Welcoming a new baby is an incredible experience, but the reality of raising a child on a budget is something many new parents face head-on. Whether you're a single mum or simply navigating new parenthood on your own terms, taking control of finances can feel overwhelming. Fear not! With a smart approach to budgeting, you can ensure your baby has everything they need without emptying your wallet.
1. Understanding Your New Budget
When a new baby arrives, your budget and expenses need a reset. Start by jotting down all essential monthly expenses such as rent, groceries, utilities and then add the “baby must-haves” such as diapers, formula and clothing. Consider creating a simple spreadsheet or using a budgeting app which will give you a clear view of where your money is going and help you adjust when necessary.
Diapers | Around $2.16 daily for newborns, which increases to $3.30 as your baby grows |
Formula Milk | $50 per tin, with most babies needing three tins a month at six months old |
Healthcare | Pediatrician visits are crucial, costing around $120 each. With approximately 8 visits during infancy, the bills add up |
Figures taken from Seedly.
2. Prioritise Essentials Over Wants
Before adding that designer stroller to your cart, ask yourself: “Is this something we really need?” Yes, baby stores are full of adorable items, but babies actually need only a few basics.
Tip: Diapers and Wipes: Keep plenty on hand.
You’ll go through about 4–6 diapers per day.
3. Shop Smart with Second Hand Options
You don’t have to pay top dollar for baby essentials. Shop savvy by looking for sales, using coupons and exploring second-hand options. Many pre-loved items like strollers and playpens can be available for a fraction of the original price.
Tip: Join parenting groups online where you can find reusable second-hand items from other parents.
4. Create a Baby Fund
A baby fund can be a lifesaver especially when unexpected expenses arise. Set aside a little money each month and soon those small sums will add up to a sizable pool which will come in handy in an emergency or when your bundle of joy grows each day and you need larger-sized clothing, new toys and a larger variety of food to suit baby's needs.
Tip: Start with manageable goals like saving $20 a week.
By the end of the year, that’s over $1,000 in savings!
5. Embrace DIY Baby Solutions
Sometimes the best solutions don’t have to come from a store! DIY is a great way to cut costs and add a personal touch to baby items. For some healthy homemade baby food without the costs of paying for expensive jars of baby food, you can also easily blend fruits and vegetables at home.
Make Your Own Baby Wipes: Grab some paper towels, baby soap and water for a cost-effective DIY solution that's easy to make.
6. Tap into Community Resources
Libraries, for instance, often offer free classes for new parents and there are many support groups where you can find baby supplies for free or at a fraction of the cost. Utilising these community resources is like having a support squad that can help you lighten your financial load, so you can focus on enjoying time with your baby.
Tip: Look into parenting groups that might offer free or discounted baby supplies, classes and even babysitting services.
7. Keep Track and Adjust Regularly
Babies grow fast, and their needs change just as quickly. Bought too many onesies in a single size only to have your baby outgrow them in a month? No worries. Set aside time every month to review your baby budget and adjust as necessary.
Check out Part 2 of Manage Newborn Expenses Like A Pro here.
*Information in this article is not to be treated as medical or financial advice. All budget figures taken from Seedly.
Comments