Tuesday, 16 June 2015

Babynomics: Budgeting on Maternity Leave

Babies may be teeny tiny, but they sure come with a heavy load of stuff: 
from sterilising equipment to baby bouncers and buggies to car seats, 
baby's paraphernalia can be bulky and very costly. 

In a recent report, the Centre of Economic and Business Research  
estimates that the cost of raising a child to age 21
has risen above £225.000. 

This means that parents must plan carefully their finances,  
especially during those first months of maternity/paternity leave 
when the family's income gets stretched. 

A Mum in London

Smart Buys 
Try not to buy in advance 
everything you see on those "Baby Must-Have" lists; 
most of these items are unnecessary and will clutter your home. 
In fact, babies need only a few things 
during the first months of their life. 

Hand-me-downs 
Babies outgrow their clothes fast and there's no need 
to invest in designer rompers that Baby will wear once or twice.
Hand-me-downs from friends 
and second-hand equipment like bouncy chairs and toys 
from charity shops are they way to go. 

Bulk Deals 
Nappies, wipes, formula milk, baby toiletries: 
all these can cost a small fortune in the long run. 
Luckily, all big supermarkets hold 'Baby Events' regularly, 
where they offer discounts and deals on most baby products, 
while large retailers, like Amazon, offer discounted prices on nappies and wipes.
Advice: once you spot a deal, buy in bulk. 

Planning for the Future
That tiny little baby won't be tiny for long. 
Planning for their future and protecting them
is a matter to be considered when you start a family. 
By putting a small amount of money on the side each month for their studies
or by getting a life insurance which can start from just £6 per month, 
you make sure your loved ones' future is protected. 

Helping Hands 
During the first month, life with a newborn can be tough. 
Do not be afraid to ask your relatives to help out: 
by cooking a meal, doing the ironing or babysitting 
you save money and feel supported. 

Disclosure: In collaboration with

4 comments:

  1. This is a great post! Really helpful for those on their first. And goodness, £225k is very, very daunting, yikes!

    - Farrah

    ReplyDelete
  2. Thank you, Farrah! And yes, £225.000 per child is very, very daunting indeed!

    ReplyDelete
  3. Great tips! I completely agree about not buying everything before they're born, I literally used about 4 things for the first 12 weeks, everything else was just clutter and space stealing! I also buy loads of second hand clothes for William because he's not in something long enough to justify some of the prices. Saying that though I will splurge on one or two cute outfits for each age range ;) xx

    ReplyDelete
    Replies
    1. I do splurge on cute outfits too, and tiny shoes as well!

      Delete

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