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Among the many disheartening pieces of “advice” I received while I was pregnant with my twins was this gem: “Have fun now, because you’ll never be able to afford it later. It was particularly awesome because my pregnancy was so incredibly miserable that I couldn’t even have had fun if I wanted to. So basically they were telling me in yet another fun and exciting way that my life was basically over.
Here’s the reality: Babies are expensive. Two babies the same age, which means you can’t rely on your older kids’ hand-me-downs, is particularly expensive. But if you’re smart about it, you can maintain a decent quality of life even on a budget. Although my pregnancy was anything but fun, my life with twinfants has pretty much been a blast. I’m not eating lobster at the Ritz every night, but we can afford the necessities and a little extra, too, and that’s more than anyone really needs.
Here are nine ideas for cutting corners without cutting out all the good stuff.
- Create a budget. This one was so obvious, it had to come first. It’s hard to know what to do financially without a good understanding of your current circumstances compared with where you want to be. Once you have a clear picture of what money is coming in and what is going out, you can make smart decisions about money. My favorite tools are Mint.com and the GOOD Book. Not sure what your budget should look like? Here are somesamplebudgets.
- Plan your meals. When we started budgeting, I was shocked at how much money we were spending on food. The bizarre thing is, I had an overflowing pantry and freezer yet somehow there was never anything to eat in our house. When I started shopping my own cabinets and fridge, I realized that I was buying food I didn’t need and missing out on delicious dishes that were at my fingertips! Now we plan our meals a week at a time, which means no frantic dinnertime panic and much smaller grocery bills. It also dramatically reduced the amount of food we threw out every week because we forgot about it or it went bad before we could use it. Not exactly menu savvy? Get free meal plans and shopping lists from Saving Dinner, Say Mmm, Wellness Mama, and $5 Dinners to name only a few.
- Plan your week. For me, every time I leave the house is an opportunity for me to spend money and get off budget. So, I try to be really strategic about my errands and activities during the week. Not only do I save gas by combining trips, but I avoid the temptation to buy a cup of coffee or a bottle of water because I’m running around and it’s just convenient. If I know it’s my plan to hit the bank, Costco, and the grocery store in one shot, then I bring a snack and a reusable bottle of water with me, I know what my plan is, and I get things done faster and without expensive side trips. I also have a to-do list and a shopping list for every one of these trips. Cozi Family Planner is an absolute lifesaver for keeping track of what I need from where and the tasks I need to complete on errand day.
- Refuse to pay full price. I literally never pay full price for anything. I shop sales, I clip coupons from the newspaper and search for them online, I sign up for mailing lists from companies I like so I can get special offers, I use Amazon Subscribe & Save and Amazon Mom to get things like diapers delivered to my door at pretty significant discounts, I have a well-used and much-loved Costco membership, and I frequent Amateur Parenting‘s sponsors. Sometime it means finding a new favorite brand, sometimes it means waiting a little while for something to go on sale, and sometimes it means shopping in the store to find the right item/size/color and they buying online, but at the end of the day I get everything I want and I get it cheap.
- Never by new if you can buy used. In addition to seeking out great deals, I also buy used every chance I get. Clothes, toys, small appliances — anything you can think of, I can probably find it on consignment, at a community yard sale, or on Craigslist for next to nothing. I can count on one hand the number of new clothing purchases I have made for my twins from pregnancy until now (almost 11 months old). Local consignment shops and our local Mothers of Multiples Club yard sale are my favorite places to shop. Goodwill is next on the list. Babies and toddlers outgrow their clothes and toys so quickly that they’re generally in amazing shape when folks are done with them, and it’s ridiculous to break the bank on new things when you can get used items that look brand new for 10% of what they cost in the store. I often find things with the tags still on them.
- Ask for discounts. Even though a discount may not be advertised, you might be surprised how often you can save a hefty amount just by asking politely. For instance, some stores such as Babies R Us offer a 10% discount on two of the same item over $50 (e.g., car seats, cribs, etc), which came in handy when stocking up on twin necessities. Other places, employees or managers may be able to apply discounts in the form of a flat amount off or a percentage off if you ask. Check on loyalty programs and circular coupons, which may provide discounts a cashier can apply at the register. I usually say something like, “Are there any special offers or discounts you can help me out with? I’d really appreciate it.”
- Pick something to splurge on. When you’re living within a budget and making very careful financial decisions, it helps to give yourself something special to help keep you motivated and keep you from feeling like you’re giving up on everything. Maybe it’s dinner at Chipotle once a month, or your favorite Starbucks latte every other week, or a bottle of your favorite super schmancy shampoo that you use every time you need a pick-me-up.
- Breastfeed and make your own baby food. Formula costs a fortune. We go through well over a dozen cans a month, and I still nurse Emmett and pump for Miles. With baby food, we used to go through up to 3 jars in a feeding (three times a day) until we switched to making our own food a few months ago. Princess Mommy is on a roll sharing homemade baby food recipes and how-tos every week. I also love the tips at Momtastic. Not only is it cheaper to breastfeed and make your own baby food, but real food is a lot healthier than processed food. Also, breastfeeding has MAJOR health benefits for mom as well as baby, which has significant potential to reduce your overall health costs.
- Use cloth diapers and wipes instead of disposables. There’s a big up-front investment in cloth diapers, but the payoff is that you buy them only once instead of over and over again. Mint.com did a detailed cost comparison of cloth versus disposable diapers and the numbers are pretty much staggering. They also do a good job of breaking down the pros and cons of CDs and “sposies.” But if your budget is the primary concern, the little pros and cons are probably less compelling than the massive pro of saving money that you can use for other stuff.
What are your money-saving tips? How do you live well on a budget? Leave a comment!