Are you looking for ways to balance your budget now that you have a baby? Navigating the financial aspects of parenthood can be tricky because, primarily, the baby’s expenses go beyond diapers and formula milk.
You must consider your little one’s well-being and provide them everything they need, from clothing, food, toiletries, and checkups. It can quickly break your budget if you’re not careful.
No matter where you are in this parenting journey, these ten tips will help reign in spending and help manage your cash flow in the family coffers. Let’s get started.
Contents:
- Map out a realistic budget
- Shop for the best deals
- Buy used or second-hand items
- Invest in family health insurance plans and HMOs
- Breastfeed your baby as much as possible
- Use vouchers and promo codes
- Join a loyalty program
- Buy in bulk
- Avail government benefits or subsidies
- Make use of free resources available online
1. Map out a realistic budget
Of course, having a baby is exciting, but it can also be stressful if you’re not financially prepared. Before buying everything you think you need, sit down and create a budget. Determine how much you can realistically afford to spend on monthly expenses such as diapers, formula, and childcare.
To make it easier, reach out to other mommies in the same boat and ask how much they spend on their babies—this is a great way to get a realistic estimate. After considering how much you should spend, create a budget template on an app or spreadsheet with categories like food, healthcare, diapers, and childcare.
2. Shop for the best deals
Do you love browsing on Shopee or Lazada apps? Make this your way to shop for the best deals, especially if you plan to buy strollers and baby carriers. Pause and compare prices.
You can find the same items for less at another online store or a physical store. You will be amazed at some of the “budol finds” when you browse at a specific time of the day and if different online shops.
3. Buy used or second-hand items
There’s no shame in buying second-hand items; it can save you a lot of money. Use consignment shops, garage sales, and online marketplaces on Facebook for slightly used baby clothes, toys, and gear.
There are various online groups for buying and selling kids’ stuff. However, be careful when dealing with strangers. If you see something you want, offer cash on hand or COD as a mode of payment.
4. Invest in family health insurance plans and HMOs
Having a health insurance plan and HMO is an incredibly wise decision. While it involves a bit of foresight and financial commitment, the security and peace of mind you will get from having a good health plan for your family are worth every penny.
Ask insurance advisors or agents at Sun Life, BPI AIA, AXA, Manulife, and other insurance companies that offer basic health coverage. Premium plans vary, but you can pay monthly, quarterly, semi-annually, or annually.
You can also buy prepaid cards from Maxicare and Medicard, a few of the known HMOs in the Philippines you can check out. You’ll be able to get basic coverage on checkups and lab tests for your little one or spouse. Ask around and talk to other moms with experience with their chosen provider to help you decide.
5. Breastfeed your baby as much as possible
This life hack is the most practical and financially savvy decision ever. Formula milk might seem like an easy and accessible option, but in the long run, it could be costly. Premium formula milk will set you back around ₱3,000 per box, and that’s only enough to last for about three days.
Imagine how much it would cost for a month’s worth of formula milk—you’re looking at hundreds of thousands of pesos. Computing it for two boxes per week for four weeks— that’s ₱24,000 already.
Breastfeeding is a great way to save money since your only expense would be nutritious food for you and your baby. Plus, you won’t have to worry about lugging and storing bottle supplies or joining the queue to buy formula every week.
6. Use vouchers and promo codes
Take advantage of coupons and promo codes when shopping for baby products. You can often find vouchers on Shopee, Lazada, and other online shopping stores. If you have a credit card, you can use your reward points to redeem vouchers that you can use on physical and online purchases.
Additionally, check out weekly sales at the store and look into membership perks many stores offer—it could mean big savings in the long run.
7. Join a loyalty program
Joining a loyalty program as a first-time mom can be highly beneficial. Not only do you receive discounts on baby-related items from the companies you choose to join, but you also gain access to exclusive promotions, expedited shipping, and even points that can be used for future purchases.
Many stores offer loyalty programs with points or rewards for every purchase. These points can add up over time and be redeemed for discounts on future purchases.
The best way to take advantage of a loyalty program is to join BabyMama, Baby Company, and Edamama, who will help keep track of all your rewards and points with their simple-to-use apps.
These programs are great for new moms as they allow them an easy way to save money while ensuring they get the best deals on products they need or want most.
8. Buy in bulk
It usually pays to buy in bulk when it comes to non-perishable items like diapers and wipes. You’ll get a better per unit price and won’t have to worry about running out as often. Just be sure to have enough storage space to keep everything organized.
For example, look for shopping festival sales such as 3.3, 5.5, 8.8, or 12.12 and the monthly payday sales from Lazada and Shopee. After all, what better way to be prepared than by prepping and stocking up, right?
9. Avail government benefits or subsidies
Being a first-time mom can be emotionally and financially overwhelming. However, you don’t have to be intimidated by all of it. Here’s where government subsidies come in. You can save on essential maternal and infant care costs by availing of these benefits.
You or your partner should check with your local health center for free immunizations for your baby, claim your SSS maternity benefits, or even inquire about child-friendly loan options from the government if necessary.
Government subsidies aren’t always heavily advertised, but many programs could help lighten new families’ burden when welcoming a baby into the world.
10. Make use of free resources available online
Fortunately, plenty of free online resources can help – from parenting tips to meal planning to budgeting and investing.
To get the most out of these resources, be decisive about what you go for – sign up for newsletters, take advantage of free educational courses, and access forums to learn from those who have already been through the experience.
Join Facebook groups and interact with first-time moms. Read Reddit forums and research a specific topic you want to know more about.
The wealth of free resources is limitless. The best thing about the internet is that you can network with moms who can relate with you through groups and community forums.
Final thoughts
Navigating the maze of parenthood can be challenging, especially when it comes to finances. As a first-time mom, you must take steps to ensure your family’s long-term financial health.
We hope this blog post provides some essential guidance on planning. So why wait? Take action today and prioritize which tips can make the biggest difference for your financial well-being.
Which of these tips do you think you should prioritize first? Let us know in the comments below.