6 Essential Money Hacks for First-time Parents
After you’ve received the joyful news, your mind brims with excitement and probably the only thing you can think about are baby names and how you’re going to decorate the nursery room. But the reality is that your financial situation is the first and foremost you need to take care of. Here are some essential money hacks to help rookie parents survive the first year, and many more to come.
Take a deep breath, relax, and start planning your budget. Use apps like MoneySmart budget to help you calculate your expenses and create a financial plan for the future. Most importantly, once you’ve drawn up a budget, be sure to stick to it! Double-check whether your expectations can live up to the reality and then follow your own rules. If you notice that you’re losing your way, stop and see where there might be room for more cuts.
Seek the help from the government
Ask the Department of Human Services for help and advice when it comes to financing your new family. The government provides plenty of benefits for new parents, and having someone you can turn to for information can be extremely helpful. Explore all options they offer and find the one that can be best applied to your situation.
Business options for a full-time parent
After the baby is born, you might get restless about getting back to work but also worried about how you’re going to fit a working schedule into parenthood. Luckily, nowadays there are plenty of options for people who seek flexible working hours. An online platform Mad Paws offers pet sitting services to pet owners while they are away. You can set up your own price, but these sitters usually earn around $30 per night. If you would rather have a home-based job, consider home tutoring (English, Math, and musical instruments are always popular), child care, or tailoring, if you know your way with seams. If you’re crafty, you can easily sell your works via sites like Etsy and earn money without having to leave the house.
Eva Webster, a manager of Bargainmoose, and a mom of three told the Financial Post about the benefits of homemade wipes. “Use a plastic container and soak a paper towel with two tablespoons of baby wash, one tablespoon of olive oil or baby oil, any essential oils and two and a half cups of water.” Webster also advised using the power of social media when looking for baby stuff, as many parents with older children are crowded with a bunch of things they don’t need anymore and are just looking for a chance to get rid of them. Definitely worth a shot.
Make use of the benefits
Make the most of your maternity benefits after the baby is born and check what’s covered under your insurance plan. Some moms were able to practice post-natal pilates or get weekly massages during pregnancy free of charge, as it was covered under their insurance policy, according to Financial Post reports.
Although there are some overly enthusiastic coupon users, the power of bargains shouldn’t be underestimated. Quick checking of sites like Catch of the Day before you buy a particular item goes a long way. You may not save a fortune, but small steps lead to great results. Additionally, you can become a member of a loyalty club for diapers like Pampers Rewards and get coupons sent to you by email.
Parenting poses many challenges, but with proper organization and planning on time, you’ll be able to avoid stressing out about money and dedicate all your time and nerves to your newborn.