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5 top saving tips for new parents

Posted on 28 January 2015

A new baby makes saving money more important than ever

Your brand new bundle of joy is tiny, cute, cuddly, and also one of the biggest investments you’ll ever make. It’s estimated that a child can set you back as much as £7,200 in the first year alone. So however busy life has just become, don’t forget to save wherever you can.

Here are our top 5 straightfordable money saving tips for new mums and dads:

1. Buy after the birth

With a bump on board, it’s easy to get caught up in baby fever and splurge on every gadget and gizmo going.

But it can make sense to save your money until you’ve met your little one. Buy the essentials for the first few weeks, and then pick up everything else when you need it. You may find you don’t need half the things on your list.

Budgeting tip: There’s no shame in asking friends and fellow parents if they have any new born clothes and equipment they no longer need.

new-born-baby-sleeping-on-a-sheepskin

Source: Flickr

 

2. Remember, tots don’t care about the price

Little ones judge a gift on fun factor alone. Ever marveled at a child more fascinated by the box than what was in it? So why not check out the nearly new sales, sites like eBay and Facebook mums’ groups?

Budgeting tip: Kids grow quickly, so many items are as good as new and you’ll get lots more for your money.

5-top-saving-tips-for-new-parents

 

3. Check what money you may be entitled to

Make sure you get your maternity and paternity pay entitlement. Talk to your employer too, as they may give you more than the statutory amount.

Tax credits cover many situations including childcare if you’re working. This HMRC calculator is a helpful tool to see what you could be entitled to.

Budgeting tip: You can claim free dental treatment throughout your pregnancy and for 12 months after your baby’s born. Depending on where you live, you may get free eye tests too, so it’s well worth asking.

a-colourful-abacus

Source: Flickr

 

4. Learn to love a list

Plan out your weekly shops, decide what you need to buy for your baby - and stick to it. Noting down your outgoings can also help you keep on top of your finances. When you’re constantly paying out for essentials like nappies, milk (and the occasional medicinal slice of cake) - it’s good to know exactly where you stand.

Budgeting tip: Plan the family’s meals in advance so you only buy the food you need.

a-busy-persons-to-do-list

Source: Flickr

 

5. Find cheaper alternatives

The big baby brands spend millions trying to convince us that only their nappies or wipes will do for baby. But why take their word for it? Try out the many cheaper alternatives and see how well they compare.

Budgeting tip: It’s also worth signing up to the big retailers’ free baby clubs. The likes of Boots and Tesco are keen to bag your custom with money-off vouchers, free samples or extra points.

a-happy-baby-in-the-baby-seat-of-a-shopping-trolley
Source: Flickr

Saving for the future

Everyday small savings can make a big difference. Why use our savings calculator to see just how much small changes in your spending add up? Or for more tips on saving money, read our Money Saving Tips for homeowners and car owners. Putting what you save aside will mean you’re better prepared for unexpected costs too.

If you’re thinking about starting to save for when baby’s all grown up (it will happen!) and would like to know more about saving money in a Cash or Stocks and Shares ISA we also have a useful guide explaining how ISAs work. Whatever you do, saving money can bring peace of mind and help you make the most of your new life as a family.

SunLife offers a range of straightforward and affordable products including over 50s life insurance, funeral plans, equity release, pet insurance, home insurance, car insurance, ISAs and Will writing services.

Here's the information that you need to know about who we are and the other companies that we work with in order to provide our products and services.

Who are SunLife?

Phoenix Life Limited trades as SunLife and is the provider of the Guaranteed Over 50 Plan, SunLife Insurance and the life insurance policy payment option for Funeral Plans. Phoenix Life Limited’s registered office is at 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 1016269). 

SunLife Limited distributes financial products and services and is a company limited by shares, registered office: 1 Wythall Green Way, Wythall, Birmingham, B47 6WG (registered in England, no. 05460862). SunLife Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (registration no. 769427).

You can contact us by post at SunLife, PO Box 1395, Peterborough, PE2 2TR or by phone on 0800 008 6060.

If you choose to add Funeral Benefit Option to your Guaranteed Over 50 Plan, Dignity Funerals Ltd arranges and provides the funeral services, registered office: 4 King Edwards Court, Sutton Coldfield, West Midlands, B73 6AP (registered in England and Wales, No. 00041598). Dignity Funerals Ltd is a member of the National Association of Funeral Directors.

Who provides the Funeral Plans?

Dignity Funerals Ltd arranges and provides the funeral services, registered office: 4 King Edwards Court, Sutton Coldfield, West Midlands, B73 6AP (registered in England and Wales, No. 00041598). Dignity Funerals Ltd is a member of the National Association of Funeral Directors.

The life insurance policy that pays for your funeral will be provided by Phoenix Life Limited, trading as SunLife.

Who provides My Smarter (ISA)?

My Smarter (ISA) is provided by Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority. Details can be found on the Financial Services register, registration No. 188832. Member of The Investment Association. Registered Office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.

Who provides the Will writing services?

Hugh James is authorised and regulated by the Solicitors Regulation Authority (SRA Number:303202).

The information contained on this website is based on Hugh James' understanding of the law of intestacy in England and Wales only as at April 2014. The law in Scotland and Northern Ireland is significantly different. This is for information purposes and is not intended to be legal advice.

Who provides SunLife Pet Insurance

SunLife Pet Insurance is arranged and administered by BDML Connect Limited. BDML Connect Limited is authorised and regulated by the Financial Conduct Authority (No. 309140). Registered in England and Wales Number 02785540. Registered Office: 45 Westerham Road, Bessels Green, Sevenoaks, Kent, TN13 2QB.

Who provides SunLife Home Insurance

SunLife Home Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.

Who provides SunLife Car Insurance

SunLife Car Insurance is arranged and administered by BISL Limited and underwritten by a panel of insurers. BISL Limited are an intermediary authorised and regulated by the Financial Conduct Authority. Registered in England no. 03231094. Registered office Pegasus House, Bakewell Road, Orton Southgate, Peterborough PE2 6YS.