Money Saving Tips for New Parents

We're on a mission to help make parenting affordable - because we know how a cheeky saving here and there can really make all the difference. As well as curating a range of budget balancing baby essentials, we're also speaking to financial experts and parents who understand the importance of making the most of their money. That's why we approached Holly and Laura from @financielle. 

We spoke with Financielle on an Instagram LIVE to find out how you can boss your baby budget, which you can still find here. However, we also asked Holly and Laura to share some of their top tips on how to be more mindful when it comes to budgeting for your baby...

Are there any grants/schemes you can share with others heading on maternity leave?

Check out what you are eligible for when it comes to your employer. There have been some big changes amongst companies when it comes to shared parental leave so it could be a good idea to see if you can split parental leave meaning the woman is less likely to suffer the large financial motherhood penalties that we currently face.

What are your top 5 tips for buying/sourcing the baby essentials?

1. Do your research. Ask family, friends, scour forums. See what people do recognise as absolute essentials and work down the priority list top down.

2. Accept hand me downs with open arms. Babies will sometimes wear items of clothing once, twice or not at all. It's perfectly acceptable to accept hand me downs when it comes to baby items.

3. Create a sinking fund. For larger expenses like prams and travel systems create a sinking fund. This means putting money aside each month for an expected expense e.g. If you know your pram is £700 and you are 7 months away from having a baby you can put £100 away each month.

4. Be tactical. It's very rare that we ever need to pay full price for items anymore. Take advantage of discount codes available to you whether that be for signing up to newsletters, following a social media account or referring a friend.

5. Don't get carried away. Having a baby is very exciting and it's tempting to buy every accessory in sight but it's important to take stock of what your baby needs once it is here. They may not ever need dummies or a swinging chair. Get to know your baby and their needs before making multiple purchase decisions.

Any tips on creating a mini budget for maternity countdown?

Many people budget for the items needed on maternity leave but forget large bills like rent, council tax and other expensive outgoings during the maternity leave period whilst possibly on a 75% wage decrease (SMP in UK). The more notice you have is ideal but failing that sitting down together as a couple and modelling your maternity leave budget is key.

Great tip, thanks so much!

For more expert tips on how to look after your financial wellbeing during parenthood and beyond, follow Financielle on Instagram.

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