. Exciting times, indeed.

But then, little by little, you are getting that dose of reality that’s draining the glow from your face and replacing it with stress from worrying about several different things all at once.

And most commonly, the number one issue you face is money.

Why so? Well, for starters, the bills you’re racking up won’t pay themselves, you know. And for sure you have a mortgage that needs to be taken care of as well. 

Then comes the basic daily necessities. You’ve got to grocery-shop. You have to put aside money for the future (though this is an ideal state for most). And you have to buy baby stuff for your new kiddo. 

If this is you, then fret not. We’ve got your back. We’re happy to share with you three simple yet all-important budget hacks to help you through new parenthood. Hang on, we’re in for a ride.

New isn’t always better.

“How I Met Your Mother” is one of the shows that I loved watching in the mid 2000s, most especially because of Barney Stinson, a womanizing yet sweet and wildly funny character played by the awesome Neil Patrick Harris.

Barney had a running gag in the show about dishing out dating and hooking up advice to his friends. And one of his “gem” of an advice is “new is always better”, pertaining to dating new girls all the time and not circling back on ones you’ve previously dated.

While it’s funny and ridiculous as well, we unconsciously apply this to other facets of life. Okay, granted, in technology this may always be the case. New is always better. And more with food. Haha! I’m not promoting eating old or rotting food nor condoning foregoing freshness and nutrition for saving a few bucks! Not at all!

But in most instances, buying pre-loved items and accepting hand-me-downs is a practical and beneficial step towards financial stability.

We shouldn’t be too fixated on always buying the newest stuff or what’s trending. Stop having that consumer mindset. 

Instead, have a practical mindset. 

Buying second-hand is probably less popular for baby purchases. Understandably so because babies can be more sensitive and might require certain quality products and utmost care. 

On the other hand, there could be a few baby items that you can be pre-loved. A sturdy crib or a stroller that’s still in excellent condition are great finds. Even changing tables could be second-hand. New ones could go for as much as $130. You can definitely buy some used ones in good condition for 70% off of the price.

Bear in mind that these items will be outgrown easily by your child. So it doesn’t really make that much sense to splurge on them, even if you can afford it.

And for clothing, you might have second thoughts about second-hand clothes. But what if your generous givers are relatives and friends whom you know to take care of their clothes well and they’re completely sanitary and hygienic. I guess that would solve your woes then, wouldn’t it?

As for toys and tools, also try pre-loved ones that your kids would definitely outgrow through time. No point in buying toys that are a hundred bucks a pop.

Hey, don’t knock it ‘til you’ve tried it!

Save the old-fashioned way.

With technology comes the newer and better ways to do things in life. And with that, cashless payment is virtually everywhere. No more of those long pesky lines just to pay your utility bills or even purchase a plane ticket. Payments can be made online or through just tapping your debit or credit card at a store.

It’s surely a more safe and convenient way of going about your finances because you don’t have to bring a lot of cash with you wherever you go. Also, it’s easier to check your balances and transactions, giving you ample time to review your financial activities.

However, this has also become a problem. Cashless transactions have made it so much easier to spend as well. Psychologically, you think you aren’t really spending anything because you can’t see actual cash coming out of your wallet or pocket. Easier access to your cash equates to a more fluid cash flow, and this, in turn, makes it so much harder to save.

The solution: have a traditional savings account without any card access or attachment. It has to be an account that requires you to do withdrawals over-the-counter. Having those extra layers of complexity in the transaction will help preserve your savings.

Have two or three accounts that you can manage. One savings account without a debit card access, and the other account or two could be the regular ones that have either a debit or credit card attached to it for convenient payments or spending.

One word that rules them all: BUDGET

Lastly, don’t try to undermine the concept of budgeting. It has worked for hundreds of years and for millions of people. So if you’re not a budget believer, then I still respect you. But don’t ignore the fact that this is the very essence of spending money in the wisest and most efficient way possible.The first step is setting a financial goal. Not having one will make your cash flow shift from one point to another, all depending on what your priorities might be for that particular season. This is an extremely dangerous financial territory because what could seem important to you at age 22 will definitely no longer be important at age 32 or 42.

If you don’t set a financial goal, then as new parents it’s quite difficult to determine a budget. Budgeting is a key financial tip for new parents.Set an attainable financial goal. None of those “I’ll be a millionaire in a year’s time” wishful thinking. It’s not a limiting belief, but just you letting your practical and critical mindset flow. The more realistic you are with your financial goals, the more practical actions and decisions you can come up with to actually reach that goal.As new parents, probably your financial goal is to set aside funds for your child’s day care needs so when you get back to work everything is all set.

Or your financial goal could be to have an emergency fund enough to cover any medical expense for any member of the family. You know how tense these health situations could be. Not having money when that medical emergency comes is like adding insult to literal injury.

Raising a family is one of the most exciting milestones of your life. And having these three budget hacks will bring you to the right financial mindset necessary to lead a stable and abundant life.

Let yourself be guided by these financial fundamentals to get you going in building your financial future and managing your wealth and resources.

Keep in mind that parenthood goes beyond just taking care of your child physically. You also have to be prepared for all eventualities, and having the funds for that will surely give you fewer problems.Have a budget-conscious frame of mind! Take the steps toward this mindset today to ensure a brighter future not only for you but more importantly for your new family.