Saving For Baby

With a little bundle of joy on its way, additional expenses are inevitable. This is a good time as any to review your lifestyle to figure out how to wisely trim spending and yet be able to provide a good quality of life for your offspring. Here are some ways to get started.

By: Ng Lin-Li

1) Clear out the house and make some money along the way.
You need to clear out that room to fix it up for Baby anyway. Do you have an old wireless router or television lying around? List them for sale online on websites such as Mocca.com or have a garage sale to get rid of all the books, clothes and appliances you haven’t touched for years. Give away whatever is left and make space for the new addition to the family.

2) Source for second-hand baby things.
With so many items to purchase like baby furniture, toys, equipment, maternity clothes and baby outfits, you can save a quite fair bit going this route. You will be surprised at the good prices and quality you can find on items that have been pre-loved. You can get a great bargain if you know how to look out for the right things: always check that cots and car seats are in good condition and comply with safety standards. For items that touch baby’s skin directly — pillows, blankets, sleepwear — best to buy new sets. Check out online forums like Singapore Motherhood or New Mothers’ Support Group Singapore, or ask friends and family who will probably be more than happy to pass on their possessions knowing that you are open to it.

3) Have more meals at home.
While this may take a while to get used to, with better meal planning and shopping at the wet market, cooking at home can be convenient and much cheaper than eating out. Besides saving you money, home-cooked food tends to be more nutritious and hygienic — something your future child will benefit from as well. Saving $50 from one restaurant meal a week gives you an extra $2600 a year.

4) Invite friends over for tea.
This is a more cost-efficient and cosy option as opposed to paying up to $20 for a cup of tea or coffee and snacks in a café. Set up a comfortable nook at home with a pretty tea set and good biscuits, and have intimate girlfriend chats in the privacy of your own home. This will also be useful for staying in touch with friends when your baby is born and your mobility is limited.

5) Don’t let extra cash sit around.
Put it to work with long-term investments. With a plethora of information and resources online such as Wife.org and The Financial Planning Association of Singapore, learn to make informed decisions about growing your wealth with higher interest-bearing options that match your life goals.

6) Make small changes to your living habits, such as saving electricity and water.
It helps the environment while cutting your bills, and once things like using energy-saving light bulbs become a habit, you won’t even remember the changes you have had to make! Go to Singapore’s own Energy Efficient websitefor more tips.