During a first pregnancy, purchases associated with the arrival of your baby can become expensive. Additionally, your household income will decrease for several months. Because of this, many parents have to be wise to make ends meet.
Here are some of the best ways how!
Dress your baby for less…
As a new parent, your new job description includes a chore that can become annoying over time – listening to advice from others. About any topic, at any time of the day!
But one thing is for sure. Your children will grow fast! So don’t spend a fortune on new clothing. Find cheaper options at second-hand stores, from parent groups on Facebook, ads in the paper or from your cousin who wants to get rid of her lightly used pyjamas from her last baby.
New Reality, New Budget
Your parent role comes with a new lifestyle, a new schedule…and a new budget. This about re-evaluating your budget planning based on your new family reality. If you are scared of this task, you might be surprised by the results. You can make savings, even with a new baby!
Yes, you might think you are buying a trailer load of diapers each month. But your budget line for nights out and restaurants will have shrunk considerably. Why not shift those amounts to where it matters for you. You will likely have to plan for lower income during your parental leave. On the other hand, don’t forget that during this period you will have lower costs associated with your job…transportation, parking, business clothing, restaurant lunches, breakfast on the run in the morning, etc.
Take Advantage of Government Programs
Learn about new programs and tax benefits you can use for your child. Federal and provincial child benefits, tax credits for daycare, etc.
Think about taking advantage of government grants offered for educational savings. Did you know that the amounts you save in a Registered Educational Savings Plan (RESP) are increased by 30-60% with these grants? This makes RESPs a great way to save and grow your money tax-free!
Welcoming a baby comes with many changes, and the wallet is not safe. But there are many ways to stretch your dollar, whether by becoming a second-hand clothing specialist or saving for your newborn’s studies.
And don’t give up – children grow up fast!
The Baby Expert