What Young Families Can Do To Save More Money
Whether you have more than one child or you’re a first-time parent, babies are expensive and there’s no way around it. Building your family is probably a dream come true for you, but it doesn’t go without any complications.
Luckily, there are many tricks to make the transition a little easier for you to handle on a budget. Here’s a quick guide on how families can save money, especially with a newborn.
Avoid Eating Out
Eating out is more convenient than taking the time to prepare and cook a meal, but it is more expensive. When you have a newborn at home, you can’t afford to go without any essentials. Find as many sales as possible in your local grocery stores. Your days and nights may run together with a newborn in the home, but most of your money will remain in your wallet when you don’t eat out all the time.
Try making freezer meals a couple weeks ahead of your baby’s arrival. This way you’ll have the time to make good, healthy meals before the craziness of the baby takes over, and you’ll have fewer chances to give into the temptation of ordering out.
Breastfeed Your Newborn
If you can, breastfeed your newborn as well. Your breastmilk is free and, according to studies, offers a lot more nutrition to help in your baby’s development.
Formula milk is expensive whether you buy a branded or generic formula. It can cost more than $100 each month which translates to $1,200 per year. You can keep this money in your pocket by breastfeeding your newborn.
This, however, is not to say that women who cannot breastfeed are inferior or that every woman will be able to. But, if you can breastfeed, do it if you want to save a lot of money.
Getting A Home Loan
Getting a home loan can save you money from renting, especially when you receive your loan through a credit union. Credit unions have lower fees than traditional banks and they offer some of the best home loan rates. They can help you stop living from paycheck to paycheck.
Use a Mortgage Calculator to see how this option could help you save. You can refinance in some circumstances, or even get a house that better fits your new family before you give birth. This can help you adjust more comfortably and keep your wallet less strained.
Receiving Government Assistance
Government assistance is provided for low-income families. You may qualify for food stamps (SNAP) that pay for the cost of your food. Formula milk can also be purchased with SNAP benefits or WIC (Women Infants and Children).
Another government assistance program is Medicaid, which pays for your children’s medical expenses. You’ll have to check if you qualify for any of these first. Check with your doctor and insurance provider to see what you might be eligible for.
Avoid Overloading on Baby Clothes and Accessories
Everything about babies is adorable, including their clothes, toys, baby bags, and other accessories. To save money, however, buy no more than 10-15 outfits.
Babies grow quick and the clothes you buy today will be too small within the next two weeks. Instead of buying, you can try looking for hand-me-downs from relatives your baby can use. Then, send off gently used ones to other newborns when your baby grows.
Have A Baby Shower
Traditionally, people have a baby shower before the child arrives, but think outside the box and do what’s best for you. Having a baby shower after the baby is born avoids a lot of guesswork and unused gifts. It can also help you save money on baby items, such as bottles, formula, diapers and clothes.
Saving money when you have a newborn in the family causes you to change the way you do a few things, but this task is not too difficult to achieve. Following these tips will help you save as much money as possible.
Information for this article provided by University Federal Credit Union who offers Mortgage Calculator apps and some of the best home loan rates in Salt Lake City, Utah.
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Author: Eileen O'Shanassy
Eileen O'Shanassy is a freelance writer and blogger based out of Flagstaff, AZ. She writes on a variety of topics and loves to research and write. She enjoys baking, biking, and kayaking. Check here for more information on getting better home technology and security. Check out Eileen's Twitter @eileenoshanassy.