FINANCIAL PLANNING

Having a baby can be expensive but increased outgoings doesn't have to be a miserable time. Here are some financial tips that I've adopted in this time of being on maternity. I hope you find them useful. 

1. DECREASE YOUR EXPENDITURE.

Not everyones income goes down while they are on maternity but if yours has or will then decrease your expenditure also. I currently earn about 20% of my usual salary. That's like earning what I used to save monthly. I've had to cut down on a few luxuries like eating out and clothes shopping. I don't do them as often as I used to. The tap water in Sheffield is drinkable,  I used to buy bottled water for the house, this made sense while I was at work as I would take a bottle to work every day. Now I have a water filter, its a lot cheaper than buying the bottled water all you need to do is change the cartridge. Look at your expenditure and remove those things that are not absolutely necessary. You probably can't be giving to everyone Tom, Dick and Harry like you use to but that's okay. Life is in seasons! 

2. FIND OUT WHAT GOVERNMENT BENEFITS ARE AVAILABLE TO YOU.

We get just over  £82 a month for Ally. This helps towards some of her basic needs. 

3. EVERYTHING YOU BUY DOESNT HAVE TO BE NEW.

This one is hard, especially because she is my first and only baby and she is a girl. Too many nice things out there. Seeing as baby's grow, maybe all their clothes don't have to be brand new or designer. You can collect hand me downs from close friends and family or pop into a few charity shops or church sales. As long as your baby is not wearing summer clothes in winter. While you are pregnant, it might help not to know the gender of your baby so you don't go on a shopping spree.We kept Allys gender a surprise so it helped us just shop for the basics.  But everyone is different so do what suits you best. We got quite a few hand me downs from one of my husbands work colleague who has a 2 year old girl. Allys car seat was also a hand me down from our friends daughter.

If this is your first baby and you intend on having more in the future, buy gender neutral coloured prams, cots, walker, high chair... so hopefully you can reuse them in the future future future... ;)

#NoPressure.  

4. YOU GET LOADS OF GIFTS.

Yes, you do, so hold on with the shopping till everyone has visited you. lol. Someone told me this while I was pregnant and I was like 'Kai, how many gifts can one really get and should I be planning my life hoping I will get gifts, what if I get none?' I will say I have been really surprised at all the gifts Ally got. She even got loads when we were on holiday. People really do like giving to babies. She is almost 9 months and still getting gifts. Shout out to all my people all over the world that keep sending stuff. We are so so grateful.  We only started buying nappies when she was 7 months old, there were a few packs we bought before she arrived and in hospital. We got a lot of nappies and we gave loads out also so you can just imagine.

5. YOUR POPULAR BABY SHOPS MAY NOT BE THE CHEAPEST. 

Boots and Mothercare are the most popular but are they the cheapest for the things you need to buy? Boots has an advantage card which rewards you with points every time you shop and if you are a parent there is a parenting club. So make sure you get your advantage card and get them to activate the parenting club at the till. You can thank me later! Having said that there are other stores like George at Asda, Matalan, Next Clearance and of course TkMaxx that stock baby essentials. Go up and down and down and up comparing prices. I mean you've got a lot of free time plus it's good exercise. 

6. BECOME AN OFFER JUNKIE.

Buy things on offer, sign up to get coupons/ vouchers that will help you get money off at the shops. I saw some advert on Instagram and I just signed up that's how I got various freebies and a voucher for money off pampers. Also remember to pick up your Bounty pack, Emmas diary... 

7. PLAN YOUR SHOPPING, MAKE A LIST.

I Believe in Lists! Honestly, shopping for a baby girl is like facing some really big temptation. lol. A list will help you stay focussed.  Also, plan so you don't have to buy things impromptu and waste money. Your baby will need nappies, baby wipes, milk... you know, all the essentials. Buy them in bulk and before you run out.

8. RECYCLE THINGS IN YOUR HOUSE

If you need say a box for your babies toys. Before you rush out to buy one, check if there is a container in your house that can serve the purpose.

9. ASK, ASK, ASK...DONT BE SHY.

If you see something you like with another Mum. Ask where they got it. You will be surprised. I met a mum and dad on the tram, they had this pram toy attached to their babys pram. I asked where they got it and they told me it was a £1 in a charity shop. I went in search of this shop, I didn't find that particular item but I found that they sell like 4 childrens books for £1. #Score #LittleJoys

10. TRADE 

Say you got a lot of a particular brand of baby wipes as a gift but you're not too keen on them, find out who likes them in your mum network and trade it with them for something you like. 

11. PLAN YOUR MONEY. 

You can still do nice things for yourself, maybe not just as often as before and it's just a phase so it's okay. If you plan you won't feel miserable, like all your money is baby money now.  You can still go on holiday, go out dinning, order in, go clothes shopping and since you're not doing it as often, enjoy it maximally when you do. #YOLO

12. STRENGTHEN YOUR OTHER SOURCES OF INCOME.

If you've got other sources of income, now that you're not as busy with your usual job may be a great time to give them greater attention and make them profit yielding. Or Invest in another source of income. I know mums who babysit other peoples children while they are on maternity for some extra cash. 

13. BABY'S MONEY IS BABY'S MONEY

and parents money is baby's money.

Open a savings account for your child and any money she gets as a gift put it straight there. Don't spend her money. My husband will always say 'Ally is our responsibility, so if no one gave her money we would still need to provide for her. so save that money for her'  My advise would be don't use money given to your baby, save it!  Obviously you are the best judge of your own circumstances but try not to as much as possible. Send the account number to your parents so they start leaving an inheritance for their children's children. Lol. 

14. IF YOU HAVE EXCESS MONEY SEND IT TO ME. lol 

Seriously though, Save. Money in hand must not be spent. Cash in the bank doesn't have to mean head to the shops. I personally like saving cause as much as depends on me I don't ever want to be stranded. It's just good to have some rainy day funds somewhere. 

15. APPRECIATE YOUR HUSBAND. 

He is probably picking most of the bills in this season so always remember to enjoy his money and appreciate him for this. 

16. YOU WILL THANK YOUR BABY. 

I've never considered myself a waster or spender. I think I am quite prudent but having Ally and being off on maternity has made me more money wise and I am so thankful!