Having a baby is an expensive time in anyone’s life, but what about those who are determined to continue saving money? It might seem impossible, but building an emergency fund and maintaining savings is possible with a new baby. Whether you’re saving for a car, a deposit on a home, or simply don’t want to spend too much now that your new arrival is here, this blog can help you to feel more secure in your finances. Filled with tips on how you can start to save a bit more, you should feel more confident after reading it.
Check your bank account
Being with the wrong bank can mean you’re missing out on some great interest rates. Lots of new parents find it hard to save with a new baby, so the least you can do is make sure the savings you do have are working hard for you. If you haven’t changed your bank account provider in years, chances are there’s a better deal out there for you. Do a bit of research, read a chime review or two and explore your options both within and outside of the high street. Sooner or later, you should find a bank account that works for your needs and helps you to save more money.
Make the most of gifts
Your friends and family probably all want to buy a gift for the new baby, so try to make sure it’s something you actually need. If everyone buys your little one a cuddly toy, you’re still going to have to buy them clothes and blankets. Try to ask for something a bit different from everyone, or have a list online that people can pick and choose from. If you’ve received a lot of clothing gifts, ask relatives to buy them in a bigger size for when your little one grows in a few months. Most of your loved ones will be more than happy to help out.
Babies grow so quickly that it can be expensive to buy brand new clothes for them every few months. There’s nothing wrong with buying some second-hand pieces and then washing them at home. Shop around online and in-person to find the right selection of clothes for your little one and, don’t forget, you can even sell them on again once you have no use for them. You can even find lots of educational toys and books for sale in thrift shops, just make sure you wipe them down if you’re worried about them not being clean.
Cut down on expenses
Your life changes a lot when you have a new baby, so it’s the perfect time to cut back on unnecessary luxuries. Cancel that subscription box you rarely use and really think about that gym membership you pay for each month. While it’s good to treat yourself even once you’ve become a parent, think about what your priorities will be for the next year or so and adjust your budget.
Saving money takes time and effort, so start your journey today by clicking here and learning more about the services Chime has to offer.