Being a new parent is so exciting. Your life is so full and rich with your smallest family member, and you’ve got so many amazing life-moments ahead of you. That being said, being a new parent can also be expensive.
Even if you planned ahead and budgeted for your miracle, you may be finding that your pocketbooks are emptier than usual. This new little human will require money for at least 18 years or more, so you’ve got to start saving money in the places that you can. Here are five money-saving tips for new parents that can boost your finances.
1. Get new clothes at a reasonable price.
Children grow like weeds. For years, you’ll be buying new outfits constantly to keep up with their growth spurts. This can get expensive if you’re not careful. Even at places like Target, you’ll be spending $20 on almost every new article of clothing before tax. Also, it’s difficult to have children try on clothes at the store. If you’re eyeballing for size, you may end up picking out something that won’t fit until next year. If you end up keeping this piece for when your child is big enough, that’s just more money you’re spending upfront. To circumnavigate this frustration, you can actually get monthly subscription boxes for kids from companies like KidPik that have clothes that will actually fit.
KidPik can send you a new box every one to three months, depending on your needs. You don’t pay a styling fee, like other subscription boxes, so the whole process is absolutely free unless you actually find pieces that you and your child love. Each full box is only 95 dollars, including shoes, because you get 30 percent off if you buy the whole box. That makes each article of clothing only about $13.50, which is a very reasonable price. The clothes are actually picked out by stylists according to a quiz you and your child take, so your child’s clothes are sure to be both cute and fashionable.
2. Save at the pharmacy.
If you take any kind of prescription medication, you know how expensive it can be. Even insurance sometimes doesn’t cover it entirely. Since your prescription is an expense that isn’t going to just magically go away, you have to find ways to make the best of it. You can do this by signing up for a prescription savings card.
USArx allows you to sign up and register for a free discount card through their website. All you have to do is print your savings card and you’ll be able to save some money the next time you go to pick up your prescription. Their website allows you to look up where this card will be accepted, and you can switch where you have them filled if your usual spot isn’t on the list. The card is accepted nationwide by many large pharmacies, like Kroger, Target, and CVS, so you shouldn’t have an issue finding a place close by. When you go for pick up, they’ll apply the card and your insurance, ultimately saving you a considerable amount of money over time.
3. Call in a favor.
Babysitters are expensive, but it’s important for you and your partner to find time to be alone. You want to have a healthy relationship, but you might also be hesitant about paying someone to watch your child. Sometimes your own parents just aren’t available to babysit. In that case, think about your whole network. Is there someone you can trade a service with for childcare? Is there a friend who’s willing to watch your child occasionally just because they love you and babies? Tap into your social resources when you can.
4. Utilize rewards programs.
You’re going to be spending a lot of money on baby gear like clothes, diapers, bottles, formula, and so much more! Although you may have already budgeted for those items, consider purchasing them on a credit card that has a rewards program. You can immediately pay it down so that it doesn’t accumulate interest. While you do this, you’ll get closer and closer to a reward, like Disney points or airline miles.
5. Take a look at your student debt.
Have you tried to refinance your student loans? If not, now might be a perfect time. You might be able to get a lower interest rate, which means a lower monthly bill. You can use the money you save on your student loans and put it in a college fund for your little one.