Thursday 28 April 2016

Finance and Babies.

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Image from Pixabay

Children are expensive. Fact. Did you know that according to this recent BBC news article to raise a child up to the age of 21 on average costs a whopping £230,000 (or more!). How crazy is that, you could buy a decent house for that! I never quite believed it before I had Alfie but once I started to buy things it didn't take me long to realise that actually, yes this is going to cost a fortune. It seems more so with your first child as you are starting from scratch, everything is new or pretty much. With Elarna I already had the cot, the travel system, a huge variety of toys and the car seat. The basics if you like. I did have to get new clothes (obviously!) and I bought a few new things such as bottles, dummies and some fresh bedding but 2nd time around I was definitely pleased that I'd squirrelled away several items, it saved us hundreds without a doubt. My husband did have to rein me in a bit however as I probably would have gone out and bought lots more for her but ultimately I'm glad he did that otherwise I could have spent a fortune! I know it can be really dull to think about saving money and all that jazz but in the grand scheme of things it will stand you in good stead for the future, trust me!

Piggy Bank, Money, Savings, Financial, Economy, Success

So how can you go about saving a few pennies ready for an impending new arrival? Here are a few ideas........

  • How about putting a pound a week in one of those cute money pots that you can't get it out of unless you break it. They can fit up to a £1,000 of £1 coins which would be a huge help in buying a decent travel system or decorating the nursery. 
  • What about setting up a special bank account just for baby? You could set up a standing order to leave your account each month for a certain amount, it doesn't have to be a huge amount just enough to save a little nest egg. 
  • Sell unwanted things! When I was pregnant on both occasions, I don't know whether it was nesting or I just had the urge to sort out but I went through my wardrobe and was amazed at just how much stuff I didn't wear. I whacked them on a selling site and was pleased with the money that I made! It can take a little bit of time but worth it if you want to make a few pennies.
  • Head to a car boot sale. It's not one that I've tried myself but if you haven't got the time or can't really be bothered to list anything online stick it in your car and head t your local boot sale. 
  • What about considering a debt consolidation loan? Prior to falling pregnant I actually considered consolidating some debts, I thought it was a good way of being able to manages my finance's a little better and becoming more in control of my outgoings and spending. 

These are just a few little tips that I hope might help you prepare for your little bundle of joy. Having a baby is a huge and life changing moment so trust when I say being prepared is a great idea. 

How would you go about saving for a new baby?

* Collaborative post.

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