Just Had A Baby? Here’s How You Can Start Saving NOW!
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Congratulations! You’ve just had a baby! We’re sure that your newborn has brought a lot of sunshine and happiness to your life. But, are you prepared for the responsibilities that come with it? Caring for a newborn isn’t easy. Some new parents, quite rationally, prepare themselves for the impending spike in expenses, beforehand. However, a lot of them believe that once the baby is delivered, it means an end to the exorbitant hospital bills, and thus a fall in expenditures. True. But this certainly does not mean that you’ll not be spending anything extra at all. After all, you have an additional member in your family. No wonder then that once the initial euphoria settles, most new parents are caught unawares when the expenses continue to spiral upwards. However, it is never too late to start saving. Here are a few ways that you can do so:
1. Buy Baby Stuff In Bulk
The most immediate necessities of your newborn are diapers, bath essentials, baby creams, etc., which are all available in bulk. The good news is that a lot of retailers have now sprung up, both online as well as in your neighborhood, who vie for your attention. In doing so, they offer huge discounts on baby merchandise. Not to mention the many cash-back offers and loyalty programs. So make the most of such programs to save your money on an ongoing basis.
2. Go Slow On Toys And Gears
A lot of expecting parents enthusiastically go on a shopping spree and end up buying baby strollers, walkers, rockers, etc. Your baby might not need all these gears right away. For instance, my son hardly used a walker as he learned to walk all by himself and hated sitting in one. In fact, a walker seemed to be more of a hazard than a help. The same goes for toys. Don’t shop for them unnecessarily. In fact, some noisy toys can actually be detrimental for your little one’s hearing. Not to forget the choking hazards that come with small parts of toys. So, go slow on these. For all you know, your baby might love playing with you more than the toys.
3. Don’t Shy Away From Second-Hands
Most Indian families have always had a good practice of using second-hand baby stuff of either the direct siblings or cousins of the baby. This is because babies tend to outgrow their clothes and baby gear at a rapid pace. Families with kids of similar age willingly share baby stuff such as clothes, strollers, baby chairs, and even some toys. Most parents ensure that such stuff is clean and in good shape when they store it for future use or to give it away. Some of them might also remain unused. So, if you already have a child and expecting another, or someone close to you wants to share their baby’s stuff, we suggest that you don’t shy away from using them.
4. Make Smart Investments
You might think that making investments is not your cup of tea or it is too early. However, such investments prove quite beneficial in the long run. There is no dearth of investment policies that banks and financial institutions offer. You don’t really have to make exorbitant amounts of investment. Do a thorough research and choose a plan that suits your budget. These little investments will make a big difference when your child steps out for higher education. You’ll be glad then that your small savings made such a huge difference.
These are a few ways that you can cut down on your expenses and save your money for now as well as your child’s future. However, before making an investment, remember to read all documents carefully and make an informed decision. Good luck to you.
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