Personal Finance Expert shares the top 10 ways you can save when expecting a newborn 

Personal Finance Expert at Little-Loans.com, Paul Wilson, has released 10 tips to help expecting parents save money before their little one is born. 

No two ways about it – babies can be expensive.

In the build-up to the birth, the extreme changes to your personal finances can seem incredibly daunting, and you might wonder how you are going to afford everything you think you’ll need.

However, being smart with your money and evaluating what you do and don’t need can make an enormous difference in your baby preparations. Being sensible with your purchases and stretching your pennies can make the months after childbirth run as smooth as possible. 

So, why not try some of the top 10 recommended ways to save with a baby on the way?

1. Make use of online savings 

Several sites online offer infant specific discount events and freebies. For example, Boots Parenting Club offers double the amount of Advantage Card points when buying baby items and also unlocks free gifts and offers at every stage of your baby’s development. Asda’s Baby & Toddler Club likewise offers discounts on necessary baby buys such as nappies, wipes and walkers. In fact, most baby brands will offer perks for subscribers, so it is worth checking out all the most popular products in advance to secure the best deals. 

1. Be nappy-smart

Nappies are one of the first products that spring to mind when you think of babies, with newborns using an average of ten per day! The constant restocking of full-price, branded items is going to add up quickly. Website Bum Deal is a quick price comparison site that allows you to analyse which nappies are the best value for your little one.
However, to get the best savings possible, many would recommend buying reusable nappies, made out of sustainable, washable products. Some local councils even offer free incentives to encourage the purchase of reusable items, offering starter packs or cashback on your purchases. Free, reusable, and they help the environment!

1. Free prescriptions for mums

Women who are currently carrying a baby or who have had their child in the last 12 months are all eligible for free prescriptions in the UK through the NHS. Where regular prescriptions cost £9.35 a pop, new mums can enjoy completely free healthcare. One added benefit means that you can go for dental check-ups or eye tests also for completely free- so don’t forget to save now and get checked up before your child turns one.

1. Don’t splash out on unnecessary items

One of the key mistakes a new parent can make is frantically buying every single baby item recommended online, without first evaluating how necessary they really are. Will you use that expensive high-tech pram for longer than a couple of months, or will your infant likely outgrow it as soon as you’ve begun to use it? The chances are you won’t get prolonged use out of many newborn items, so it’s best to only buy essentials now rather than fall into the trap of buying flashy gadgets which don’t serve you or your child’s needs.

1. Become a batch cooker

After a long, anticipatory nine months, a newborn’s arrival can feel like the most wonderful and frantic time of your life, with zero time to stop and practice self-care. Meals can fall by the wayside as your number one priority becomes feeding your baby. Instead of ditching nutrition entirely, make a rule to batch cook and freeze healthy food whenever you can, and if possible utilise the final months of your pregnancy to start a freezer-meal stockpile. Batch cooked staples such as curries, pasta sauces, soups and bolognese are simple, quick and easy to reheat and enjoy when you don’t have time for home-cooking. Plus they have the added benefit of saving money on takeaways and constant daily shops. 

1. Buy-and-sell websites

When compiling your lists of essential items to buy, before heading out to department stores that capitalise on new parents, look to online buy-and-sell sites first. Groups such as Facebook Marketplace, eBay and Gumtree are bursting with parents trying to sell virtually unused items they mistakenly bought. Unworn and unused items are listed constantly, so why spend hundreds on a brand new pram, which you’ll only use for a short amount of time when you could buy second-hand? In addition to saving money when you buy, once you’re finished with these items yourself, you can use the same sites to relist and make back some if not all of the money you originally spent.

1. Know what is happening in your local community

There is a great temptation as a new parent to spend time and money on expensive classes and activities to aid with your pregnancy and baby’s arrival. Instead of spending all your money on niche classes, look to your local community for local-meet ups and like-minded parents to organically find the best classes and communities. Groups such as NCT Charity run local groups, which offer coffee mornings, antenatal classes and all-around support groups all the way from your first trimester to having a growing toddler.  

1. Savings and spare change 

As your family begins to expand, every little bit of cash counts. To ensure that your money goes further, set up saving accounts now and create methods to make your money last. Online banking companies such as Monzo offer services where you can ‘lock’ your money into a savings ‘pot’, where it becomes inaccessible for a certain amount of time- like a virtual piggy bank. Monzo also offers a feature where every purchase you make automatically rounds up and deposits the excess into your savings, meaning that you begin to save without even consciously doing so. 

1. Use what you have 

Navigating which baby-specific toys to buy can be a minefield. Each of them has different features, reviews and recommendations so how do you know which to buy? In reality, you may not even need to buy any of them. Your child does not know the difference between the highest-tech baby sensory toy and the average household item, such as a wooden spoon. Young children can be very easily pleased with whatever you give them, using their fantastic natural imaginations, and they can get bored of their expensive toys very quickly too. Save your pennies and encourage playfulness at the same time!

1. Budget for everything

Having a baby doesn’t only mean your expenses will double by looking after another person, it can also alter your personal finances drastically as you need to consider new work schedules, maternity leave and unplanned absences. Before giving birth, make sure to consolidate what your new budget is going to look like. Work out your maternity/paternity pay and factor in the additional costs of a whole new family member. 

A newborn also alters your budget positively, as you may be able to claim various government benefits, such as Child Tax Credits, maternity grants or tax-free childcare. Budgeting around these shifts in your finances and allowing your savings to earn interest will help you in buying all the essentials you need for your new family life. 

Paul Wilson is a consumer finance expert at Financial Conduct Authority authorised and regulated credit broker Little Loans.