According to Australian government statistics, almost 300,000 babies are born in Australia every year. If you have a newborn baby, you are under stress for sure to think about how you can manage and how you can save money on a newborn.

Having a baby puts financial pressure on the parents. The best time to start thinking about your baby expenses is during your pregnancy time period. Think about how much money you will have after your baby is born, as well as how long you both plan to be off, and how much parental paid leave do you have?

If you’ve never done planning for a really long time, now is the time to do this. You need to give time and check credit card statements and bank statements, so you can see the all expenses of your family members and then think about how you can manage your newborn needs.

Here are some ways to save money on newborns without compromising the level of care your baby should get:

1. Use Second-hand Clothes for Newborn

Newborns grow quickly and their clothes get smaller. Buying branded new clothes for newborns is like a wastage of money. As babies wear clothes for a very short time, buying second-hand clothes is a good way to save money on a newborn. Secondhand clothes, outwear, and shoes are safe for your newborn. Simply avoid clothing with drawstrings, loose buttons, or other choking risks. Second-hand shopping helps you to save money on baby clothes but make sure to check before buying any clothing item.

2. Use Coupon on Baby Products

You should have plans on how to save money on baby products. People always wanted to save money on diapers so, you shouldn’t buy them at full price, buy these items at a discounted price. Ask from at least 3 shops for baby products before purchasing. Check the brand’s site for coupons. Australian website Emucoupon.com is the best-discounted site, where you can buy baby products of high quality at a discounted price. Some of the biggest Australian brands offer reward programs. If the purchase point you earn, you will get the high-value of coupons as well as access to other exclusive discounts and offers.

3. Parental Paid Leaves

When a baby is born, a bit of extra income is usually useful. Australian services or your employer may be able to give you paid maternity or parental leaves. Most parents are worried about how to save money on their baby’s first-year expenses. Total baby first-year expenses in Australia are $9,079. Paid parental leaves help you to budget for expenses and it is the best way to save money on the newborn.

4. Only Buy what You Need

Don’t go Google and type what I should buy for my baby. If you do this you will be overwhelmed with a long list of ridiculous things that you feel you must go and buy. You should go and speak to a frugal mom and ask her what are the basic things I must buy for newborns and what things I should avoid buying. Try all possible options to save money on baby care.

5. Make a Budget

Budget is so crucial to save money on the newborn. Making a simple budget is the best way to manage your finances and save money for your infant. It helps you to see where your spending is going and is there any unnecessary spending that you should cut back. When the baby is born, you have to make a new budget or updated budget factoring in all the new costs and expenses of a new family member. You will need to look at your grocery bills and factor in the cost of nappies and factoring the cost of formula if you’re not breastfeeding.

Call up your private health insurance company and find out how much your health insurance is going up per month with additional members. By making a budget you will get an idea of how to save money on baby stuff with use of discount deals and coupons. If you need help, the Australian government offers a simple tool for building your own budget.

6. Use Cash-back Shopping Programs

Shop from those online stores that offer cash-back programs. Australia has a lot of stores that offer you cash-back rebates when you shop online or participating retailers using their websites and apps. If you buy any product online through cash rewards memberships, you can get money back on your baby shopping. It also includes your basic shopping, like weekly grocery shopping. When you start a membership program, this cash-back will add up and you can get back a good amount of money. In this way, you can save money on newborns

7. Start Saving Early

Start your savings during your pregnancy time. Early saving is always a great way to save money on newborns. Put your money into a baby fund that you can use for all of your extra needs. You can either use an existing savings account or open a new one specifically for baby-related expenses.

Banks open a free account for separate savings and to make things clear, customize that account name with “Baby Expenses”. Having a separate savings account will be a useful way to save money on newborns.

You should keep extra money in an offset account if you have a mortgage because it lowers your interest rate on the debt. Otherwise, open a high-interest online savings account.

8. Secure Baby’s Future by Life Insurance

If you have a baby and your financial situation is not good, you should strongly consider getting life insurance, which will protect your babies if you die. If you’re not working your family needs extra support that helps them to fulfil their needs.

Insurance covers: credit cards, mortgage, children’s education, funeral expenses, and retirement income for your partner.

Life insurance with your super account can be less expensive and more valuable than a separate policy, but pay-out durations are usually longer. It’s a good idea to review your life insurance policy whenever your family circumstances change.

Conclusion

Not everyone naturally is born as a money saver but now if you’ve got a baby you should consider the above tips for saving money on baby items. Use your pregnancy time in planning and budgeting to save money for your newborn’s needs. Take advantage of possibilities to pick up discounted purchases during sales.

The first year of your baby’s life is full of bonding opportunities, milestones, and new experiences. Hopefully, these ways to save money on newborns may help you in entering parenthood life with less financial burden.