Ways to Save for Your First Child

We all want to give our children the best start in life, but that’s easier said than done, especially in today’s economic climate. New parents need to consider both the immediate and future costs of their child. There are the initial costs of cots, nappies and baby food to consider, as well as those of further education down the road. It’s a good idea to create a baby fund with which to work from.

Creating your lump sum

The most obvious starting point is to ensure that each prospective parent puts away a section of their wage packets each payday by forgoing certain luxuries or the odd night out. However, with rising costs of living and stagnant incomes, this might not be enough. Parents-to-be might need to become a little more inventive when it comes to creating that lump sum.

First Child

It’s not only extra cash you’re going to need with a new child on the way, but also extra space. So now is an opportune time to clear out some of the old stuff you no longer use or need. Recycling your unwanted possessions for cash is a great way to add to your baby fund, whilst also clearing some of the clutter. Remember, you’re going to need a room for your new child too.

Clearing the clutter

The sluggish economic climate is effecting us all and everyone are looking for ways to be more cost effective. What might seem like rubbish to you could be a gem to others. Obvious places to start are with your CD, DVD and book collections, as well as electronics. People are always looking to find second hand entertainment options – and if one of your CDs or books is out of print, you might have a mini goldmine on your hands if sold to a collector.

Another option is to sell old clothing. Old clothes usually end up on the scrap heap and this is neither economical nor eco-friendly. Clothes have some of the fastest rising price tags in the world today and well made designer brands are quickly rocketing out of most people’s price range. By selling good quality clothing, you are doing yourself, the buyer and the environment a favour.

Selling Items

Once upon a time, selling items was a case of rising around 5am on a weekend and trudging out to some rain sodden field to sell from the boot of a car. Now, it’s all about the internet. Sites such as musicMagpie.com allow you to sell unwanted clothes, as well as CDs, DVDs, games and electronics hassle free. This particular site offers a free valuation service where you can check the value of the item before sending. Sending the item to them to sell will cost you nothing, meaning you get every penny of the valuation.

Your baby fund will help you grant your new child a warm and comfortable welcome into the world. You might even have enough left to create a savings account or fund for your newborn. While in general, interest rates are low at present, there are viable options out there for long term savers.

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