Money Saving Tips for New Parents

Having a new bundle of joy brings so much excitement in the family. This change in the family brings so much excitement in budgeting too…or challenge? Becoming a parent also means forgetting your late night meet up with friends and staying away from the shopping malls to buy your personal stuff.

As new parents, sometimes you are in a blind spot and you just live paycheck to paycheck because your focus suddenly becomes the basic needs of your family, especially of a baby.
As a mom with an 18month old daughter, I would like to share with you main items on how I and my husband were able to save while enjoying being parents.

1. Breastmilk or Formula Milk?

Today, breastfeeding becomes a priority (RA 100028). When I was still pregnant in 2015, I researched on it and just like new moms, I feared that I might not have the physical capacity to breastfeed my little one.

There are support groups you can go to if you need more information, the very first person to go to is an OB-GYNE, also a lactation expert and you may also want to check The Breastfeeding Pinays FB Page which is recognized by the DOH.

In financial planning, consider both. What if breastfeeding is not possible? A formula milk allocation in your cash flow should be reflected every month. A formula milk today costs Php 700 – 1,500 per week depending on the brand.

If you are lucky to breastfeed your baby, then in replacement of formula milk fund are milk storage bags, breast pump kit and breast pump and bottle hygiene kit fund in your cash flow which may cost you Php 500 – Php 1000 per month for the milk storage bags and breast pump hygiene kit while a onetime payment of Php 2,000 – Php 5,000 for a breast pump kit.

To save up if your baby is on formula milk, you may ask a budget friendly brand without sacrificing the wellbeing of your baby.

2. Baby Clothes and other stuff

I bought new born clothes which are good for two weeks only because I am glad to receive hand me down new born clothes. I am lucky to have a mother in law who took care of her grandchildren’s newborn stuff for years and all clothes look as if it was just bought a few months ago
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You may want to consider a baby shower not only because, as couple you want to celebrate that moment, but of course friends would really love to give you gifts that you or your baby needs as he or she comes out into this world.

Make a list also of the remaining stuff you might need such as the bottles, sterilizers, medical kits and others with prices then make a comparison among shopping malls or stores so that when you
are going to prepare before the baby comes out, you know where to go to. This also helps you to not go over budget.

When my daughter turned 1 year old, she received a whole new set of new clothes and shoes as gifts too!

3. Vaccines

Allocate at least Php 3,500 per month for vaccine. There are vaccines that will range from Php 1,500 to Php 5,000 or more depending on what type of vaccine. If for example, your budget of Php 3,500 is not consumed then add it up to the next month. With the kinds of viruses and diseases today, it is best that you follow the vaccine schedule of your baby. I have friends who are near their local government health center, it is cheaper to get the vaccines from there and of course, you are lucky enough if your baby’s Pediatric doctor is a relative, you’ll sure save a lot.

There are some parents who say that if a baby is exclusively breastfed, vaccines are not needed. Seek the help of an expert before you make a decision.

These are just 3 items to consider not to mention the type of hospital you prefer to deliver your baby. Government assistance is also a great help in the funding that you might need when the baby is coming out. Some parents prefer a private hospital, maternity hospital or a doula.

Whatever amount you are able to save, allocate the difference to investments to prepare for your child’s best future, a major planned expense and of course your retirement.

Jendee S. De Guzman, RFP

Associate Financial Planner – (AFP)

Chartered Trust and Estate Planner - Graduate

Life Insurance Advocate
jendeesapo@gmail.com