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5 Money Hacks for First-Time Parents

Becoming a parent for the first time is both exhilarating and frightening at the same time. In most cases, many first-time parents are so carried away with welcoming their newborn that they focus on finding the baby’s name, setting up a nursery, getting the clinic attendance right, and shopping for the kid’s clothes. Most parents hardly think or plan about their finances when having their first child, even though it is imperative.




kid standing on tool learning about money

1. Plan Ahead

Having a baby on the way is a huge milestone in your life. When your new bundle of joy arrives, you will notice huge differences in your family’s budget, and therefore, you'll need to be well prepared. Sit down with your partner and discuss the state of your finances and how you plan to care for the child. What type of care will your finances afford for the child? Do you know the various expenses you will face? Will you need to hire a nanny for the kid?


Brainstorm as many questions as possible and create a financial plan to guide you through. It doesn’t need to be complex; just make it practical.


2. Shop Smart for Clothes

You have probably heard before that babies tend to outgrow clothes very fast, and it’s true! What your child will wear in the first month will probably be obsolete by the third month. Therefore, they buy their clothes at intervals and only on a need basis. By purchasing too many clothes at a particular stage, you are just throwing your money down the drain.


Also, take advantage of baby clothes such as Onesies with snap extenders that can extend length-wise as your baby grows to serve them longer. Thrift stores, consignment sales, and garage sales are also great places to shop that will save you huge bucks on kid’s clothing. Many moms find brand-new or used but top-quality clothes here at very low prices.


3. Scavenge for Your Kid’s Gear on Local Classifieds

Some baby items, such as strollers, car seats, and baby swings, can be incredibly expensive to buy brand new at the store. Find those highly-priced items in your local classifieds to avoid hurting your pocket or buying expensive gear that will only be used for a few months before becoming obsolete. You may get a stroller worth $600 for only $200 from a family whose kid has outgrown it and is looking to dispose of it. This will save you hundreds of dollars without sacrificing quality.


4. Consider Doing a Social Media Shout-Out

You can never underestimate the power of social media. Do a shout-out on social media asking friends and relatives if they have kid items, gear, or toys they would like to get rid of or loan you for some time. Many moms are willing to help others, particularly first-timers, with items they no longer use. One of my friends gave away a booster seat, stroller, crib bedding, six bags of clothing, and toys to her two friends with younger kids.


5. Be Practical With the Nursery

First-time parents often get it wrong money-wise with the nursery because of the obvious excitement. A $900 crib, a $1,300 glider, a $1,000 wall painting. Consider everything in the nursery that will have to go in a year or two and see if it’s possible to do away with them or adjust them accordingly. Think of how a two to seven-year-old will use the room over time, the changes that will need to be made, and their costs. For example, a convertible crib can become a toddler and a big kid bed over time.


Raising a child for the first time can drain your pockets, but with the right planning and parenting tactics, you can balance money saving and quality care for your kid.



Invest In a Life You Love,

Donovan Carson - founder of Carson Capital



 

Donovan-carson-founder-carson-capital

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