20 Money Hacks Every Parent Should Know

how to save money as a parent
Reading Time: 7 min read

Raising children is very expensive. However, parents can use clever and easy techniques to cut costs on regular spending and significant purchases.

We have a few tips to help you save money, create a budget, reduce expenses, and make plans for the future, whether you or your spouse have just learned you are pregnant, have a baby, a teenager, or a child anywhere in between.

20 Tips on How to Save Money as a Parent

1. Create A Family Budget

The first step to making sure you can afford what your family wants and needs is taking control of your finances.

To determine how much money is coming in and going out, look at your bank statements from the most recent several months. Find areas where you can reduce your necessary expenses, such as your rent or mortgage, food, electricity, and baby supplies.

When you have a child, a lot might change quickly. You’ll need to adjust your budget to meet your new needs as they grow and if you have more kids.

2. Save As Much As Possible

Once you have your budget, you can start looking for methods to reduce your expenditure and perhaps set aside a small amount each month to start saving for you or your child. 

On top of that, whenever you come across loose change, take them and store them in a box. Over time, they will add up to a decent amount which you can use to make necessary purchases. 

Saving your extra money could be a cushion during parental leave or contribute toward larger future purchases.  It is worthwhile to look around for a savings account that can maximize your family’s resources. 

Children’s savings accounts come in various options, including Junior Isas, savings accounts, investments, and premium bonds. By opening one of these accounts for your teen, you may help them develop excellent saving practices.

3. Sign Up For Support Options

Parents can sign up for plenty of support plans to avail of the benefits. Certain hospitals and clinics provide financial support for new parents. Some depend on the parent’s income, while others are available for all. 

Look around and make sure to apply for these benefits to save on costs later.

4. Only Buy The Essentials For Your Children

While it’s easy to get carried away with online shopping at 3 in the morning when your partner has pregnant insomnia, don’t give in because your home will get cluttered before the baby is even born.

Instead, compile a list of the baby supplies you must have and consider when you will utilize each item. Some baby essentials you can purchase before your baby is born could be:

  • Car Seat– You must buy one before giving birth since you cannot drive your newborn home from the hospital or birth center without one.
  • Pram or Stroller– A stroller must recline flat or include a carrycot to be suitable for use from birth; learn more about other factors to consider when purchasing a stroller.
  • Crib or Baby Cot– Purchase a crib or baby cot depending on your daily lifestyle. A travel cot can be a wise buy if you’re constantly on the go. Think about your budget and home space before investing in one of these. 
  • Diapers– You’ll lose count of the times your child needs a diaper change. It can frequently be less expensive to buy in quantity, so stock up for the first few weeks. Don’t go overboard, though, as your baby’s needs can vary with little warning. 
  • Baby Food– There are additional breastfeeding necessities you may want to have on hand depending on how you want to feed your baby, and a breast pump can help you express and preserve milk. Baby bottles and sterilizing equipment are necessary for feeding expressed milk and formula.

5. Do Your Own Research (DYOR)

Always research the products available nearby. Sometimes, we overlook good deals around us because we rely too much on what we find online. You might find amazing discounts and deals in stores near you, so don’t forget to look around before placing your order. 

6. Spend Less On Diapers and Toiletries

There are methods to save money, whether purchasing diapers and formula for your infant or toiletries for older children.

Generally speaking, non-brand products are less expensive and frequently have no difference in quality. If you genuinely want to get your money’s worth, give reusable diapers, and baby wipes a try instead of disposable ones.

Research the best locations to get other necessities as well.

7. Always Collect Free Baby Products

You’d be astonished at how many freebies for babies are available.

You can apply for a free baby box filled with necessities in some countries by speaking to your doctor. Keep an eye on websites that compile freebies that merchants give away in exchange for subscribing to their newsletters or liking them on social media.

8. Join Discount Clubs

Discount clubs are warehouse or discount stores where customers pay a membership fee for special discounts on a wide range of products, including tires, apparel, appliances, food, and bulk purchases of many other items.

Various stores have this discount option which can help you save considerable time. 

9. Look For Discount Coupons

Search for discount codes to save money on the things you want to buy to get even more value for your money. Discount codes are available for various goods, not only baby things, so you can continue using them as your child ages.

Look for in-store discounts or coupon codes before making an online or in-store purchase.

10. Don’t Go For Brands

Numerous goods, including herbal teas, vitamins, and cosmetic items, are marketed as “for pregnancy.” 

However, it doesn’t follow that a conventional version won’t function just as well. It’s worth investigating whether a less expensive substitute can provide the same results if you ensure the materials are safe.

Other things can be modified from how they were intended to be. Some nursing-friendly pregnant clothing is also available, and a breastfeeding cushion is beneficial both before and after delivery.

11. Buy Second-Hand Products Or Use Hand Me Downs

Baby items don’t degrade quickly and are frequently utilized for short periods. Frequently, buying used items will get you a discount. Inquire if any friends or family members who have children older than yours have any things they no longer need that you might use, buy, or even borrow.

This advice also holds when purchasing items for older kids, such as gifts, clothes, or school supplies for teenagers.

Whatever you purchase, make sure to investigate any safety concerns properly. Be aware that you should never purchase a used car seat because you can’t determine if the seat has been in a crash that has compromised it.

12. Let People Know About Your Needs

When a new baby is born and again for your child’s birthdays as they age, let family and friends know what will be most helpful for you.

Encourage them to bring things that improve their daily life, such as a baby carrier instead of the newest and trendiest toy.

13. Don’t Spend Too Much On Toys

Infants and young children frequently choose to play with the box and wrap paper over the carefully chosen toy within. Therefore, if you’re short on money, start by cutting less Or visit a Toy Library and borrow toys.

Instead, consider assembling a basket for your child out of commonplace goods like spatulas, hairbrushes, and empty kitchen roll tubes. They’ll have a blast, and your bank account will appreciate it. 

14. Try To Cut Down Childcare Costs

You might need to consider your daycare options if you or your partner decide to return to the workforce.

There are a few options for childcare for nothing or at a reduced price. Look for these options to help you save more.

how to save money as a parent

15. Look For Ways Of Passive Income

There are ways to increase your income if you’re caring for your family while not working and finding it harder to make ends meet.

You might be able to make additional money while lounging on your couch by, for instance, evaluating music, trying out games, or participating in internet surveys.

16. Find Healthy Living Activities To Do At Home

Although prenatal yoga and fitness courses can be fun, you must know that you can keep up most of your regular workout routines when pregnant.

Asking a trainer which machines and classes can be modified for pregnant women if you already have a gym membership may be more cost-effective than purchasing additional sessions. Other activities that are easy on your body and budget while pregnant include swimming and walking.

17. Cut Down Food Costs As Much As Possible

Avoid shopping at “express” stores as much as possible because convenience costs money. Consider buying larger packs to get a better price per weight or quantity. Keep to your shopping list and plan your meals for the upcoming week. Prepare food in bulk and freeze leftovers for later use.

In the early days with a newborn, you’ll appreciate some pre-made, home-cooked meals, so load up that Tupperware, and you’ll be glad you did.

It may be less expensive to prepare baby-friendly foods and freeze individual servings than purchasing premade jars and pouches. By choosing a different store, you might be able to save money on whatever you’re purchasing.

18. Sort Out And Reduce Household Bills

Numerous household expenses will soar due to the cost of living problem. There are still steps you may take to minimize expenditures.

For instance, you can save hundreds on broadband and mobile phones by switching to a more affordable contract. However, switching won’t always be as beneficial as it has been due to energy.

19. When You Spend Money, Try To Get Something Back

Numerous stores, eateries, and supermarkets offer loyalty programs that reward patrons by awarding points for each purchase. The price of subsequent purchases may subsequently be deducted from these points.

Loyalty cards for businesses like grocery chains may be handy if you make purchases from one merchant.

20. Make Budget-Friendly Plans For Your Family

When planning family activities, look for things to do that won’t cost you too much money. There are plenty of cost-effective ways to spend quality time with your family. Picnics and play dates at the park are cheap, fun ways to engage in family time. 

FAQ

What makes a successful monthly spending plan?

The general rule of thumb is to allocate 50% of your monthly after-tax income to needs, 30% to wants, and 20% to savings or debt repayment. You may maximize the use of your funds by routinely maintaining a balance between these key areas of expenditure.

What regular home costs are there?

Housing, food, transportation, child and pet care, mobile and carrier, and health insurance are the most recurring monthly costs. 

Bottom Line

Simple money hacks can benefit your family more than you know. Clever and straightforward methods that parents can help cut costs on both regular spending and major purchases. Follow these easy steps to help you save money, create a budget, reduce expenses, and plan for the future.

Related Articles

20 Money Hacks Every Parent Should Know

Reading Time: 7 min read

Raising children is very expensive. However, parents can use clever and easy techniques to cut costs on regular spending and significant purchases.

We have a few tips to help you save money, create a budget, reduce expenses, and make plans for the future, whether you or your spouse have just learned you are pregnant, have a baby, a teenager, or a child anywhere in between.

20 Tips on How to Save Money as a Parent

1. Create A Family Budget

The first step to making sure you can afford what your family wants and needs is taking control of your finances.

To determine how much money is coming in and going out, look at your bank statements from the most recent several months. Find areas where you can reduce your necessary expenses, such as your rent or mortgage, food, electricity, and baby supplies.

When you have a child, a lot might change quickly. You’ll need to adjust your budget to meet your new needs as they grow and if you have more kids.

2. Save As Much As Possible

Once you have your budget, you can start looking for methods to reduce your expenditure and perhaps set aside a small amount each month to start saving for you or your child. 

On top of that, whenever you come across loose change, take them and store them in a box. Over time, they will add up to a decent amount which you can use to make necessary purchases. 

Saving your extra money could be a cushion during parental leave or contribute toward larger future purchases.  It is worthwhile to look around for a savings account that can maximize your family’s resources. 

Children’s savings accounts come in various options, including Junior Isas, savings accounts, investments, and premium bonds. By opening one of these accounts for your teen, you may help them develop excellent saving practices.

3. Sign Up For Support Options

Parents can sign up for plenty of support plans to avail of the benefits. Certain hospitals and clinics provide financial support for new parents. Some depend on the parent’s income, while others are available for all. 

Look around and make sure to apply for these benefits to save on costs later.

4. Only Buy The Essentials For Your Children

While it’s easy to get carried away with online shopping at 3 in the morning when your partner has pregnant insomnia, don’t give in because your home will get cluttered before the baby is even born.

Instead, compile a list of the baby supplies you must have and consider when you will utilize each item. Some baby essentials you can purchase before your baby is born could be:

  • Car Seat– You must buy one before giving birth since you cannot drive your newborn home from the hospital or birth center without one.
  • Pram or Stroller– A stroller must recline flat or include a carrycot to be suitable for use from birth; learn more about other factors to consider when purchasing a stroller.
  • Crib or Baby Cot– Purchase a crib or baby cot depending on your daily lifestyle. A travel cot can be a wise buy if you’re constantly on the go. Think about your budget and home space before investing in one of these. 
  • Diapers– You’ll lose count of the times your child needs a diaper change. It can frequently be less expensive to buy in quantity, so stock up for the first few weeks. Don’t go overboard, though, as your baby’s needs can vary with little warning. 
  • Baby Food– There are additional breastfeeding necessities you may want to have on hand depending on how you want to feed your baby, and a breast pump can help you express and preserve milk. Baby bottles and sterilizing equipment are necessary for feeding expressed milk and formula.

5. Do Your Own Research (DYOR)

Always research the products available nearby. Sometimes, we overlook good deals around us because we rely too much on what we find online. You might find amazing discounts and deals in stores near you, so don’t forget to look around before placing your order. 

6. Spend Less On Diapers and Toiletries

There are methods to save money, whether purchasing diapers and formula for your infant or toiletries for older children.

Generally speaking, non-brand products are less expensive and frequently have no difference in quality. If you genuinely want to get your money’s worth, give reusable diapers, and baby wipes a try instead of disposable ones.

Research the best locations to get other necessities as well.

7. Always Collect Free Baby Products

You’d be astonished at how many freebies for babies are available.

You can apply for a free baby box filled with necessities in some countries by speaking to your doctor. Keep an eye on websites that compile freebies that merchants give away in exchange for subscribing to their newsletters or liking them on social media.

8. Join Discount Clubs

Discount clubs are warehouse or discount stores where customers pay a membership fee for special discounts on a wide range of products, including tires, apparel, appliances, food, and bulk purchases of many other items.

Various stores have this discount option which can help you save considerable time. 

9. Look For Discount Coupons

Search for discount codes to save money on the things you want to buy to get even more value for your money. Discount codes are available for various goods, not only baby things, so you can continue using them as your child ages.

Look for in-store discounts or coupon codes before making an online or in-store purchase.

10. Don’t Go For Brands

Numerous goods, including herbal teas, vitamins, and cosmetic items, are marketed as “for pregnancy.” 

However, it doesn’t follow that a conventional version won’t function just as well. It’s worth investigating whether a less expensive substitute can provide the same results if you ensure the materials are safe.

Other things can be modified from how they were intended to be. Some nursing-friendly pregnant clothing is also available, and a breastfeeding cushion is beneficial both before and after delivery.

11. Buy Second-Hand Products Or Use Hand Me Downs

Baby items don’t degrade quickly and are frequently utilized for short periods. Frequently, buying used items will get you a discount. Inquire if any friends or family members who have children older than yours have any things they no longer need that you might use, buy, or even borrow.

This advice also holds when purchasing items for older kids, such as gifts, clothes, or school supplies for teenagers.

Whatever you purchase, make sure to investigate any safety concerns properly. Be aware that you should never purchase a used car seat because you can’t determine if the seat has been in a crash that has compromised it.

12. Let People Know About Your Needs

When a new baby is born and again for your child’s birthdays as they age, let family and friends know what will be most helpful for you.

Encourage them to bring things that improve their daily life, such as a baby carrier instead of the newest and trendiest toy.

13. Don’t Spend Too Much On Toys

Infants and young children frequently choose to play with the box and wrap paper over the carefully chosen toy within. Therefore, if you’re short on money, start by cutting less Or visit a Toy Library and borrow toys.

Instead, consider assembling a basket for your child out of commonplace goods like spatulas, hairbrushes, and empty kitchen roll tubes. They’ll have a blast, and your bank account will appreciate it. 

14. Try To Cut Down Childcare Costs

You might need to consider your daycare options if you or your partner decide to return to the workforce.

There are a few options for childcare for nothing or at a reduced price. Look for these options to help you save more.

how to save money as a parent

15. Look For Ways Of Passive Income

There are ways to increase your income if you’re caring for your family while not working and finding it harder to make ends meet.

You might be able to make additional money while lounging on your couch by, for instance, evaluating music, trying out games, or participating in internet surveys.

16. Find Healthy Living Activities To Do At Home

Although prenatal yoga and fitness courses can be fun, you must know that you can keep up most of your regular workout routines when pregnant.

Asking a trainer which machines and classes can be modified for pregnant women if you already have a gym membership may be more cost-effective than purchasing additional sessions. Other activities that are easy on your body and budget while pregnant include swimming and walking.

17. Cut Down Food Costs As Much As Possible

Avoid shopping at “express” stores as much as possible because convenience costs money. Consider buying larger packs to get a better price per weight or quantity. Keep to your shopping list and plan your meals for the upcoming week. Prepare food in bulk and freeze leftovers for later use.

In the early days with a newborn, you’ll appreciate some pre-made, home-cooked meals, so load up that Tupperware, and you’ll be glad you did.

It may be less expensive to prepare baby-friendly foods and freeze individual servings than purchasing premade jars and pouches. By choosing a different store, you might be able to save money on whatever you’re purchasing.

18. Sort Out And Reduce Household Bills

Numerous household expenses will soar due to the cost of living problem. There are still steps you may take to minimize expenditures.

For instance, you can save hundreds on broadband and mobile phones by switching to a more affordable contract. However, switching won’t always be as beneficial as it has been due to energy.

19. When You Spend Money, Try To Get Something Back

Numerous stores, eateries, and supermarkets offer loyalty programs that reward patrons by awarding points for each purchase. The price of subsequent purchases may subsequently be deducted from these points.

Loyalty cards for businesses like grocery chains may be handy if you make purchases from one merchant.

20. Make Budget-Friendly Plans For Your Family

When planning family activities, look for things to do that won’t cost you too much money. There are plenty of cost-effective ways to spend quality time with your family. Picnics and play dates at the park are cheap, fun ways to engage in family time. 

FAQ

What makes a successful monthly spending plan?

The general rule of thumb is to allocate 50% of your monthly after-tax income to needs, 30% to wants, and 20% to savings or debt repayment. You may maximize the use of your funds by routinely maintaining a balance between these key areas of expenditure.

What regular home costs are there?

Housing, food, transportation, child and pet care, mobile and carrier, and health insurance are the most recurring monthly costs. 

Bottom Line

Simple money hacks can benefit your family more than you know. Clever and straightforward methods that parents can help cut costs on both regular spending and major purchases. Follow these easy steps to help you save money, create a budget, reduce expenses, and plan for the future.

Related Articles

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