Babies are expensive. How expensive ARE babies? Well, they’re more expensive than girlfriends. I’ll leave it at that. My baby boy is due next week(April 1), and for the past 9 months, I’ve been finding ways to save money. Check out the top ten ways I’ve used to make extra money and save in preparation for my little guy.
- Move in with your parents or in-laws. This would have made me puke years ago, but I save THOUSANDS doing this in NYC, which has enabled to me to pay down my debt DRASTICALLY. Next step? Buy house and get the hell out
- Get a second job. I did some freelance to get some extra cash when I found out I had a baby on the way.
- Cancel services you don’t need. Cable ring a bell? Do you REALLY need it when you can download many many shows for free? Consider it. Also, what about that porn site you subscribed to 7 months ago and keep meaning to cancel? That’s some serious cash people. Let’s cancel that kind of crap.
- Reorganize your cell phone bill. I called my cell provider and found out that I wasn’t using anywhere near my minutes. So I downgraded. Then I started using Google Voice to do all of my texting for free from my blackberry. So I downgraded again! And that’s $40 a month saved. Plus the 20% discount I get from my employer.
- Start paying utilities on a level payment plan. This doesn’t REALLY save any money, but it frees up money during the winter months when electric and gas costs can get out of hand.
- STOP SPENDING ON SHIT YOU DON’T NEED! Seriously people! Just STOP! There’s a baby involved here and it’s your duty to give him or her a good life. You can’t do that if you’re buying crap constantly or getting yourself further into debt.
- Move in with your significant other. Paying for a bedroom in an apartment or having two people living in one bedroom and splitting the cost. PHENOMENAL savings on rent!
- Combine salaries with your signficant other and get finacial advise from one another. When I married my wife, we combined salaries. I see my money as “our money” and so does she. We setup a budget for paying off debts and for monthly spending. When I start overspending, she’s there to kick my ass. And when she overspends, I’m there to remind her that “we can’t afford it.” It’s working wonders for our financial life.
- Set goals. Set a goal to pay off your debts in a year. Set a goal to save 5000 by the time the baby is born. This is going to give you the financial cushion you need to land safely when the baby is born. Even if you’re still unclear how much a baby costs 9 months down the road, at least you’ll have the security of some savings and decreased debt.
- Ask for a raise. Crazier things have happened. I got a good raise right before the recession. I was busting my ass and asked my boss for more responsibility. They loved it and gave me a raise. Bam.
Let me know what you have done to save money with a child on the way in the comments section.
-MG
Hi I’d just like to add that there are simple life changes that you can make that can add up to savings as well. What are they you ask? Well to begin you can start cooking more at home and bring home made lunches to work. You can save a couple of hundred of dollars a month by doing this alone. This is good for your wallet and your “sympathy weight”. Plan on having a stay-cation, there are always tons of local events that are free or low cost to you in any town or city.
Even though babies can cost more than (some) girlfriends, they’re always worth it.