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How to save money as a first time parent

With a baby on the way, it is all too easy to go overboard and spend way too much money. Despite this, there are a lot of financial demands that come with having a baby but there are ways in which you can save money. The team at Babaloo have shared some useful tips on saving money as a first time parent. 

Maternity Leave – Understand your income

It is important to understand how much you will be paid during your maternity leave. You could receive months at full pay before receiving Statutory Maternity Pay (SMP) which is around 90% of your weekly earnings before tax for the first six weeks and then £136.78 for the remaining time or 90% of your earnings – depending which is less.

For those who work for themselves, you will qualify for Maternity Allowance which is £136.78 for 39 weeks. Therefore, understanding how much you will receive as your maternity pay could govern how much you spend during your pregnancy.

Make the most of freebies

There are many different clubs out there that you can join to receive vouchers and coupons to spend on baby products as well as free gifts. In fact, some of the schemes could help you to save around £50 per month once the baby arrives and £25 during pregnancy.

Many supermarkets carry out baby events where you can buy the everyday essentials for a fraction of the cost.

Take advantage of the NHS

Throughout your pregnancy, you would have come into contact with the NHS. This will give you access to free prescriptions and dental treatment during your pregnancy which can save a considerable amount but you can also take advantage for a year after you have given birth. Once you are in your second trimester you can then make the most of antenatal classes which will help you to prepare for the birth. They are free which is a considerable amount less than the cost of private antenatal classes.

If you are receiving benefits, you could ask about Healthy Start vouchers which will provide you with vouchers for milk, fruit and vegetables.

Take it easy on the baby goods

It is all too simple to go over the top on the spending for your baby. Clothes are often one of the things that can mount up but remember that they grow out of them very quickly. You can buy second hand clothing that is in great condition for a lot less than new clothing.

Take it easy on the maternity clothing

It is common for women to spend a lot on maternity clothing when in reality, they will only wear it for a few months. Therefore, purchase accessories such as bump bands which cover the waistband for trousers making it possible for trousers to last longer while you should consider the essentials such as leggings and maternity jeans only. All of this can be purchased cheaply in supermarkets or you could ask friends if they have maternity clothing they no longer want.

You don’t need it all at once

It is nice to have the shiny new pram or the highchair but in reality you may not need them from the start. While they will become essentials at some point you may not necessarily require a pram from the start if you plan to use a sling. There are also many gadgets that you don’t really need while items such as a Moses baskets can be purchased second hand or even loaned.