Having children is a beautiful experience that can be exciting, interesting, insightful — and expensive! First there are the dirty diapers; then you’ll be amazed at how quickly your children will outgrow clothes and get through your weekly load of food shopping. That’s before you even start thinking about toys, days out, birthday parties, nursery and school supplies, and the many other things you come across on your parenting journey.
Yet, there are ways you can save money. You can also just keep a careful eye on your finances and put away funds for treats, or even start saving for a special occasion. Below are some tips to help you financially.
Have a Budget and Track Expenses
Creating a budget is paramount. You can get enthusiastic about buying items for your child if you are a new parent, but if you want to prevent overspending while making sure you and baby have all that you need, then you should have a budget.
Your budget should be realistic and reflect your new lifestyle as a family. If it is flexible, then you’re more likely to keep to it. But don’t worry if you struggle to stick to it at first. You may need time to adjust until you have established a budget that fits your needs.
Tracking your expenses is important too, as you can see where most of your money goes. You’ll need to break down your income, monthly bills, savings, and any other expenses.
Now’s the time to start using coupons if you haven’t tried them before. You can check out your local newspaper, but the Internet is a better resource for them.
Coupons can be a great money-saving tool. Getting 5% or 10% might not seem like a big saving, but they will add up over time. Try having a look at places such as Kohls coupons to get some great savings online.
Stop Using Services You Don’t Need
You can drastically reduce your bills and add to your savings this way, such as switching from cable or satellite to a streaming service. This is one of the quickest ways to free up funds.
Other items you can have a look at include:
- Home internet prices
- Gym membership fees
- Cell phone services and plans
- Multiple streaming services
Change How You Give Gifts
Making handmade and homemade gifts are another great way to save, as are offering gifts of time and experiences. Think of those toys that have been touched once and rarely played with again. Wouldn’t an afternoon spent making memories be worth more?
Eat at Home
When you’re a busy family and going from place to place, it can be easy to stop and get something to eat. However, it can add up quickly. Also, you might find that you spend the same amount at the food store as you would if you eat at home or out at a restaurant — even though it’s extra food. If you’re tracking your spending, you can see where you can make changes to your budget.