Budgeting for a Bundle of Joy: Simple Ways to Save for Your Baby
Saving for a baby? Get a jump start on tailoring your personal finances to your growing family with these tips for saving to have a baby.
Discover new ways to cut costs when saving for baby expenses
An important aspect of saving for a baby is finding ways to reduce expenses – both large and small. Explore the following savings program to reduce the new baby expenses you might incur with these tips for saving money:
- Shop around to find the right hospital. If you have the option, begin researching hospitals in your area several months before the due date. In addition to looking for a doctor and facility you feel comfortable with and that is close by in an emergency, it’s a good idea to compare the costs since they can vary by hospital. You’ll also want to ask your insurance provider how much your policy will cover. By exploring your options, you’ll ensure mom and baby get the care they deserve at the most affordable cost possible.
- Save with secondhand items. Consider accepting any hand-me-down baby and maternity clothes, toys, furniture and other accessories from friends and family that are in good condition. Just be careful to do your research when it comes to car seats, strollers and cribs to be sure you're aware of the latest safety concerns and recommendations.
- Research affordable diapering. Diapers are an unavoidable (and costly) baby expense for the first few years of your child’s life, but there are plenty of ways to save. Consider signing up for a subscription delivery service or get a membership to a wholesale store. Though you’ll usually have to pay an annual fee, you could save more in the long run. Additionally, while the maintenance is a bit higher, more families are choosing to use cloth diapers as an affordable and eco-friendly alternative that helps them save.
- Start small with baby accessories. It may be tempting to splurge on supplies and accessories before the baby’s arrival, but try to resist buying too much until you’re certain of what you need. Plus you’ll likely get much of what you require if your friends and family plan to throw you a baby shower. To start, purchase only a few outfits, bottles, pacifiers and packs of diapers. This way, you’ll be sure to choose clothing that fits correctly and accessories that align with the baby’s needs.
- Go DIY when it comes to decor. Rather than springing for pricey nursery decorations, consider looking into DIY options for a more affordable alternative. Aside from the money you’re saving for the baby, creating the space by hand could make for a more lasting and meaningful memory. Plus, your child will grow up in a one-of-a-kind space.
Open a savings account for baby expenses before the due date
Even if the due date is only a few months away, it's not too late to start saving for the baby. Though it may not seem you have much wiggle room in your budget, you can use the savings incurred from the above tips to begin building up your funds. After you’ve anticipated how much you’ll be able to stow away in your baby’s savings account, you can work on creating a personal savings plan and setting a goal. As extra motivation, consider using our GoalTrack Savings® program to track your progress and earn a monetary reward upon completing your goal. For more information on how to save for a baby or to learn more about our savings account options, contact a Citizens Bank customer service representative today.