Becoming a parent is an exciting prospect but also a worrisome one, as there is no end to the preparations and planning.
One thing many new parents worry about is money, especially under the current financial circumstances with high youth unemployment and the price of necessities such as fuel and food increasing.
A good idea to start off with for new parents is to create a baby register at your favourite retail store or a baby specialty store. This works similar to how a bridal registry does, letting the people coming to your baby shower know the things you need the most. When they go shopping at the store, they will be able to view the registry and pick an item they wish to give, and see what others have already gotten.
When making the registry, one good thing to keep in mind is also to make sure there are items in different price-ranges, so that everyone is able to buy something that fits into their budget. While this allows some to participate though their gift is worth a moderate amount, it is not uncommon for those who are able to to be very generous. Items received this way will help the budget out later.
While having a baby registry helps out in the beginning of the child’s life, many parents are now also thinking one step further, and worry about what state their son or daughter will find themselves in when they grow up. Young parents today know there can be many obstacles in a young adults way, with high unemployment, rising tuition fees, and a difficulty of entering the property ladder.
Many of those parents chose to open up a Junior ISA for their child, to allow them as well as friends and relatives to contribute to a nest egg which the child will be able to access upon turning 18. Of course, an idea could be to instead of or alongside asking for physical gifts for the baby shower, to ask for a contribution towards their future.
Brand New Unnecessary
Also important to keep in mind as a new parent is that young children do not care or know about brands, or having the new hot thing. Hand me downs and items bought second hand will most of the time do splendidly. Buying new clothes for a growing baby can rack up quite the hefty cost, while dressing them in their youngest years in hand me downs or clothes from a second hand store can leave money left over for other things.
Using cloth nappies rather than disposables also allows parents to save hundreds of pounds by the time the child stops using them, making it worth a consideration.