Posted by Preloved
Estimates may vary on the cost of a new baby and growing toddler, but there’s a general consensus that it can run into the thousands. According to figures from the Family and Parenting Institute, new parents are set to lose over £5,000 in financial support in the first year of their lives, while the average cost of raising a child to a 21-year-old is an eye-watering £200,000!
It all means that the growing costs of having a new baby, particularly in the current economic climate of recent cuts to the various financial packages for UK families and rising inflation, is making more parents increasingly feel the pinch.
Parenting expert, Becky Goddard-Hill of Baby Budgeting joins us in giving you some great advice to make sure your new bundle doesn't cost a packet. And if you have some innovative ways to save money, share them with others in the comments section below or head over to our 'Children's' forum in Preloved People.
Buying second hand items for babies and children is easily one of the most effective ways of stretching your money further. The needs of young children change very rapidly so it means that there are thousands of other parents who are always selling items that have hardly been used and are real bargains.
While there’s an endless array of things that parents can buy for their new-born, they can easily meet most of their baby’s immediate needs without breaking the bank simply by sticking to the essentials. Our top baby buys are:
To avoid any unnecessary purchases and impulse buys, take some time to make a household budget, and stick to it!
There are plenty of bargains to be found online, from cost comparison websites to the best in second hand shopping at Preloved. Meet up with a Preloved seller or chat in our forum and you can share money-saving ideas and experiences with each other. Check out these money-saving sites for more ideas on how to make your money work harder:
Buying for baby in bulk is a great way to save money and reduce the costs that can come with making individual purchases. Many parents bundle up baby and children’s clothes for sale, so it’s the perfect way of getting more while paying less.
Children, of course, love toys and just can’t get enough of them! Every parent has experienced the ‘pester power’ of being in a toy shop while their toddler pleads for the latest expensive toy or game. But as children quickly move on to the next craze, bedroom cupboards and the space beneath beds soon become rammed with forgotten toys. Two great ways to make and save money is to sell those that are no longer wanted for free, while snapping up some nearly new toys as replacements!
Naturally brimming with excitement, most expectant parents will enjoy doing a little nest-building in preparation for their new arrival. By rolling up your sleeves for some DIY home improvements - a lick of paint, some wallpaper, a cot and a colourful mobile can soon transform a bedroom into a lovely nursery – you can save money while creating a safe and cosy environment for the new addition.
Leading parenting blogger, Becky Goddard-Hill hosts the blog, Baby Budgeting, which is packed with products reviews, articles and tips on saving and making money when you have a young family. Baby Budgeting also has lots of competitions to help cash-strapped parents. Becky is author of the book, ‘How to Afford Time Off with your Baby – 101 Ways to Ease the Financial Strain’, which offers guidance on creative budgeting from pre-pregnancy to pre-school.
Here, Becky shares some of her top money-saving ideas for new parents, her essential buys for new babies and advice for working mums.
Working mums need to budget too… They have hefty childcare fees to pay and baby stuff to buy. Here are my tips for working mums
Ensure the item is safe and check it thoroughly for splinters, missing screws, etc
Clean thoroughly and disinfect where appropriate
Remember – the best thing for a baby is that his parents are debt light and unstressed. This is far more important than parents stressing and stretching themselves to buy everything brand new.