Having a new baby can be such a joyous occasion. Although there are added expenses to consider whenever there is a new addition to the family, there are different ways to save money and cut down on expenses.
Take advantage of free samples
Free samples of formula, diapers, and other baby items are available if you know where to look. Check manufacturer websites and social media profiles, or call the hotline number and ask if it’s possible to receive a free sample. Additionally, hospitals have these freebies on hand for new parents, so don’t be afraid to ask.
Manufacturer coupons in your local newspaper and online can potentially save you hundreds of dollars each month on essential baby items, including formula, diapers, food, and more.
Take advantage of sales
Check your local grocery store’s circular each week to see when baby items go on sale and stock up. In general, stocking up on essentials for your family when they’re on sale can save a bundle and lower your expenses overall.
Purchase diapers in bulk
You’re going to be going through a lot of diapers, so if you are unable to purchase them on sale or with coupons, at the very least, try to purchase them in bulk. The cost per diaper will be cheaper when you do this.
Make your own baby food
Instead of purchasing pricy baby food at the market, make your own with fresh veggies, fruit, and a small food processor.
Look into secondhand stores and yard sales
Sometimes, you can find baby clothes and other items that are gently used or even new for a low price.
Purchase generic and store brands
Another great way to save money at the grocery store is to skip brand names. Instead, opt for the less expensive generic and store brands, which are often not much different (or even identical) to the brand name versions.
Take advantage of tax deductions
Ask an accountant or financial expert about any tax deductions you may be eligible for when it comes to childcare expenses.
When a new baby comes, it can be difficult to keep up with monthly expenses, in addition to the extra expenses that a new parent has to face. It can be especially stressful if you are a single parent, or if you have to deal with a loss of income after becoming a stay-at-home parent. If you are working, daycare and babysitting services can also be very costly. At Peachtree Financial Solutions, we can provide you with the lump sum cash payout you need to pay for your expenses if you choose to sell payments from your annuities. Contact us today to learn more about how you can sell annuity payments for cash now and to receive your free quote.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.