1. It all starts at your baby shower – Asking is receiving, so ask for necessities like diapers, clothes, and especially GIFT cards… You don’t know what kind of baby you will have (their temperament, how many diapers they’ll go through etc…) so gift cards allow you the flexibility to buy things as you go, and not spend money on things you won’t use. At the baby shower, you can also do a 50/50 draw by asking people to place a bet on the baby’s birthday – a fun way to make a little extra money which people are happy to do as they may have 50% of the money!!…everyone wins!!
2. Apply for the Ontario child benefit right away at https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview.html. Most people end up putting this money aside for RESP or on other savings strategies like the Money Kids Plan, but you might need to use some for the additional baby expenses.
3. Accept grandma’s help for babysitting so you can go out and recharge. BONUS: you don’t have to pay for babysitting!
4. Trade with other moms…parents are so generous and they are almost always happy to get rid of toys or other baby gear etc…you just need to ask! Social media is an amazing place to start asking!! Go try it – it’s fun!
5. Start a little side business if things are really tight – this might be perfect to pursue what you are really passionate about – go for it! You may never have to return to work!
These are only a few tips, so feel free to share below other tips you would want other moms to know. We are all together in this so let’s share! You mamas have a great day!
Money Mama XO