Saving Money as New Parents.

A newborn baby can bring a lot of joy to new parents but that joy also comes with responsibility, and usually with responsibility comes stress. One thing you don’t want to be stressed with when having a baby is money. Money problems can ruin the entire mood of what should be the best time in a couple’s life. There are different solutions that new parents can employ to take care of money problems.

With a little bit of help you will not fall prey to the stress that comes from money problems by following these 10 money tips for new parents:

1.       Saving money ahead of time

It’s easy to save money, you just have to prioritize and sacrifice some conveniences once in a while. For example, you don’t have to take your child to McDonalds so often, but save that money and take him on a picnic. Most of us were used to our mother’s cooking at a young age and even found it more fun and healthy to eat at home.

2.       Save money when it’s plentiful

In the time before your child is born you should make sure to save up as much as you can. In those years when you don’t yet have a child lamps do not break and toys don’t need to be purchased. You should make sure you think ahead of time for when you have the child. Also, with one parent on maternity/paternity leave, your income will be slightly reduced.

3.       Get rid of debt before having a child

Studies show that couples expecting a child that are still in debt fight more than couples without any debt. Arguments about money lead to a bad environment to raise a child and can even lead to divorce. Also, families that save up and have no debt are more stable and become the most caring parents. You should make sure that all your debt is taken care of before having a money as new parents

4.       Don’t refuse help

Most couples refuse hand-me-downs because they want nothing but the new and best for their child, but the truth is that children break things and can sometimes be messy, so if you are offered good clothes, toys or even furniture you should not say no. You will have plenty of other things to pay for.

5.       Know the difference between need and want

One of the best ways to save some money instead is to know when not to waste it . For example you don’t need to go from a baby crib, to a toddler size and then to a normal children’s bed, you can easily skip the toddler size. Another good example of saving money is by not spending it on something you get for free. For example, you don’t have to buy a swing for your back yard when the the park is nearby. Even better, you can do it yourself if you are far away from a park.

Letting your children know the difference between need and want when they are young will teach them what true value is. Giving your children an allowance and letting them spend it on what they want will also teach them how to prioritize and not be wasteful.

6.       Short on money? Try a payday loan.

If you are having money problems and think about cutting down on the essentials just to able to get to the next paycheck you should think about payday loans. You should not keep essentials from your child. A short term loan will help you until your next pay day.

7.       Take a look at your health insurance policies.

If you and your partner both have health insurance, you should check which one offers the best protection for your child. If buying a new insurance plan provides better coverage for your family you should do that. If you don’t have any health insurance, you should think about getting one soon if you are a new parent.

8.       Make a will.

The last thing you want to do when you are a new parent is to think about who will take care of your child if you are no longer, but the truth is, getting this sorted out as early as possible is best. A will can save your child from awful guardianship proceedings if something were to happen to you. Knowing who the legal guardian of your child will be can be very reassuring.

9.       Think about life insurance.

Life insurance can be a very helpful tool for new parents because of the wide range of situations it can protect your family from. Depending on the type of policy, you can use it to protect your family against loss of income, the death of your spouse but can also be used to provide an inheritance for your children and many more.

10.   Make sure your paperwork is in order.

After you have checked health and life insurance of the list you should make sure the other paperwork is in order. What the other paperwork means is a living will, a healthcare proxy and the services of an attorney. These should be taken care of early so you don’t have to think about them later.

This article is a top 10 tips type of guide for new parents. One of the solutions for handling money problems is by purchasing life insurance and taking out payday loans to help for short periods of time.


  1. Susie says

    Great advice here, especially #5. I am a mother of three, and with each child’s infancy, I pared down our “needs list” more and more. When our first baby was born, we were sure we needed changing tables and swings and bouncy chairs…all kinds of plastic stuff. By the third baby, we realized, we needed two things, really: a car seat and a sling.

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