Although a new addition to the family brings absolute joy, it also brings an onset of new expenses. Now that you have diapers and formula to pay for, some of the other luxuries you allowed yourself are too expensive for the budget. And even though you feel as though you have cut back everywhere you can, the expenses continue to pile up.
Here are six money strategies that can help to reduce the financial strain:
One of the biggest expenses families face is the cost of the utility bill. Now that you have a new addition to the family, you are expending more energy—in yourself and in your house. Look to reduce energy costs by finding a less expensive power provider. Look to a new company that can provide you with a less expensive bill yet still manages to cover your entire home and business electricity needs.
Be quick to turn off all lights, appliances, or fans that are not being used, as that can save you hundreds on your electric bill each year. Likewise, since a new baby means lots of laundry, consider washing all of your clothes in cold water. Roughly 90 percent of a washer’s cost is due to heating up water. If you wash in cold, you spend next to nothing.
2. Pick Gender-Neutral Items
Although it can be fun to select gender-specific colors for your child, gender-neutral colors can be used for any future children. That will save you the big bucks, especially if you use that strategy for expensive items like strollers, car seats, and high chairs.
3. Baby Food
Once your child is old enough to eat baby food, skip the store bought stuff and make your own. Baby food is essentially pureed fruits and vegetables, which can easily be done with a quality blender, food processor, or baby food maker.
4. Convertible Gear
One of the best inventions new parents should capitalize on is convertible gear. From cribs that turn into toddler beds to strollers that double as a car seat, you can find gear that will grow with your children and save your budget. These types of products reduce the total number of items you need to purchase, which will significantly cut down your costs.
Even though baby companies make a big deal about the importance of using baby products like shampoo, soap, and detergents, you can actually share your own with your child. While you will want to ensure all products that come into contact with your baby are gentle and free of irritants, most adult-branded items work just as well as those marketed for babies.
6. Family Help
When it comes time for you and your spouse to go back to work, or when you simply need a night out with each other, skip the babysitter and call up a family member. Usually, they will be happy to help, are trustworthier than someone you do not know as well, and free.
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