2174: How to Save Money as a New Mom by Amy Beardsley of Smart Money Mamas on Health Savings Accounts & Motherhood

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[00:00:43] This is Optimal Relationships Daily, episode 2174, How to Save Money as a New Mom,

[00:00:50] by Amy Beardsley of smartmoneymamas.com.

[00:00:55] Hello everybody and welcome to ORD, where I, Greg Audino, am here reading to you every single day from different blog posts that talk about building better relationships.

[00:01:05] And relationship quality is determined by many things, one of which being how we approach finances as a couple, or as parents, or as friends, etc.

[00:01:14] And with that said, today we will learn about how to save money as a new mom.

[00:01:18] So let's get into the post now as we optimize your life.

[00:01:26] How to Save Money as a New Mom, by Amy Beardsley of smartmoneymamas.com.

[00:01:33] When you're having a baby, it seems every other person wants to tell you how expensive it is.

[00:01:38] You look at nursery pictures and shopping lists and you get overwhelmed.

[00:01:42] How can you afford it all? What do you actually need?

[00:01:46] All the onesies and baby toys are adorable, but daycare and medical costs can make anyone a little nervous.

[00:01:53] But you can take a deep breath, because we're going to walk through some key things to know to save money as a new mom.

[00:02:00] Best Tips for Saving Money as a New Mama

[00:02:03] This is such an incredible time.

[00:02:06] Incredible, overwhelming, and exhausting.

[00:02:09] And making the choice to set aside some time and energy to make a financial plan will relieve so much stress going forward,

[00:02:16] which means more time and energy to love on your little one and adjust to motherhood.

[00:02:21] Know what matters to you and your priorities.

[00:02:25] Want limited clutter?

[00:02:27] No plastic?

[00:02:28] Natural or organic?

[00:02:30] Gender-neutral toys and clothing?

[00:02:32] When you have a baby, a lot of stuff comes into your life.

[00:02:36] It helps to know what your boundaries are early on,

[00:02:39] communicate them to your people, and use that knowledge for your own budget.

[00:02:44] Try these mom-tested tips to save money.

[00:02:47] Experienced moms have been there, done that, and they have a few tricks up their sleeves to help new moms save money.

[00:02:54] Such as,

[00:02:56] Avoid impulse buying.

[00:02:58] Impulse buying can blow your budget.

[00:03:01] One way to control impulse shopping is never to shop hungry.

[00:03:05] Shopping hungry can even trick you into spending more online.

[00:03:08] Plan your meals.

[00:03:10] Meal prepping lets you eat what you love, even when you're too tired to cook.

[00:03:14] Buy in bulk.

[00:03:16] Bulk shopping at membership warehouses can save you hundreds of dollars over the year.

[00:03:21] Also shop generic products and buy groceries online to save time and avoid buying things you don't need.

[00:03:28] And take advantage of HSAs and FSAs.

[00:03:32] Health savings accounts, HSAs, and dependent care FSAs, flexible spending accounts,

[00:03:38] can lower your taxable income and save you a significant amount of cash throughout the year.

[00:03:43] But remember, it's okay to ask for and pay for help.

[00:03:48] Trying to do all of it is unrealistic.

[00:03:50] Ask family to pitch in around the house, order groceries online, pay for delivery to your door, or hire a house cleaner or laundry service.

[00:04:00] Remember what your baby really needs.

[00:04:03] Marketers know new mamas want the best for their children.

[00:04:06] They're especially good at pressuring you into thinking you need things that you don't.

[00:04:11] The best advice is to keep it simple.

[00:04:13] What does your baby really need?

[00:04:16] A way to feed the baby,

[00:04:17] a safe place for the baby to sleep,

[00:04:20] clothes to keep them warm,

[00:04:22] doesn't have to be fancy or more than four to five outfits,

[00:04:26] a safe place to put them down,

[00:04:28] so you can do things like brush your teeth or eat a snack,

[00:04:31] some kind of diapers to keep them clean and dry,

[00:04:34] a safe way to transport your baby,

[00:04:37] and everything else baby lists say you need may be helpful or add convenience, but they aren't strictly necessary.

[00:04:43] So rather than buying once ahead of time, wait until it makes a difference for your child.

[00:04:49] After all, your baby may not even like the swing or swaddle you buy.

[00:04:54] Build savings to prepare for the unexpected.

[00:04:57] Experienced moms will tell you there is no such thing as saving too much before having the baby.

[00:05:04] Sit down to review your budget and goals to find new ways to cut back expenses and increase your savings rate.

[00:05:10] It also helps to estimate how much the baby's needs will cost.

[00:05:14] But when it comes to child care, don't bargain shop.

[00:05:18] You want a network of trusted people and quality centers to rely on to care for your baby.

[00:05:23] If you have a short-term disability policy,

[00:05:26] you'll have some financial support to take time off as a new mama.

[00:05:30] Make sure to ask how much you can expect from the policy and be prepared to save as much income as possible to fill the financial gap.

[00:05:38] Prepare to return to work.

[00:05:40] Or not.

[00:05:41] Some employers offer maternity leave.

[00:05:44] If yours doesn't, you may qualify for up to 12 weeks of unpaid leave under the Family Medical Leave Act, FMLA.

[00:05:52] With that, you don't need to worry about losing your job when taking time off after the baby comes.

[00:05:58] Besides budgeting for your maternity leave, make a financial plan for returning to work.

[00:06:03] For example, your budget may include child care expenses,

[00:06:07] new clothes for you – you may not fit into your old sizes right away – and other necessities.

[00:06:13] Of course, staying home is an option too.

[00:06:16] Many moms feel drawn to stay home and not return to work.

[00:06:19] Others stay home because child care is cost prohibitive.

[00:06:23] If being a stay-at-home mama is your dream,

[00:06:26] explore whether it is possible.

[00:06:28] You might start a side hustle if you need some extra cash to make ends meet.

[00:06:32] If you must return to work, talk to your boss about possible flexibility in your schedule.

[00:06:38] Will they allow you to return to work part-time?

[00:06:41] Or maybe you can work from the office three days and from home two days each week.

[00:06:45] Don't be afraid to ask for what you need, and don't hesitate to look for another job if your employer won't support you as a mom.

[00:06:52] Plenty of employers will value your skills and potential while allowing you to be present for your family.

[00:06:59] Saving money is important, but it isn't everything.

[00:07:02] Your first two weeks with your new baby are a crash course on parenting.

[00:07:07] You'll learn about your baby, their preferences, and the best way to care for them.

[00:07:12] While your focus will be on your new bundle of joy, don't ignore your financial picture.

[00:07:17] Find new ways to save money, do what works for you when it comes to returning to work,

[00:07:22] and don't give in to the pressure to buy, buy, buy.

[00:07:26] Above all,

[00:07:27] focus on your values and what your child really needs –

[00:07:30] your love, care, and comfort.

[00:07:33] Because at the end of the day,

[00:07:34] that's all that matters.

[00:07:40] You just listened to the post titled,

[00:07:42] How to Save Money as a New Mom,

[00:07:45] by Amy Beardsley of smartmoneymamas.com,

[00:07:48] and I'll be right back with my comments.

[00:07:51] And thank you to Amy for this one.

[00:07:53] What I enjoyed most about this post was the emphasis on setting boundaries as a parent,

[00:07:58] defining your values from the get-go and sticking to them.

[00:08:01] Obviously, as Amy said, this helps us to not overspend or receive more than we'd like to.

[00:08:07] But as she referenced, everyone is going to have opinions about how to raise your child.

[00:08:11] And while it can be great to learn from other people,

[00:08:14] it can also be overwhelming for parents if it gets to the point that they start to

[00:08:18] sort of lose their identity or lose track of those values.

[00:08:22] So yes, you can save money when you stay aware of your child's needs and how you want to raise them,

[00:08:27] and you can remain flexible in this thinking too.

[00:08:30] Now, obviously things can change,

[00:08:32] but more importantly,

[00:08:34] this makes it easier to deal with the noise coming from other people.

[00:08:38] This is how you build your own unique family culture, which has financial benefits, yes, as well as emotional ones.

[00:08:46] But that's going to do it for today, everyone.

[00:08:48] As always, I thank you so much for tuning in and for helping to make another episode possible.

[00:08:52] Enjoy your Friday if you're listening in real time, and be sure to join us again over the weekend for more content.

[00:08:58] That's where your optimal life awaits.