Top Ways to Save Money As a New Parent

How to Prepare for Your Post-Debt Life-4

This Father’s Day, celebrate being a new parent with these tips on how to save on baby essentials.

As a new parent, it’s very easy to go overboard on spending. After all, who wouldn’t want to shower an adorable new human with an influx of cute items? The truth is, you can spend as much or as little as you want and still have all the necessities for your little one. These days, there are so many creative ways to be thrifty while continuing to get high quality products.

Here are a few ways to become a shopping-savvy, frugal parent:

Use loyalty points

Loyalty points are a great way to stretch your dollars that extra mile further. New parents will see their expenses increase in certain areas (can we say diapers?), so lining up a good credit card or two will mean savings down the road. Here are a few of our favourite picks for new parents based on loyalty points for groceries, pharmacy purchases, and maybe a movie or two with your tot:

President’s Choice Financial® World Elite MasterCard®: Diapers and baby food will surely eat at your grocery bill, so you might as well reap the benefits from a grocery rewards card. Last year, the President’s Choice Financial® World Elite MasterCard® won our pick for best grocery rewards card, and with good reason. Card holders earn 30 PC points for every dollar spent at grocery stores where PC products are sold, Shoppers Drug Mart and PharmaprixMD. Hundreds of dollars on diapers never sounded so attainable!

Plus, for a limited time, when you apply through RateSupermarket.ca and activate your card, you’ll get a $100 e-gift card and up to 20,000 PC points.1 That’s $20 worth of PC points towards your groceries! Redeem PC points at participating grocery stores where President’s Choice® products are sold. Get more bang for your buck this summer and sign up today!

SCENE® VISA* card: The typical new parent may not be heading to the movies every weekend, but thanks to baby-inclusive programs like Stars and Strollers, a bit of R&R with baby is still possible. The SCENE® Visa* offers 2,000 SCENE points (two free movies!) if you spend $500 within the first three months, plus one point per every dollar spent with no annual fee.

Scotia Momentum® VISA Infinite* card: Offering maximum cash back on everyday spending, this card can also be used as a great vehicle towards baby essentials – from food and prescription to clothes and toys. There really is no limit on this card’s rewards potential as you can receive up to 4% cash back on purchases from eligible gas stations, grocery store, drug stores and recurring bill payments. And while there is a $99 annual fee, new accounts opened by July 31, 2017 will receive an annual fee waiver for the first year.

Buy gently used

It’s amazing how quickly little ones go through clothing, toys and everything in between. Thankfully, gone are the days when used items were something to stick your nose up about. If the goal is to pick up quality items for a fraction of the retail cost, buying used is the way to go. And while there are storefronts that offer used baby items, social media can also play a huge, helpful role in the quest for baby stuff. These days, there are so many Facebook groups for moms to post their (often barely) used items for sale or exchange and pick up previously loved items.

Monitor sales

If you’re not ready to go vintage, a sound alternative is to monitor sales using apps and sites like Flipp and Red Flag Deals. This can be a more time-consuming option, but if you start early, you can regularly monitor and set up alerts for the more costly items that you need like car seats and strollers. Also, look out for price match guarantees so you can take advantage of the best deals no matter where you go.

Earn for online shopping

If parenthood has you in the house more than usual, maybe you’ve become an avid online shopper. Thankfully, there are a number of sites and apps that give you cash back on your regular purchases. That’s right. You can receive a cheque in the mail simply for buying items you would have bought anyway. Some of the most popular tools include Ebates and Checkout51. Create an online account and get shopping.

With a new mouth to feed and take care of, becoming a new parent can be expensive. So take the extra time (preferably pre-baby!) to plan ahead, and you’ll be surprised by how far your dollars can take you.

This post has been updated.

1 Apply online and when you receive your PC Financial Mastercard credit card, you will also receive four welcome coupons or offers each worth 5,000 PC points. Use your PC Financial Mastercard and redeem each coupon or offer to receive 5,000 PC points with any purchase at the checkout in participating grocery stores where President’s Choice® products are sold. See coupons or offers for full details. Coupons or offers have no cash value. For all offers, allow 2-3 weeks from qualifying purchase for bonus PC points to be awarded. Each offer is limited to one per new PC Financial Mastercard account and may be terminated or changed at any time without notice.

Related Topics

Banking 101 / Credit Cards / Economic News / Lifestyle News / Personal Finance / RSM News

Leave a Reply