How to save for a baby

With everyone tightening their belt in uncertain financial times, the prospect of the added cost of a baby to look after can be a frightening thought. But, never fear, we’ve rounded up the top 10 ways you can save up for the birth of your new arrival and start as you mean to go on.

1. Incoming versus outgoings
It might seem scary but the most important thing you need to do is sit down and make a list of all the money you have coming in and going out each month. This way you will know what disposable income you have. Make sure you include everything, from that chocolate bar you bought as a treat, to that expensive trip to the hairdressers. A really handy budget tool can be found on Martin’s money saving tips.

2. Shopping Lists
You need to decide what essentials you need to buy before the baby is born. It can be very easy to go mad and buy up half of Mothercare but try and only buy what you need. The best way to do this is write a list of every thing you’ll need and another wish list of everything you want. This way you can separate the essentials from the ‘nice to have’ items and prioritise your spending. Find out what should be on your newborn’s shopping list.

3. Start shopping now
A great way to stock up on everyday essentials is to start adding them to your shopping trolley now. Just think of the stash you’ll have hoarded (with minimal impact on your finances) if you add a packet of nappies and some wipes to your weekly shop for the next nine months. You’ll have to get organised at home too to fit all your new baby gear in, so find out the ways you can prepare your home for a newborn.

4. Create a wishlist
When it comes to the bigger, bulkier (more expensive) items, why not see if your baby’s grandparents will buy your pushchair or cot, instead of the usual flowers and babygros once the baby has arrived? And, if they too are feeling the pinch then make sure they know what items you have already bought so they don’t double up. Sometimes money can be the most useful present at the time of the birth as you can put it towards buying the bigger things you need. If you need help buying a cot or a pushchair, the read our independent product reviews.

5. Make some cutbacks
Ok, so you’ve worked out your incomings and outgoings. You know exactly what you need to buy and you’ve got as much out of your friends and family as you possibly can – now it’s time to make some savings so you can buy the rest. Just think now you’re an official member of bumpsville you’ll no longer need…
a. Tampons and painkillers (£5x9months) =£45
b. Boozy night out x 9 months (2x£30 per month) =£540
…see pregnancy does cut some costs! And to save those extra pennies at the cashout, check out the weekly coupons available for download and usage at the till.

6. Then make some more cutbacks
If you’ve still got a shortfall, it’s likely you are going to have to make some compromises (it’s all good practice for having to compromise on, er, everything for the next 18 years!). Again, it doesn’t have to be the big things though. Just think: If you swapped your daily cappuccino en route to work (£1.50) for a packet of green tea to stash in your desk drawer (£1.99 for 80 bags, Twinings), you’ll have saved another £45 by the time your baby’s born.

7. Research your rates
With the pennies taken care of, it’s time to take care of the pounds. Write a list of the interest rates for all your credit and store cards and your mortgage, then shop around for cheaper deals. Lots of credit card companies offer free balance transfers so you’ll easily have made a nice big dent in the balance over the coming nine months. It’s also better to save up your points for store cards like Tesco and spend them elsewhere.

8. Online shopping
The internet is also where you should be headed to do your baby shopping as there are some great bargains to be had. What’s more, it’ll all get delivered to your door. Shop around for the best deals using a price comparison website and you’ll be surprised how much the price of one thing can vary. And, for weekly deals check out the askamum shop which regularly reduces the prices of lots of baby stuff!

9. Second hand
Now’s the time to face up to the fact that lots of the expensive things you want to buy for your baby are only going to be useful for a couple of months – max! Things like Moses baskets and newborn baby clothes that your baby soon grows out of could all be borrowed from friends or bought second-hand. Get yourself along to an NCT (National Childbirth Trust) nearly new sale, or log on to askamum’s own classifieds section – oodle – for a pot of bargain hunting. Remember though , that in the interests of safety, you should never buy a second hand car seat (most damage isn’t visible to the naked eye) or mattress (which could harbour bacteria that could harm your baby).

10. Know when it’s time to stop
With your emotions going haywire, thanks to your pregnancy hormones, and most baby products looking oh-so-cute on the shelf, it’s easy to spend a fortune. The trick is knowing when to stop.  If you’ve got your car seat, pushchair, somewhere for him to sleep and something for him to wear, anything else is a bonus. He’ll be spoilt rotten by all your friends and family too! Leave a little something to treat yourself…and pay the bills!