Everything costs money and having a baby is no exception. In fact, as a new parent, it doesn’t matter if you’re working or staying at home, you’ll be surprised how your Ringgits seem to “sprout wings and fly away really quickly” as soon as baby arrives in the scene. Managing your finances is crucial if you’re to build a happy home, so here are some suggestions on how you can make ends meet more easily.
If there is a will, there is a way, and in most cases, there are always ways to raise a happy family, one that’s hardly in need or want, on a budget — you just have to be willing to do whatever it takes. So, what does it take?
Consider your hospital bill
If you’re still pregnant or trying for a baby, the first thing you want to consider when it comes to saving some of your hard-earned cash is where to have your prenatal check-ups and also, where to give birth. Delivering their babies in a private hospital may be the dream of most women but not everyone can afford this luxury. So, as Malaysians, we’re quite lucky for our Government provides its people with the most affordable medical services which include maternity care and childbirth. You can enjoy these and other facilities in all Government-funded clinics and hospitals at very affordable fees.
While medical expenses are free for Government servants, the cost of natural birth is merely RM300 (not including ward and other miscellaneous charges) whereas a C-section would cost RM800 at a government hospital. It’s easily 5 to 6 times (or more) the cost for both natural birth and C-section if you were to have them at private hospitals.
After delivery, you might have to stay in the ward for a few days. The ward fees for one bed will cost approximately RM80 per day in a government hospital. Other medication and service fees will come up to no more than RM2,000, which is today, a fraction of what it would cost to give birth in a private facility.
If you’re willing to overlook some so-called extra comfort, style, and perhaps even glamour, you’ll probably be saving thousands of Ringgit during this particular phase alone.
Planning and budgeting
As you start to prepare for those inevitable baby expenses, you’ll want to first evaluate what your monthly budget looks like today. By performing a cash flow analysis that breaks down your take-home income, monthly savings, and your fixed and variable expenses, you can identify areas where you can cut costs and bolster your savings. Your budget should reflect your new lifestyle as parents. If your housing and other costs have increased owing to your growing family size, make a new monthly budget that reflects those added expenses. If you run into issues with your budget on the first or even second try, don’t give up. Mastering cash flow takes time. It could take three or more months to get it right.
Automate your savings and/or debt payments
Once you’ve identified your financial goals, you can make steadier progress toward them by setting up automatic payments and/or deposit schemes. By automating your savings or debt payments, you are prioritizing your goals and ultimately, you’re also ensuring that the rest of your expenditure is controlled to accommodate them.
Set up an emergency cash reserve
Even expectant couples should establish an emergency fund of three to six months’ worth of living expenses. The fund will come in handy if, for instance, there are unforeseen medical costs not covered by insurance or if the new mom must stay out of work longer than anticipated due to unexpected circumstances.
Breastfeed!
If you can, breastfeed! Not only is it healthy, but you’ll also save a whole lot on a formula which can be anywhere from RM21.90 per 600gm tin (affordable) to RM98 per 600gm tin (premium).
A breastfeeding mom will need to use a breast pump sooner or later, but these pumps can be expensive, so why not borrow one? If this particular item can be rented, they can be borrowed too — just make sure the flanges are new.
If you run into problems while breastfeeding, some consultation and sound advice don’t need to come at any cost either! Find out in advance where you can get a free consultation on lactation. Again, this is part and parcel of Government hospitals’ maternity and childbirth services.
Lastly, don’t rush to buy a breastfeeding wardrobe just yet — wait a while till you’re sure that you’ll commit to breastfeeding. Once you know that you’ll be breastfeeding for the next few months at least, by all means, go for it!
Go easy on baby clothes
Stocking up on newborn clothes is not a good idea, for they’ll be outgrown in no time! Stick with a few basic pieces, a couple of clothing for outdoor wear, and one or two for special occasions. Resist buying too many bigger-sized clothes in advance either, for babies undergo growth spurts that are unpredictable and may not even fit into them for very long. Buying when needed and not going overboard are the best ways to save money for other important things. You only need enough clothing to get through a week, less if you do a load of baby laundry mid-week.
Here’s another tip: Think ahead for your next child and choose unisex shades and styles. Snapping up expensive pink dresses would not only burn holes in your pocket, but they can’t be handed down if your next child were to be a boy.
Baby shoes are quite in a league of their own and can be ridiculously expensive, even though they’re adorable to look at! The fact is, babies who haven’t begun walking yet don’t have any real need for shoes, but it can be fun to have a pair for special occasions. When your little one begins to cruise, protect his or her developing feet with affordable, sock-like shoes with flexible, grippy soles.
A fancy baby nursery
Just log into Pinterest or even baby furniture pages on Facebook and you could be faced with adorable pictures of nurseries in countless attractive themes that seem to have your baby’s name on them. Yes, it’s hard to not get bowled over by beautifully-made baby furniture, alluring wall-papers, nursery walls decorations, toys, and high-end fixtures. Still, the fact is, your little one doesn’t care for those things and it’ll be some years before they even learn to appreciate a well-decorated room!
So, if you wish to save some cash, get practical, and skip the fancy nursery in favor of a comfortable, safe place for baby to sleep. If you happen to have a spare room, a coat of cheerful yet calming shade of non-toxic paint and some basic furniture will do nicely for your nursery. You can add on other nice things as baby grows and as the need arises.
Speaking of furniture, those miniature bedroom furniture sets for babies generally come with not-so-miniature price-tags! Depending on your sleeping arrangements, you might not, or rarely ever, use an actual baby crib. Many parents have been known to purchase expensive baby bedding only to see them go to waste.
A baby changing table is another example of pricey options when it comes to baby furniture. While they’re nice to have if you can afford one, any comfortable surface, like your bed, for instance, is good enough for nappy changes and the likes.
Besides, with all of the diapers you’ll be changing throughout the day, you probably won’t be going to the nursery every time your baby needs a change, especially if you have stairs in your home. Instead, you’ll probably be doing it where ever that’s most convenient.
Re-examine your baby needs
When it comes to cutting costs, it will take a bit of effort on your part, especially when it comes to purchasing baby stuff. There are so many expensive baby items that are sold in department stores but if you take the time to look closer, many of these are not even necessary. There are people in many parts of the world who were able to raise their baby well without the use of things like walkers — which are not advised by pediatricians, swings, baby bouncers, and many others. In other words, think carefully about what you need before making a purchase.
When it comes to toys, make sure to get the simple ones that stimulate your child’s imagination. More often than not, these kinds of toys are the least expensive ones. If you have old toys back when you were still a kid, you may bring them out, clean it, and give it to your baby.
Needs vs. Wants
Make a list of all the things you’d want for your baby — include everything you can think of. Then, go through that list and put a checkmark by those things that you know are important. This will help you see what the bare minimum is that you can get by with! You may be surprised how many things that you think you need, that you can do without.
Shop for convertible furniture and save $$$
Furniture that can only be used during the infant or toddler years isn’t the most practical way to design a nursery. Look for pieces that can do double duty, like a dresser that also works as a changing table or a crib that converts into a toddler bed.
Shop for groceries online!
Switching to online grocery shopping could help you avoid in-store marketing tactics. There is something about walking around in a grocery store full of visually attractive goods, all arranged to perfection which stirs the impulsive buying instincts in a person compared to seeing those same things, as individual products, on an online store.
For an even more spend-thrift online shopping experience, prepare a shopping list in advance and make certain that everything you need is in that list before you begin shopping. All you need to do is to search for the items using the website’s search bar and add them to the shopping cart. At the end of it all, just make your payment and wait for your goods to be delivered to your doorstep.
The whole online shopping process will be over in just a few minutes, and you need not step a foot out of your home! No more maneuvering your stacked-up trolley around narrow aisles with baby in tow and certainly no more long queues at the cashier and traffic jams on the way home either. (Did we mention the savings on petrol and parking yet?) As the icing on the cake, you should be able to stay within your budget better than when you shop at a grocery store where temptations are a-plenty!
Take advantage of online flash sales
Flash sales on baby stuff are almost always happening and could save you some serious cash, especially on items such as diapers, clothing, toys, etc. Sign up for their newsletter and keep up-to-date with these sales to not miss the chance to save whenever possible.
Hand-me-downs and pre-loved items
Inform your friends and relatives that you appreciate hand-me-down items. You’ll surely get a lot of it. A lot of baby stuff doesn’t wear out. They don’t have the opportunity to because babies tend to grow at a quick pace. However, there are baby items that have been recalled from the market because they are potential hazards. So make sure to check if your pre-loved items have been categorized as one of those. You can browse the internet and get a list of recalled baby items.
Share organic stuff with baby
If you’re using organic toiletries like shampoo, body wash, soaps, etc, and even skincare such as lotions and creams, you can share them with baby! Organic products do away with harmful ingredients that may cause diaper rash and dermatitis. They may even be safer than most conventional baby products out there.
Would you consider cloth diapers?
Baby diapers — This is one area where your choice of diapers will dictate how much you’ll save, and if you choose wisely, the savings can be quite substantial.
While disposable diapers may appear to be the most convenient choice, with no washing and drying involved whatsoever, they’re also really expensive in the long run. Besides, they are known to be one of the biggest offenders of the environment, filling up landfills with material that are not biodegradable for centuries.
Instead of disposable diapers, consider opting for the modern cloth diapers which are not only washable but can also wick away moisture from the baby’s bottom just as good as disposable ones.
Now, if you have visions of a white cloth napkin wrapped around baby’s bottom, held together by a big safety pin, knock it out, for the modern cloth diapers have come a long way since then and nowadays they have safer, more efficient fastenings such as Velcro, button snaps, etc. They also come in hundreds of attractive designs with added features to make diaper changing less daunting.
Cloth diapers can be bought online, or at most good baby stores. This is a money saver. Tip: If you plan to have a baby shower, let your guests know that you intend to cloth diaper your baby. With a little luck, you might just be unwrapping some as gifts!
If you can’t fathom using anything but disposable, look for the best price by comparing the per diaper price of a box or brand.
Don’t buy everything at once!
Think about your immediate needs for your newborn, and purchase just what the little one will need in the first few months. For example, when your baby first comes home, he or she can sleep in the bassinet in your room. This means you can hold off on buying a baby cot until your little one gets a little bigger. Baby won’t be needing things like a high chair just yet either, so that too and other items that can wait need not be purchased till needed.
Make delicious, inexpensive meals
Eating out very often takes a toll on a family’s budget. It goes without saying that if the food is both nutritious and delicious, it won’t be very cheap. On the other hand, you can prepare some great tasting meals at home that are wholesome and fresh, at the fraction of the cost. Think simple, home-cooked meals consisting of one or two main dishes, a vegetable dish and perhaps one soup or omelet on the side. You can even make it a one-dish meal, such as fried rice or pasta. It is achievable as long as you plan well. Try searching in Pinterest for budget-friendly recipes and give it go!
That designer nursing bag
The fact is, designer ‘anything’ may be nice to have and to own if you have enough cash to part with, but then again, you may think that an RM800 nursing bag will make you look and feel a little classier when you’re out and about with your little bundle, but will it? Believe us, as the duties of motherhood kicks in, you won’t even be bothered about who designed it as long as you’re able to reach in and grab your baby’s diapers, wipes and bottles when you need them.
