You’ve just had a baby, and now you’re expected to pay for everything, from diapers and formula to childcare. Babies are known for being expensive, but that doesn’t mean you have to struggle with your finances. Here are a few helpful tips to help save money as a new mom.
Save Money as a New Mom
Buy Second-Hand Baby Clothes and Gear
New moms can start saving their money by buying second-hand baby clothes and gear. You can do this by shopping at consignment stores or asking friends and family if they want to swap with you. The best way to find out about all the different options available to you is by doing research online.
Assess Your Debt
Debt is a known savings killer, so it’s important for moms to tackle as much of it as they can. Student loans are notorious for racking up a large amount of it in a short amount of time. However, you can take control of your debt pretty easily. All you need to do is refinance student loans, which is simply turning it into a new and more favorable loan. This can reduce your interest rates and how much you have to pay overall.
Trade in Your Car for a More Fuel-Efficient Ride
If you have a car that isn’t fuel efficient, it’s time to trade it in. Whether you’re looking to buy new or used, consider trading in your current vehicle for something more affordable and economical. In fact, did you know that the average household spends $2,000 each year on gasoline alone? If you can get a more fuel-efficient ride, it may be worth the cost of changing vehicles.
Ditch the SUV
Many people opt for an SUV because they think these vehicles are safer than other types of vehicles or because they feel like they need extra space when transporting children or their pets. However, this isn’t always true as you might only need an SUV if you regularly carry passengers who weigh over 300 pounds. This is usually the case with larger families who frequently travel together with their kids and/or pets.
Shop for Food Online
One of the best little ways to save money over time is by shopping online. You can find great deals on diapers, baby clothes, and other necessities by setting up an account with a site like Amazon. However, don’t forget that shipping costs may make this strategy less effective than you’d hoped. To avoid this problem, shop at local farmers markets for food items you can get items fresh off the truck or in your own community.
If you’re ready to stock up on things like baby wipes or formula but don’t want to pay full price, look for coupons online before making a purchase. You might even be able to buy them in bulk at places like Costco since they often give discounts when buying higher quantities. You might also want to consider taking advantage of deals offered through apps, like Groupon. These services offer discounted gift cards for local businesses that often carry products for babies at reduced prices.