Financial Tips for new mums
A baby brings with it a wealth of new and exciting experiences, alongside a stream of new and daunting responsibilities. But fear not! Here are 5 financial tips for new mums which mums can follow, so as to ensure that their little bundle of joy doesn’t accumulate a not-so-little bundle of debt!
There are a myriad of different baby products on the market today, all of which promote themselves as fundamental to your baby’s development. In order to avoid unnecessary expenditures on these products, create a list of essential items and stick to it whilst shopping. If the item isn’t on the list, then don’t buy it! This will help you to differentiate between what your baby needs, and what your baby would look cute in!
2-Create a savings scheme for your child’s education
The phrase ‘they grow up so fast’ has real relevance here. If you plan for your baby’s future now, then you can sufficiently prepare them for educational expenditures and their subsequent working life. Allocating as little as £50 a month into a savings scheme or college fund can help both you and your child in the future when faced with substantial student debts.
3- Investigate your financial entitlements
Find a qualified accountant or financial planner, such as Pinnington Law, with whom you can discuss the intricacies of your financial situation and entitlements. These legal and financial experts can offer you advice on how to best allocate your funds, as well as notifying you of any entitlements and tax benefits for which you may be eligible. For example, when your baby is born you are eligible for either Paid Parental Leave or a Baby Bonus. It is vital you assess your circumstances in advance, so as to make informed financial decisions which can secure your baby’s future.
4-Shop around for essentials
If you shop around for your essential baby amenities, you can continue to save money as your baby grows up. There are a variety of supermarket comparison websites and smart phone shopping apps so that you can discover the best bargains; either at home or on the go. If you have the space and available income, it may even be worthwhile bulk-buying certain goods in order to receive a significant discount. Calculate the amount of each product you will require and consider whether the discount you will receive will make a significant impact on your finances.
Not only does making your own baby food save you money, it also ensures you know exactly what your baby is eating. You can use fresh produce to provide your baby with nutritious meals which are free from artificial preservatives and additives. Plus they are very easy to make! All you need to do is cut up and blend your ingredients and voila, success! Moreover, there are a wealth of online resources where parents can learn and share baby food recipes such as Kidspot, so you can continue discover new, interesting treats for your child.
We hope you enjoyed our Financial tips for new mums.