5 ways new parent families can save money

5 ways new parent families can save money

If you’ve recently added a baby to your family then congratulations! There’s no better feeling than having a little baby around, however it can have a dramatic effect on your finances. Adding to your family also means adding to your outgoings but don’t let that become stressful. Follow some of these tips to help keep your finances in order.

Tax Credits

Lots of people are under the impression that tax credits are benefits strictly for the unemployed. However, this isn’t the case and if you don’t already receive them then you could claim £1,000’s in child tax credits to help you out. Check here what you are entitled to.

Family budget

Make sure you set yourself a family budget so you always have full knowledge and control of exactly what is going in and coming out of your bank account. This will make things so much easier for you and you’ll know exactly how much your likely to have left over at the end of every month.

Tax-free savings

Are you planning on opening a savings account for your child? Opening a savings account for your children is a great idea, and according to the money advice service, by the time your child is 18 they could have enough for driving lessons or a deposit for their first flat by putting away just £5 per month. There is up to 4% to be earned in the best savings accounts.

Sign up for baby food and baby company newsletters 

If you choose to bottle feed, ask for samples! You can contact the formula companies directly or ask at the hospital. Don’t be shy, it never hurts to ask. Try signing up to all of the baby food companies newsletters, you’ll be informed of any freebies and will probably even get some just for signing up.

Buy what you need not what you want

This is an important one, make sure you are only buying what you absolutely need, not what you want. It’s so easy to get over excited when you have a little one on the way buying hundreds of cute outfits, however, baby’s grow so quickly It’s much better to just buy a few good staple pieces at a time.

CLICK HERE to find the top 5 ways for mums to make money.

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