First-time Parent? Here are Some Money-Saving Hacks For You

Parenthood is one of the most exciting and rewarding experiences in your life. But, it can also be the most overwhelming – and money issues can easily become one of your top concerns. Sure, other parents may have warned you about the financial pressures that a child may bring. Yes, you have a budget all laid out. You’re making it work. But, little do you realize that you’re living from paycheck to paycheck, with little to spare for emergencies or your child’s future.

Don’t worry – you can still save money! Here are some money-saving hacks for first-time parents like you:

Shop early

The great thing about kids is that you can predict what they will need in the next few months or years. Shopping during clearance or end-of-season sale events will help you save money on clothes, shoes, and essentials. So, grab that 70% off sundress now in a bigger size, for your daughter to wear next summer.

Consider cloth diapers

An average child uses approximately 2,500 to 3,000 diapers each year. That’s a lot of money! Plus, diapers aren’t eco-friendly, which is why some people use cloth diapers for their children. Reusable cloth diapers will let you save your money and the environment.

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While cloth diapering is becoming more popular nowadays, it’s not the most comfortable option for a lot of parents. Thankfully, there’s still a way for you to save money on diapers and other essentials – buy them on sale and in bulk!

Buy sale items in bulk

With “mommy fairs” and “baby expos” happening every so often, you can get great deals on diapers, baby food, and other items you may need! Don’t hesitate to buy them in bulk, because you’ll surely use them all up. You can even purchase some in bigger sizes for your baby to wear the following year.

Think of it as an investment – if you’re low on cash at the time of the sale, consider online loaning so you can buy as many diapers as possible. You’re getting them at a discounted rate and avoiding future price hikes, so make sure not to forgo that opportunity.

Ask for hand-me-downs

(Image source: Huffingtonpost.com)

 Your child will quickly grow out of their baby furniture, clothes, and toys that it’s highly impractical to buy them brand new. Ask your friends and relatives who have older children for any hand-me-downs they can spare.

Get insurance

Life insurance nowadays is structured with variable unit linked investments (VUL). Purchasing life insurance for yourself will not only protect you and your child from unforeseen crises but will also help you save money. Think of it as forced savings – you’re required to pay for your life insurance every month. But in five or ten years, you can borrow or withdraw from your VUL in case you need the money.

Give your child allowance

Giving your child an allowance at an early age will not only help you avoid tantrums while you’re at the mall but will also prevent you from impulse buys. This also teaches your young ones the value of money by giving them an allowance when you’re out shopping.

Resell your child’s stuff

Over time, you would have amassed children’s appliances, clothes, shoes, toys, and other items.

If your child has grown out of it already, and you don’t plan on having another baby anytime soon, sell them online or hold a garage sale. That’s an excellent way for you to earn extra income that you can add to your savings or emergency fund.

First-time parents often forget to build a savings and emergency fund because they focus their energy and resources on making sure that their child gets the best of everything. It’s especially difficult when you’re just starting to build a home.

For such cases, availing an online loan is a convenient solution. Cashalo offers quick and easy online loans at a low fixed monthly interest rate of only 4.95%. If you need a home upgrade and other essentials for your growing family, you can shop in 0% interest installments using Cashalo in select stores.

Simply download the Cashalo app and complete your account profile. Once you’re done, you can then apply for a cash loan or 0% basket financing righ away!