Saving money as a parent: It’s not always child's play

When you're expecting a baby or have young children, there are many things to worry about. One major factor that often causes headaches is money.

Having children does affect parents' wallets. However, there are ways to save money and reduce day-to-day expenses so that you can maintain your financial health while still taking care of your kids.

Planning expenses for the arrival of a child

A young child has many needs to meet. That's why it's essential to anticipate the expenses associated with the arrival of a baby in your life and, above all, to budget accordingly.

Feeding

Of course, breastfeeding is a great way to save money on formula milk that you buy in pharmacies and supermarkets. It's also a wonderful moment to share with your child. However, there are times when breastfeeding is not possible for a variety of personal reasons and when powdered or ready-to-drink milk must be purchased.

What's more, once your baby has reached the solid food stage, it can be a good idea to make your own homemade purées and snacks—if that's an option, of course—instead of buying little jars of baby food. Many resources are available online for recipe inspiration!

Diapers

Cloth diapers are often less expensive than disposables but require a little more "work,” especially when it comes to washing. 

Some municipalities even offer subsidies to families using cloth diapers. If this is something you're interested in, don't hesitate to reach out to local organizations in your community.

Baby essentials (furniture, clothes, toys, etc.)

You can reduce your expenses by salvaging kids’ items you need from people around you with older children or by buying second-hand products at thrift stores, in classified ads or on social media. Children grow up so fast that sometimes opting for something new isn't necessarily the best option to keep your budget in check.

You don't have to buy everything at once. Plan ahead for your baby's essentials and start shopping early during pregnancy so that you can equip yourself without breaking the bank all at once.

Anticipating the drop in income during parental leave

It's a fact that you won't earn the same salary during your parental leave. Since your income will be lower, getting a head start on certain financial aspects will help you with your budget. Pay off your debts ahead of schedule, such as car payments, cell phone bills, credit card payments, etc., to free yourself from these financial burdens and focus on other, more essential expenses.

Consult your financial advisor or planner to get the full picture regarding savings, budgeting, and repayments.

Choose eco-friendly products

Many store-bought household products can be made at home; most require only simple ingredients. Moreover, they're free of chemicals and, therefore, less harmful to your health. Laundry soap, hand soap and all-purpose cleaners are just a few examples.

For parents who love to cook, many food products can be concocted by hand, such as butter, bread, vinaigrettes, sauces, marinades, etc. All it takes is a little research on the Internet to find the best recipes.

Making certain home essentials yourself considerably reduces expenses and lets you concentrate on other projects. 

Buy private labels

Another way to save money as a parent, especially on drugstore and grocery products, is to turn to private labels. These can often be less expensive without compromising the quality of the products purchased.

In these difficult economic times, planning for parental leave and child-related expenses as early as possible makes sense. 

These tips and tricks enable many parents to adjust their budgets and reduce certain expenses without necessarily having to completely deprive themselves of enjoying life.

Do the math!

Text written in collaboration with Vie de Parents